作　　者： ;

机构地区： 中山大学岭南学院

出　　处： 《金融研究》 2018年第12期105-122,共18页

摘　　要： 本文基于工业企业数据库的微观企业数据,利用2004年增值税转型的政策变化,使用双重差分模型分析了结构性减税的去杠杆效应。研究发现,增值税转型降低了企业的流动负债率,提高了企业的长期负债率。这一结论在不同类别的企业间存在差异,说明企业去杠杆需要有针对性的减税政策。本文有助于理解减税对企业杠杆率的异质性影响,并为制定具体政策提供经验支撑。 The economy is facing the risk of high leverage in China,and it’s of urgency for the Supply-sideReform to de-leverage. Using data from Chinese Industrial Enterprises Database,this paper explores the effectof tax reduction caused by value-added tax reform on firms’ leverage. The difference-in-differences analy-sis shows that value-added tax reform increases long-term leverage while decreases current leverage. Theeffect varies across ownership,firm size,and between export and non-export firms. The findings contribute tothe literature by investigating the relationship between value-added tax and leverage( by maturity),and pro-vide evidence for structural tax-reduction policy aimed at de-leverage in practice.

关 键 词： 结构性减税 去杠杆 增值税转型 长期负债率 流动负债率

领　　域： []