供应链协调与“营改增”的盈利效应

《财经研究》 2020年46卷第10期 页码：93 - 108  online：2020年9月28日

供应链协调与“营改增”的盈利效应

Supply Chain Coordination and the Profitability Effect of “Business Tax to VAT”

作者（中）：李颖*, 周洋

作者（英）：Li Ying*, Zhou Yang

作者单位：1.山西财经大学 会计学院，山西 太原 030006

摘要：“营改增”是打通增值税抵扣链条、促进产业发展和优化经济结构的重要举措，提升“营改增”公司的获利水平是实现宏观政策目标的微观载体。文章以2012−2016年我国“营改增”行业的上市公司为研究对象，考察了供应链协调是否有助于提升“营改增”后公司的获利水平。研究表明：第一，供应链协调促进了“营改增”后公司获利水平的提升；第二，供应链协调能力越强（合作关系越密切或资源配置效率越高），这种促进作用越强；第三，供应链协调动机越强（流转税名义税负越高），这种促进作用也越强；第四，供应链协调加快了“营改增”公司的现金与存货周转速度，但为了促进供应链协调，公司需要降低应收账款周转率和提高应付账款周转率；第五，供应链协调促进了“营改增”公司的主营业务收入增长和毛利率提升，增强了“营改增”的盈利效应。文章的研究不仅拓展了增值税改革微观效应影响因素的文献，还为政府部门和公司管理层从供应链协调视角探寻提升增值税改革效应的路径提供了启示。

关键词：供应链协调; 营改增; 获利水平

Summary: In order to avoid double taxation, China implemented the reform of “Business Tax to VAT”. Is corporate performance really improved after the reform? In the existing literature, it is found that only companies with strong bargaining power and strong tax burden shifting ability can have a profit effect, but this view is mainly based on the perspective of maximizing the interests of a single company. It is not the only way to promote tax burden transfer by using the relatively strong bargaining power to squeeze the profit space belonging to the other party; moreover, this method also goes against the idea of modern supply chain management. With the competition becoming increasingly fierce, many enterprises have strengthened the cooperation with upstream and downstream. Then, does supply chain coordination help to enhance the profitability effect of “Business Tax to VAT”?The reform of “Business Tax to VAT” calls for enterprises to promote supply chain coordination. First of all, the deduction chain of VAT goes through, which promotes specialization and division, and puts forward higher requirements for supply chain cooperation and efficiency after the reform; secondly, the turnover tax rate borne by reform enterprises is generally increased, but the input tax that can be used for deduction is insufficient, which will make the nominal tax burden of turnover tax rise, and further it enhances the motivation of enterprises to promote supply chain coordination and accelerate tax burden transfer after the reform. At the same time, when the supply chain is coordinated, the close relationship between upstream and downstream can cultivate unique competitive advantages, which will bring excess profits to enterprises; moreover, supply chain coordination can also optimize resource allocation and reduce transaction costs. Therefore, supply chain coordination should help to enhance the profitability effect of “Business Tax to VAT”.Based on the above theoretical analysis, this paper empirically tests whether supply chain coordination can improve the profit level of reform companies and how to improve it by taking the listed companies of “Business Tax to VAT” from 2012 to 2016. The results show that: （1）Supply chain coordination can enhance the profit level of reform companies; （2）With the enhancement of supply chain coordination ability（that is, when the relationship between upstream and downstream is closer or the resource allocation efficiency is higher）, or with the increasing motivation of supply chain coordination（that is, when the nominal tax burden of turnover tax is larger）, supply chain coordination can enhance the profitability effect of reform companies even more; （3）Supply chain coordination can speed up the turnover of cash and inventory, but reform companies also pay the cost of reducing the turnover speed of accounts receivable and increasing the turnover speed of accounts payable; （4）Supply chain coordination enhances the profit level of reform companies by stimulating the growth of business income and gross profit rate.The theoretical value of this paper is mainly reflected in the expansion of the relevant literature on the micro policy effect of VAT reform and the economic consequences of supply chain coordination at the micro level. The practical value is mainly reflected in helping to inspire government departments and corporate management to explore solutions to enhance the micro policy effect of VAT reform from the perspective of supply chain management. Based on the results of this study, we should promote the coordinated development of the supply chain from the macro level, cultivate the modern supply chain concept of service enterprises, and encourage enterprises to adopt reasonable ways to transfer tax burden, so as to reduce capital costs and improve the micro effect of VAT reform.

Key words: supply chain coordination; Business Tax to VAT; profitability

DOI：10.16538/j.cnki.jfe.20200314.101

收稿日期：2019-11-6

基金项目：教育部人文社会科学规划基金项目（20YJA630038）；国家自然科学基金项目（71872175）；山西省软科学项目（2018041062-1）

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