增值税留抵退税是否影响了企业创新?——基于A股上市公司的经验证据

Does the VAT Rebates Policy Effect Enterprise Innovation?—Empirical Evidence Based on A-Share Listed Companies

本文聚焦增值税留抵退税政策,以财税〔2018〕70号文为政策切入点,基于A股上市公司数据,构建双重差分模型验证增值税留抵退税政策对企业创新的影响。结果显示,增值税留抵退税具有提升企业创新水平的政策效果,并存在企业现金流、固定资产投资和研发人员比重的中介效应。相比小规模企业,增值税留抵退税政策对大规模企业创新的影响更为明显;融资约束严重的企业在受到留抵退税政策冲击后创新水平提升更加明显;留抵退税对于东部地区企业创新的激励效果更为明显。为此,提出进一步加大留抵退税力度、适度缩短留抵退税政策的办税周期以及完善税收征管制度等政策建议。

This paper focuses on the VAT rebates policy,takes Finance and Taxation No.70[2018]as the policy entry point,and selects the data of A-share listed companies from 2015 to 2021,takes the large-scale VAT rebates policy in 2018 as a“quasi-natural experiment”,and constructs a DID model to quantify the impact of VAT rebates policy on enterprise innovation.The results show that VAT rebates policy has a positive effect on enhancing the innovation level of enterprises,with mediating effects from cash flow,fixed asset investment,and the proportion of R&D personnel.Compared with smallscale enterprises,the effect of VAT rebate policy on the innovation of large-scale enterprises is more obvious.Enterprises facing significant financing constraints show a clearer enhancement in their innovation levels following the implementation of the tax rebate policy;the incentive effect of the tax rebate on the innovation of enterprises in the eastern region is more obvious.To this end,we should further increase the intensity of the tax rebate,moderately shorten the tax cycle of the tax rebate policy and improve the tax collection and management system.