Effect Of VAT Transformation On Production Efficiency Of Listed Companies

The VAT transformation began to be fully implemented all over the country in the year of 2009,whose core content is to allow enterprises to conduct the VAT included in fixed assets purchased by enterprises at one time.This policy change will not only directly affect the production efficiency of enterprises,but also indirectly affect the production efficiency of enterprises through the intermediary variable of fixed-asset investment.However,the current research on this area is still relatively scarce.First of all,based on the review of foreign research literature and domestic research literature,this paper makes a theoretical analysis of the effect of VAT transformation on the production efficiency of enterprises and its mechanism,and put hypothesis that VAT transformation can affect the production efficiency of enterprises through at least two ways:technological progress and expansion of investment;The VAT transformation will enlarge the scale of fixed-asset investment,and then improve the production efficiency of enterprises through the realization of economies of scale;Compared with the non-high-tech enterprises and state-owned enterprises,the high-tech enterprises and non-state-owned enterprises may benefit more from the reform respectively.Secondly,by selecting the relevant data of the listed companies from 2004 to 2017,this paper calculates and evaluates the change of production efficiency of full sample listed companies,of listed companies in pilot areas and in non-pilot areas and of heterogeneous listed companies.Therefore,it is proved,to a certain extent,that the VAT transformation has improved the production efficiency of enterprises,and the promoting effect of the policy of high-tech enterprises is higher than that of non-high-tech enterprises,the stimulating effect of the policy of non-state-owned enterprises is higher than that of state-owned enterprises.Thirdly,this paper tests the effect of VAT transformation on the production efficiency of the whole sample and the grouped sample by using DID model,and the empirical results show that the VAT transformation has significantly improved the production efficiency of listed companies.The promoting effect on the production efficiency of high-tech enterprises is significantly higher than that of non-high-tech enterprises,and the stimulating effect on the production efficiency of non-state-owned enterprises is significantly higher than that of state-owned enterprises.Based on that,this paper examines the influence of VAT transformation on the production efficiency of listed companies from the perspective of intermediary role of fixed-asset investment,and founded that the VAT transformation has significantly enlarged the scale of fixed-asset investment of listed companies,but the over-investment in fixed assets has restrained the improvement of production efficiency.Finally,on the basis of summing up the conclusion,this paper puts forward some feasible policy suggestions for the government and enterprises to improve the production efficiency of enterprises.