减税如何影响企业创新?基于增值税改革的准自然实验研究

How Do Tax-Cuts Affect Enterprise Innovation?A Quasi-natural Experimental Study Based on VAT Reform

基于"准自然实验"构建双重差分模型的识别策略,本文利用2005-2019年上市公司数据库,探究增值税转型改革带来的减税效果对于企业创新的影响及其作用机制。结果表明,增值税转型改革显著提升了企业创新水平,以专利数量衡量的创新产出指标以及研发投入衡量的创新投入指标均显著增强;增值税转型改革通过促进企业人力资本升级以及固定资产投资,进而影响了创新;资本-技能形成互补,企业技术吸收能力增强也是增值税转型改革影响企业创新水平的关键路径。本文从理论上论证了减税对于企业创新促进作用,同时也为推动企业创新、税收政策优化提供了政策启示。

Based on the "quasi natural experiment",this paper constructs the identification strategy of the differential model,and explores the impact and mechanism of the tax reduction effect brought about by the nationwide VAT transformation reform on enterprise innovation.Based on the database of listed companies from 2005 to 2019,this paper conducts benchmark test and mediating effect test.The results show that the VAT reform significantly improves the level of enterprise innovation,and the innovation output index measured by the number of patents and the innovation input index measured by the R&D input are significantly enhanced.The mechanism analysis shows that the VAT reform affects innovation by promoting the upgrading of human capital and the investment of fixed assets.At the same time,capital and skills are complementary and enterprises’ technology absorption capacity is enhanced,which is also the key path for VAT reform to affect enterprise innovation level.This paper demonstrates the role of tax reduction in promoting enterprise innovation theoretically and empirically,and provides policy inspiration for promoting enterprise innovation and optimizing tax policy.