摘要
基于2012年试点的“营改增”政策,以2009—2018年全国31个省份(港澳台地区除外)的A股上市公司数据为样本,研究该政策对企业的创新驱动效应及影响机制,并从融资约束的中介效应角度出发讨论其传导途径。研究发现,“营改增”政策显著提高了企业的技术创新意愿,并通过降低企业内部成本、提高资金流动性,以扩大融资空间,缓解融资约束。偏向创新竞争的政府激励制度能够合理引导政策与企业技术创新活动相匹配,比经济竞争激励制度更具有调节作用。同时,“营改增”政策对中小企业、东中部地区的创新驱动效应更为明显。基于此,建议改变政府激励模式,促进专业化分工,优化税收制度,制定多元化政策,从而缓解企业的融资约束,持续发挥“营改增”政策的促进作用,提高企业创新活力。
Based on the policy of"replacing business tax with VAT"in 2012,and taking the data of A-share listed companies in 31 provinces of China(excluding Hong Kong,Macao and Taiwan)from 2009 to 2018 as samples,this paper examines the innovation-driven effect and impact mechanism of this policy on enterprises,and explores its transmission path from the perspective of the mediating effect of financing constraints.The study found that the policy of"replacing business tax with VAT"significantly increases enterprises'willingness of technologicalinnovation,and expands the financing space and eases the financing constraints by reducing theenterprises'internal costs and improving the liquidity of funds.The government incentive system,which is biased towards innovation competition,can reasonably guide the policy to match the technological innovation activities of enterprises,and has more significant moderating effect than the economic competition incentive system.At the same time,the policy of"replacing business tax with VAT"has a more significant innovation-driven effect on small and medium-sized enterprises and the eastern and central regions.Based on the findings,it is suggested to change the government incentive mode and optimize the tax system,relieve the financing constraints of enterprises to promote professional division of labor,and continue to play the role of the policy of"replacing business tax with VAT",so as to improve the innovation vitality of enterprises.
作者
张超
刘春园
ZHANG Chao;LIU Chunyuan(School of Finance,Anhui University of Finance and Economics,Bengbu,Anhui 233030,China)
出处
《福建农林大学学报(哲学社会科学版)》
2023年第2期52-64,共13页
Journal of Fujian Agriculture and Forestry University(Philosophy and Social Sciences)
基金
安徽省哲学社会科学规划项目(AHSKY2019D044)
安徽省高校优秀青年人才支持计划重点项目(GXYQZD2021011)
安徽财经大学科研创新基金(ACYC2020197)。
关键词
营改增
企业创新
融资约束
政府激励制度
replacing business tax with VAT
enterprise innovation
financing constraints
government incentive system