增值税留抵退税、财务柔性与企业创新激励研究

Study on the VAT Credit Refund,Financial Flexibility,and Incentives for Enterprise Innovation

文章使用双重差分模型,基于非金融类A股上市公司数据,论证2018年增值税留抵退税政策对企业创新的影响。评估结果发现:与对照组相比,增值税留抵退税政策显著增加了实验组企业的创新投入、通过影响企业财务柔性激励企业创新;从企业特征方面来看,增值税留抵退税政策的创新激励效应对于非国有企业、规模较小企业、成长期企业以及存货周转率低的企业效果更为明显;同时,增值税留抵退税除了激励企业创新外,还显著提高了企业创新效率。根据研究结论,提出进一步拓宽增值税留抵退税政策的适用范围、区别对待纳税主体等相关建议。

This study employs a difference-in-differences model to demonstrate the impact of the value-added tax(VAT)credit refund policy on enterprise innovation in 2018,using data from non-financial A-share listed companies.The evaluation results reveal that:Compared to the control group,the VAT credit refund policy enhances the innovation investment of enterprises in the experimental group and stimulates enterprise innovation by influencing the financial flexibility of enterprises.From the perspective of enterprise char-acteristics,the innovation incentive effect of the VAT credit refund policy is more pronounced for non-state-owned enterprises,small-scale enterprises,growth-stage enterprises,and enterprises with a low inventory turnover rate,and In addition to fostering enterprise innovation,the VAT credit refund also significantly alsoimproves the efficiency of enterprise innovation.Based on the research find-ings,this paper proposes relevant suggestions,such as further expanding the applicable scope of the VAT credit refund policy and im-plementing differentiated treatment for taxpayers.