Abstract: This paper uses the financial data of listed companies in Shanghai and Shenzhen A-shares and empirically tests the mediating effect of the tax reduction of VAT expansion between Replacing BT with VAT and financial leverage of enterprises by DID, fixed model and mediating effect model. That is, the Replacing BT with VAT policy will eventually affect enterprises financial leverage through affecting the actual tax burden. It finds that the difference of tax method and accounting between Business Tax and VAT can significantly reduce the actual tax burden of enterprises. As a tax reform, the Replacing BT with VAT policy has a significant negative effect on the financial leverage level of enterprises. That is, the Replacing BT with VAT policy has a direct impact on deleverage of enterprises. The reduction of actual tax burden of enterprises has played a certain mediating effect between the reform of VAT expansion and financial leverage of enterprises. The Replacing BT with VAT policy can significantly promote enterprises to reduce the level of financial leverage and realize enterprises deleveraging by influencing the actual tax burden.

Key words: VAT Expansion, Tax Reduction, Deleveraging

摘要： 以2012年增值税全面扩围改革(“营改增”)减税效应为突破口,本文利用沪深A股上市公司财务数据,运用双重差分法(DID)、固定效应模型及中介效应模型,实证检验了增值税扩围的减税效应在“营改增”与企业财务杠杆之间发挥的中介效应,即“营改增”通过影响企业实际税负水平最终会对企业财务杠杆产生影响。实证结论显示,不同流转税计税方式及利润核算标准的差异,能够有效降低企业税负水平;“营改增”作为增值税扩围的一项税制改革,对企业的财务杠杆存在显著的负效应,即“营改增”会对企业去杠杆产生直接影响;企业实际税负的降低在增值税扩围改革与企业财务杠杆之间发挥了一定的中介效应,即“营改增”通过影响企业实际税负能够显著促进企业降低财务杠杆水平,促进企业去杠杆。

关键词: 增值税扩围, 减税, 去杠杆