增值税留抵退税与企业数字化转型

The Reform of Uncredited VAT Refund and Digital Transformation of Enterprises

企业数字化转型是引领新旧动能转换,推动经济高质量发展的重要抓手。文章使用2014—2020年的非金融类A股上市公司数据,以2018年出台的增值税留抵退税政策作为准自然实验,采用双重差分法,对增值税留抵退税政策影响企业数字化转型的因果效应及其机制进行检验。研究发现,相较于未受政策影响的企业,受增值税留抵退税政策影响的企业的数字化转型水平得到了显著提升。机制分析表明,增值税留抵退税政策通过缓解融资约束和增加固定资产投资推动企业数字化转型。异质性分析表明,非高科技企业受增值税留抵退税政策的影响更大;相较于数字核心技术升级,增值税留抵退税政策更有利于推动企业的数字化实践应用。

Digital transformation of enterprises is an essential tool for driving the replacement of the old drivers of growth and promoting high-quality economic development.Using data from non-financial A-share listed companies from 2014 to 2020,this article examines the causal effect of the VAT tax retention rebate policy on the digital transformation of enterprises using a double difference method with the help of a quasi-natural experiment formed by the introduction of the 2018 VAT reform.It was found that enterprises affected by the VAT reform experienced a significant increase in their digital transformation after the implementation of the policy.The mechanism analysis reveals that the tax retention rebate promotes digital transformation by easing financial constraints and increasing investment in fixed assets.Heterogeneity analysis shows that non-high-tech enterprises are more affected by the VAT reform;the VAT reform is more conducive to promoting the digital practice application of enterprises compared to the upgrading of digital core technologies.