Studies on the Curbing Effect of Value-Added Tax Reform on Enterprise Financialization
It is of great significance to curb enterprises to"transform the economy from substantial to fictitious"for revitalizing the real economy and promoting high-quality economic development.In recent years,China has implemented a number of major value-added tax reform measures.Based on the data of Chinese listed companies from 2009 to 2019,this paper constructs an empirical model of value-added tax effective tax rate and enterprise financialization,and comprehensive analyses the impact and mechanism of value-added tax reform on curbing enterprises financialization.The research results indicate that value-added tax reform has significantly suppressed corporate financialization,and the inhibitory effect remains robust even after adjusting the tax burden water balance method and sample interval,excluding endogenous interference.This inhibitory effect is significant for small enterprises and enterprises in the eastern region.Mechanism testing shows that VAT reform mainly exerts a restraining effect on the level of corporate financialization through mechanisms such as water relief,industrial promotion,and income improvement.
VATto transform the economy from substantial to fictitiousfinancialization
NETL
NSTL
万方数据
