营改增、税收征管与资本市场质量——基于中国上市公司盈余质量视角的实证检验

健全和有效率的资本市场是中国经济高质量发展的重要驱动力。中国资本市场A股中小投资者占比90%以上,数量已经超过1.6亿,保护中小投资者利益,建设高质量资本市场显得尤为重要。基于上市公司盈余质量视角,论文试图对营改增、税收征管与资本市场质量的相关性展开实证讨论。因现有分税制格局并未发生根本变化,需要检验地方政府是否会因为结构性减税效应导致强化税收征管,传递到资本市场上,因此能够提高上市公司盈余质量,从而有利于提升中国资本市场的优质信用形象。实证结果显示:营改增后,地方税务机关普遍强化了税务征管力度,并由此促进了上市公司盈余质量的提升;相较市场化程度较低的西部地区,市场化程度高的东部地区企业盈余质量提升效果更显著。

The Reform of Replacing Business Tax with VAT,Tax Enforcement and the Quality of the Capital Market:An Empirical Test Based on the Perspective of Earnings Quality of the Chinese Listed Companies

A sound and efficient capital market is an important driving force for the high quality economic development in China.Small and medium-sized investors account for more than 90%of the Chinese A-share capital market,whose number has so far exceeded 160 million,which,therefore,means that it is of particular importance to protect the interests of the small and medium-sized investors and build a high quality capital market.Based on the perspective of earnings quality of the listed companies,this paper attempts to conduct an empirical discussion on the correlation between the reform of replacing business tax with VAT,tax enforcement and the quality of capital market.Considering the fact that the existing pattern of tax sharing system has undergone no fundamental change,it remains a major issue for discussion whether the local governments will transfer the structural tax reduction effect to the capital market by strengthening tax enforcement,so as to improve the earnings quality of the listed companies,which will be beneficial to the enhancement of the high quality credit image of the Chinese capital market.The results show that,when the reform of replacing business tax with VAT is in place,the local taxation authorities generally strengthen their tax enforcement,which brings about the improvement of the earnings quality of the listed companies.Compared with the western regions which exhibit a low degree of marketization,the eastern regions,where the degree of marketization is high,present a more significant rise in the corporate earnings quality there.