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增值税进项留抵下的增值税税率与企业资产配置优化

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文章选取增值税进项留抵视角,考虑企业在增值税税率下调政策带来的税负效应和税收红利共享(或税负转嫁)效应下如何优化资产配置.税收红利共享(或税负转嫁)可影响以下价格组合:(ⅰ)不含(增值)税销售价格、购买价格;(ⅱ)不含(增值)税销售价格、含(增值)税购买价格;(ⅲ)含(增值)税销售价格、不含(增值)税购买价格;(ⅳ)含(增值)税销售价格、购买价格.研究发现:1)销项税率下调:规模报酬递减下,企业会增多投资资本与劳动力,减少投资金融资产,否则相反;2)进项税率下调:情形(ⅰ)下,规模报酬递增且金融资产预期回报率低于附加税税率或规模报酬递减且金融资产预期回报率高于附加税税率下,企业会增多投资资本与劳动力,否则相反;情形(ⅱ)～(ⅳ)下,规模报酬递减时,企业会减少投资资本与劳动力,增多投资金融资产,否则相反;3)增值税销、进项税率同时下调:情形(ⅰ)、(ⅲ)下,规模报酬递增且金融资产预期回报率高于附加税税率时,企业会减少投资资本与劳动力,增多投资金融资产;规模报酬递减且金融资产预期回报率高于附加税税率时,企业会增多投资资本与劳动力.文章使用制造业等相关数据,模拟四种价格组合增值税税率与资产配置优化的关系以回证结论;文章也使用我国2016-2021年A股上市公司数据,发现实证结果也回证了结论.而在我国规模报酬递减的现行国情下,文章也从企业微观行为说明下调增值税税率的原因.
VAT rate and the optimization of enterprise asset allocation from the perspective of VAT input tax credit
From the perspective of VAT input tax credit,the article considers how enterprises optimize their assets allocation under the effects of the tax burden and tax dividend sharing(or tax burden transfer)caused by the VAT rate deduction.Tax dividend sharing(or tax pass-through)can affect the following prices:(ⅰ)VAT exclusive sales price and purchase price,(ⅱ)VAT exclusive sales price and VAT inclusive purchase price,(ⅲ)VAT inclusive sales price and VAT exclusive purchase price,(iv)VAT inclusive sales price and purchase price.The results find that:1)When the output tax rate decreases:If returns to scale are diminishing,enterprises will increase investment in capital and labor and reduce investment in financial assets.2)When the input tax rate reduces:In case(ⅰ),if returns to scale are decreasing,enterprises will reduce investment in capital and labor.However,in other cases,if returns to scale are decreasing,enterprises will reduce investment in capital and labor and increase investment in financial assets.3)When the VAT output and input tax rate reduce simultaneously:In case(ⅰ)or(ⅲ),if returns to scale are increasing and the expected return rate of financial assets is higher than the additional tax rate,the enterprise will reduce investment in capital and labor and increase investment in financial assets.But if returns to scale are decreasing and the expected return rate of financial assets is higher than the additional tax rate,the enterprise will increase investment in capital and labor.The paper simulates the various relationships between the VAT rates and enterprises assets under the mentioned prices to verify our conclusions using relevant industries'data.The article also uses the data of China's A-share listed companies from 2016 to 2021,finding that the empirical results also confirmed the conclusion.Under the current national conditions of diminishing returns to scale in our country,the research results also explain the rational necessity of the VAT rate reduction from the microscopic behavior of enterprises.

VAT input tax creditreduction of VAT ratestax dividend sharing(or tax burden transfer)sales price and purchase priceenterprise asset allocation

李嘉明、李毅博、刘渝琳

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重庆大学经济与工商管理学院,重庆 400030

重庆大学公共管理学院,重庆 400030

重庆大学公共经济与公共政策研究中心,重庆 400030

增值税进项留抵 增值税税率下调 税收红利共享(或税负转嫁) 销售、购买价格 资产配置优化

国家自然科学基金面上项目国家自然科学基金面上项目

7217301271773011

2024

10.12011/SETP2022-2953

系统工程理论与实践
中国系统工程学会

系统工程理论与实践

CSTPCDCSSCI北大核心
影响因子：1.575
ISSN：1000-6788
年,卷(期)：2024.44(3)
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