营改增对企业创新行为的影响——机制分析与实证检验

Effects of VAT Reform on Enterprise Innovation Behavior: A Mechanism Analysis and An Empirical Test

本文选取2003~2018年沪深两市上市公司数据,构建三重差分模型实证检验营改增对企业创新行为的影响及其内在机制。研究发现,营改增显著降低了试点企业流转税税负,税负下降使得企业现金流改善,为企业创新提供了必要的资金支持,也有助于企业专业化分工,促进企业的创新行为。这一结论为我国大力推进减税降费以激励企业创新提供了科学依据,并为服务业企业把握营改增政策机遇、改善现金流管理、提升专业化分工、增强创新能力提供了决策参考。

Based on the data of listed companies in Shanghai and Shenzhen Stock Exchanges from 2003 to 2018, this paper constructs a DDD model to empirically test the impact of Business-Tax-Replaced-withVAT Reform on enterprise innovation behavior and its internal mechanism. The paper argues that the reform significantly reduces the turnover tax burden of pilot enterprises, and the decrease of tax burden improves cash flow, which provides the necessary financial support for enterprise innovation. Meanwhile, the reform also improves industrial division, and thus promotes the innovation behavior of enterprises. This conclusion provides a scientific basis for promoting tax cuts and fee reduction to stimulate enterprise innovation, and provides decision-making reference for service enterprises to grasp the opportunity of the policy, improve cash flow management, promote industrial division and enhance innovation ability.