“营改增”对企业资本结构的影响——基于非债务税盾的视角
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摘要
基于我国"营改增"改革的外生性事件,本文从企业资产投资提供的"非债务税盾"视角出发,探索性地研究了"营改增"政策对企业资本结构的影响。结果表明,"营改增"政策提高了企业固定资产投资以及研发投资的积极性,由企业资产投资构成的"非债务税盾"显著降低了企业的债务水平,该发现符合"非债务税盾"与资本结构之间存在"替代效应"的理论预期。与未接近"税收耗损状态"的企业相比,"营改增"政策实施之后的"替代效应"在接近"税收耗损状态"的企业中更为明显,验证了"税收耗损状态"假说。考虑到非国有企业的税收敏感性要强于国有企业,"营改增"政策实施之后的"替代效应"以及"税收耗损状态"假说在非国有企业中更为显著。进一步区分债务期限结构后发现,"营改增"政策显著降低了企业的长期债务水平,而对短期债务的影响并不明显。本文的研究结论不仅提供了"非债务税盾"与资本结构之间"替代效应"的新证据,还发现企业产权性质对资本结构选择的重要影响。
Institutional environment is an important factor influencing capital structure. Based on the reform to replace the business tax with a value-added tax, this paper seeks to explore how the reform affects capital structure from the perspective of no-debt related tax shields. Empirical results suggest that the reform to replace business tax with a value-added tax has decreased interest-bearing debt significantly, especially for firms which are almost in a tax exhaustion status. Compared with state-owned enterprises, the non-state-owned firms are more obviously affected by the reform, giving stronger empirical support to the hypothesis of tax exhaustion status. Additionally, the results above are more pronounced in long-term interest-bearing debt. However, short-term interest-bearing debt does not show the same results. Our results not only provide new evidence on substitution effect between no-debt related tax shields and capital structure, but also suggest that the ownership of the firms affects the choice of capital structure.
Institutional environment is an important factor influencing capital structure. Based on the reform to replace the business tax with a value-added tax, this paper seeks to explore how the reform affects capital structure from the perspective of no-debt related tax shields. Empirical results suggest that the reform to replace business tax with a value-added tax has decreased interest-bearing debt significantly, especially for firms which are almost in a tax exhaustion status. Compared with state-owned enterprises, the non-state-owned firms are more obviously affected by the reform, giving stronger empirical support to the hypothesis of tax exhaustion status. Additionally, the results above are more pronounced in long-term interest-bearing debt. However, short-term interest-bearing debt does not show the same results. Our results not only provide new evidence on substitution effect between no-debt related tax shields and capital structure, but also suggest that the ownership of the firms affects the choice of capital structure.
引文
丁一兵、付林,2016:《东道国特征与中国对外直接投资的逆向技术溢出--基于投资动机视角的分析》,《南京师大学报》(社会科学版)第5期。
范子英、彭飞,2017:《“营改增”的减税效应和分工效应:基于产业互联的视角》,《经济研究》第2期。
何平,2009:《我国上市公司资本结构对公司业绩影响的实证检验》,《财政研究》第4期。
钱晓东,2018:《“营改增”、税负转嫁能力与企业投资价值相关性》,《当代财经》第6期。
钱晓东,2018:《“营改增”、专业化分工与研发投入--基于微观企业数据的经验研究》,《山西财经大学学报》第2期。
邵明波,2018:《需求侧还是供给侧:信贷融资降成本的法经济学分析》,《南京师大学报》(社会科学版)第3期。
孙铮、刘凤委、李增泉,2005:《市场化程度、政府干预与企业债务期限结构--来自中国上市公司的经验证据》,《经济研究》第5期。
王亮亮、王跃堂,2015:《企业研发投入与资本结构选择--基于非债务税盾视角的分析》,《中国工业经济》第11期。
王跃堂、倪婷婷,2015:《增值税转型、产权特征与企业劳动力需求》,《管理科学学报》第4期。
王跃堂、王亮亮、彭洋,2010:《产权性质、债务税盾与资本结构》,《经济研究》第9期。
吴联生,2009:《国有股权、税收优惠与公司税负》,《经济研究》第10期。
袁从帅、刘晔、王治华、刘睿智,2015:《“营改增”对企业投资、研发及劳动雇佣的影响--基于中国上市公司双重差分模型的分析》,《中国经济问题》第7期。
Aier,J.K.and J.A.Moore,2008,“The Impact of Tax Status on the Relation between Employee Stock Options and Debt”,Journal of the American Taxation Association,vol.30,pp.55-75.
Ayers,F.L.,1987,“An Empirical Assessment of the Effects of the Investment Tax Credit Legislation on Returns to Equity Securities”,Journal of Accounting and Public Policy,vol.6,pp.115-137.
Baxter,N.D.,1967,“Leverage,Risk of Ruin and the Cost of Capital”,Journal of Finance,vol.22,pp.395-403.
Dammon,R.M.and L.W.Senbet,1988,“The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage”,Journal of Finance,vol.43,pp.357-373.
DeAngelo,H.and R.W.Masulis,1980,“Optimal Capital Structure under Corporate and Personal Taxation”,Journal of Financial Economics,vol.8,pp.3-29.
Dhaliwal,D.,R.Trezevant and S.Wang,1992,“Taxes,Investment-Related Tax Shields and Capital Structure”,Journal of the American Taxation Association,vol.14,pp.1-21.
Diamond,D.,1991,“Debt Maturity and Liquidity Risk”,Quarterly Journal of Economic,vol.106,pp.709-737.
Givoly,D.,C.Hayn,A.R.Ofer and O.Sarig,1992,“Taxes and Capital Structure:Evidence from Firms’Response to the Tax Reform Act of 1986”,Review of Financial Studies,vol.5,pp.331-355.
Graham,J.R.and A.L.Tucker,2006,“Tax Shelters and Corporate Debt Policy”,Journal of Financial Economics,vol.81,pp.563-594.
Graham,J.R.,2000,“How Big Are the Tax Benefits of Debt?”,Journal of Finance,vol.55,pp.1901-1941.
MacKie-Mason,J.K.,1990,“Do Taxes Affect Corporate Financing Decisions?”,Journal of Finance,vol.45,pp.1471-1493.
Modigliani,F.and M.H.Miller,1958,“The Cost of Capital,Corporate Finance and the Theory of Investment”,American Economic Review,vol.48,pp.261-297.
Modigliani,F.and M.H.Miller,1963,“Corporate Income Taxes and the Cost of Capital:A Correction”,American Economic Review,vol.53,pp.433-443.
Trezevant,R.,1992,“Debt Financing and Tax Status:Tests of the Substitution Effect and the Tax Exhaustion Hypothesis Using Firms’Responses to the Economic Recovery Tax Act of 1981”,Journal of Finance,vol.47,pp.1557-1568.
a最早的MM定理设定了相当严格的假设条件:完全的资本市场、没有税收、没有信息不对称以及个人和公司的借贷利率相同。
b破产成本可以分为直接成本和间接成本,直接成本包括资产重组成本,财务重组成本等显性成本,间接成本则主要包括因债权人和股东利益冲突而产生的各种代理成本。
范子英、彭飞,2017:《“营改增”的减税效应和分工效应:基于产业互联的视角》,《经济研究》第2期。
何平,2009:《我国上市公司资本结构对公司业绩影响的实证检验》,《财政研究》第4期。
钱晓东,2018:《“营改增”、税负转嫁能力与企业投资价值相关性》,《当代财经》第6期。
钱晓东,2018:《“营改增”、专业化分工与研发投入--基于微观企业数据的经验研究》,《山西财经大学学报》第2期。
邵明波,2018:《需求侧还是供给侧:信贷融资降成本的法经济学分析》,《南京师大学报》(社会科学版)第3期。
孙铮、刘凤委、李增泉,2005:《市场化程度、政府干预与企业债务期限结构--来自中国上市公司的经验证据》,《经济研究》第5期。
王亮亮、王跃堂,2015:《企业研发投入与资本结构选择--基于非债务税盾视角的分析》,《中国工业经济》第11期。
王跃堂、倪婷婷,2015:《增值税转型、产权特征与企业劳动力需求》,《管理科学学报》第4期。
王跃堂、王亮亮、彭洋,2010:《产权性质、债务税盾与资本结构》,《经济研究》第9期。
吴联生,2009:《国有股权、税收优惠与公司税负》,《经济研究》第10期。
袁从帅、刘晔、王治华、刘睿智,2015:《“营改增”对企业投资、研发及劳动雇佣的影响--基于中国上市公司双重差分模型的分析》,《中国经济问题》第7期。
Aier,J.K.and J.A.Moore,2008,“The Impact of Tax Status on the Relation between Employee Stock Options and Debt”,Journal of the American Taxation Association,vol.30,pp.55-75.
Ayers,F.L.,1987,“An Empirical Assessment of the Effects of the Investment Tax Credit Legislation on Returns to Equity Securities”,Journal of Accounting and Public Policy,vol.6,pp.115-137.
Baxter,N.D.,1967,“Leverage,Risk of Ruin and the Cost of Capital”,Journal of Finance,vol.22,pp.395-403.
Dammon,R.M.and L.W.Senbet,1988,“The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage”,Journal of Finance,vol.43,pp.357-373.
DeAngelo,H.and R.W.Masulis,1980,“Optimal Capital Structure under Corporate and Personal Taxation”,Journal of Financial Economics,vol.8,pp.3-29.
Dhaliwal,D.,R.Trezevant and S.Wang,1992,“Taxes,Investment-Related Tax Shields and Capital Structure”,Journal of the American Taxation Association,vol.14,pp.1-21.
Diamond,D.,1991,“Debt Maturity and Liquidity Risk”,Quarterly Journal of Economic,vol.106,pp.709-737.
Givoly,D.,C.Hayn,A.R.Ofer and O.Sarig,1992,“Taxes and Capital Structure:Evidence from Firms’Response to the Tax Reform Act of 1986”,Review of Financial Studies,vol.5,pp.331-355.
Graham,J.R.and A.L.Tucker,2006,“Tax Shelters and Corporate Debt Policy”,Journal of Financial Economics,vol.81,pp.563-594.
Graham,J.R.,2000,“How Big Are the Tax Benefits of Debt?”,Journal of Finance,vol.55,pp.1901-1941.
MacKie-Mason,J.K.,1990,“Do Taxes Affect Corporate Financing Decisions?”,Journal of Finance,vol.45,pp.1471-1493.
Modigliani,F.and M.H.Miller,1958,“The Cost of Capital,Corporate Finance and the Theory of Investment”,American Economic Review,vol.48,pp.261-297.
Modigliani,F.and M.H.Miller,1963,“Corporate Income Taxes and the Cost of Capital:A Correction”,American Economic Review,vol.53,pp.433-443.
Trezevant,R.,1992,“Debt Financing and Tax Status:Tests of the Substitution Effect and the Tax Exhaustion Hypothesis Using Firms’Responses to the Economic Recovery Tax Act of 1981”,Journal of Finance,vol.47,pp.1557-1568.
a最早的MM定理设定了相当严格的假设条件:完全的资本市场、没有税收、没有信息不对称以及个人和公司的借贷利率相同。
b破产成本可以分为直接成本和间接成本,直接成本包括资产重组成本,财务重组成本等显性成本,间接成本则主要包括因债权人和股东利益冲突而产生的各种代理成本。