新疆财经

新疆财经 ›› 2025, Vol. 0 ›› Issue (1): 58-69.DOI: 10.16716/j.cnki.65-1030/f.2025.01.006

• 税务研究 • 上一篇    下一篇

增值税留抵退税、融资约束与企业劳动收入份额——基于我国A股上市公司的实证研究

王庆, 欧阳希   

  1. 兰州财经大学，甘肃 兰州 730020
  • 收稿日期:2024-07-16 出版日期:2025-02-25 发布日期:2025-04-24
  • 通讯作者: 欧阳希
  • 作者简介:王庆（1977—），男，经济学博士，兰州财经大学财政与税务学院教授，研究方向为财政理论与政策
  • 基金资助:
    国家社会科学基金重点项目“新发展阶段财税体制促进高质量发展研究”(22AZD017)

Value Added Tax Retention and Refund, Financing Constraints, and Enterprise Labor Income Share—An Empirical Study Based on A-Share Listed Companies in China

WANG Qing, OUYANG Xi   

  1. Lanzhou University of Finance and Economics, Lanzhou730020, China
  • Received:2024-07-16 Online:2025-02-25 Published:2025-04-24
  • Contact: OUYANG Xi

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摘要：

税收是影响企业发展的关键因素，作为我国第一大税种的增值税，其与企业的日常生产经营活动更是息息相关。文章基于2015—2022年我国A股上市公司的面板数据，采用双重差分模型，实证检验增值税留抵退税政策对企业劳动收入份额的影响及作用机制。研究结果显示，增值税留抵退税政策的实施显著提高了企业劳动收入份额，且这一积极作用在非国有企业、技术密集型行业企业以及普通员工样本中更为明显。作用机制检验结果表明，增值税留抵退税政策可以通过缓解企业内外部融资约束进而提高企业劳动收入份额。今后，可以通过进一步完善增值税留抵退税政策、提高政策的精准性等举措，提高企业劳动收入份额。

关键词: 增值税留抵退税, 融资约束, 企业劳动收入份额

Abstract:

Taxation is a key factor influencing the development of enterprises, especially value-added tax (VAT), which is the largest tax category in China, and it is closely related to the production and operation activities of enterprises. Based on panel data of A-share listed companies from 2015 to 2022, this study empirically tests the impact and mechanism of value-added tax retention and refund policies on the share of labor income of enterprises using the Difference-in-Differences (DiD) model. The results showed that the value-added tax deduction and refund increased the share of labor income in enterprises, and this positive effect was more significant in the samples of labor income share in the eastern region, non-state-owned enterprises, and ordinary employees. The mechanism test also found that the value-added tax deduction and refund can increase the share of labor income of enterprises by alleviating internal and external financing constraints. In future, it is of great necessity to take such measures as further refining the value-added tax retention and refund policy and enhancing its targeting precision to increase the share of enterprise labor income.

Key words: value added tax retention and refund, financing constraints, share of enterprise labor income

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