摘要
将更多消费品目纳入消费税征收范围虽然能够稳定财政收入,但无疑会影响企业的战略决策。本文以2015年消费税税目调整作为一项准自然实验,采用双重差分方法系统考察了消费税征管对企业银行信贷获取的影响。研究发现,受到2015年消费税税目调整影响的企业,其银行借款规模显著降低。作用机制检验表明,降低企业竞争地位、提高企业流出型商品类关联交易规模是2015年消费税税目调整降低企业银行信贷规模的两大核心路径。异质性分析发现,较好的成长性、较高的公司治理水平、较轻的融资约束和较高的纳税遵从度能够弱化2015年消费税税目调整对企业银行借款规模的负面作用。经济后果检验发现,2015年消费税税目调整下的企业银行借款规模降低显著抑制了企业的劳动雇佣、投资支出和研发创新。本文研究表明,未来的消费税征管体制改革需要仔细权衡消费税税制设计的利弊。
Although the inclusion of more consumer items in the scope of consumption tax collection can stabilize fiscal revenue,it will undoubtedly affect corporate strategic decisions.Taking the adjustment of consumption tax items in 2015 as a quasi-natural experiment,this paper systematically investigates the objective performance,influencing mechanism and value effect of consumption tax collection on corporate bank loans financing by using the method of difference-in-difference method.We find that the adjustment of consumption tax items in 2015 significantly reduce bank loans of firms.The mechanism tests find that reducing the competitive position of firms and increasing the level of outward-related party transactions are the two core channels to reduce bank loans of firms in the adjustment of consumption tax items in 2015.The crosssectional analysis suggests that better growth,higher corporate governance,lower financing constraints and higher tax compliance can weaken the negative effect of the adjustment of consumption tax items in 2015 on bank loans of firms.The consequences tests find that the reduction in bank loans of firms under the adjustment of consumption tax items in 2015 significantly inhibit corporate employment,investment,and R&D innovation.This study suggests that the future consumption tax collection needs to carefully weigh the advantages and disadvantages of the design of consumption tax system to ensure that the maximum tax revenue and highquality economic development can be achieved at the same time.
作者
叶永卫
王帅
Ye Yongwei;Wang Shuai
出处
《财政研究》
CSSCI
北大核心
2024年第12期3-17,共15页
Public Finance Research
基金
国家社会科学基金后期资助项目“中国式制度变迁中的企业家精神形成机制、多重影响及培育路径研究”(24FJLB031)
关键词
消费税征管
银行信贷获取
消费税税目调整
Consumption Tax Collection
Bank Loan
the Adjustment of Consumption Tax Items
作者简介
叶永卫,上海财经大学公共经济与管理学院副教授,电子邮箱:yeyongweivip@163.com;通讯作者:王帅,上海财经大学公共经济与管理学院博士研究生,电子邮箱:wssufe@126.com。
