“營改增”是否提升了服務業(yè)資本配置效率?

摘要： "營改增"是中國稅制的重大改革,對服務業(yè)資本配置效率具有重要影響。本文首先對"營改增"影響服務業(yè)資本配置效率的理論機制進行深入分析。繼而采用我國2009-2016年省級面板數(shù)據(jù),運用中介效應模型,計量檢驗"營改增"對我國服務業(yè)資本配置效率的影響。研究發(fā)現(xiàn):以"營改增"為主線索的新一輪稅制改革,不但能直接提升服務業(yè)資本配置效率,還通過提高資本回報率、改善全要素生產率、促進資本深化以及增加企業(yè)科技研發(fā)投入等中介效應來提升服務業(yè)資本配置效率。長期來看,"營改增"影響服務業(yè)資本配置效率的政策效應具有一定的滯后效應,且隨著時間的推移這種滯后性保持穩(wěn)定。另外,本文提供了"營改增"影響服務業(yè)資本配置效率研究的新證據(jù)。
Business tax replaced with VAT reform is a major reform of China's tax system,It also has an important impact on the efficiency of capital allocation in the service industry. This paper firstly analyzes the theoretical mechanism of the business tax replaced with VAT reform affecting the efficiency of capital allocation in the service industry. Then adopt China's 2009-2016 provincial panel data,use the mediation effect model to measure and test the impact of business tax replaced with VAT reform on the efficiency of capital allocation in China's service industry. The study found that a new round of tax reform with business tax replaced with VAT reform as a clue not only directly improve the efficiency of capital allocation in the service industry,but also by Mediating effect of improve capital return,improve total factor productivity,promote capital deepening,and increase corporate R&D to improve the efficiency of capital allocation in the service industry. In the long run,the policy effect of business tax replaced with VAT reform affecting the efficiency of capital allocation in service industry has a certain lag effect,this lag remains stable over time. In addition,this paper provides new evidence for the study of the efficiency of capital allocation in the service industry.