关键词: 实体税负, 增值税转型改革, “脱实向虚”, 金融化

Abstract: The financialization of China’s manufacturing industry is a topical issue which is paid more and more attention at present. How to curb the manufacturing“shifting from real to virtual”is a linchpin to prevent and resolve major financial risks and to promote highquality economic development. By using the quasinatural experiment of VAT transformation reform in 2009 to capture exogenous changes in the real tax burden，this paper empirically examines the causal relationship between the real tax burden and the financialization of manufacturing industry based on the data of Ashare listed companies. It is found that the reduction of real tax burden caused by a VAT reform significantly reduces the level of financialization of manufacturing corporates，and the reform has a greater impact on the corporates with heavy assets and less financing constraints，while insignificant on the enterprises with light assets and more financing constraints. A test on the incentive mechanism shows that the VAT reform has relatively added up the assets yield of manufacturing entities, and steered the corporates to increase investment in fixed assets and R&D innovation. This study offers a useful reference for governmental departments to formulate and implement relevant tax policies for definancialization.

Key words: Real Tax Burden, VAT Transformation Reform, “Shifting from Real to Virtual”, Financialization