留抵退税政策提升了企业创新质量吗?

Does the VAT Rebate Policy Improve the Quality of Enterprise Innovation

以2018年增值税留抵退税政策的实施作为一项“准自然实验”,在探析该政策对企业创新质量影响机制的基础上,基于2012-2020年上市公司的微观数据,运用双重差分模型评估了该政策对企业创新质量的影响。研究表明:留抵退税政策总体上显著提高了企业创新质量;该政策对企业创新质量的促进作用主要通过缓解融资约束发挥;增值税留抵退税政策对企业创新质量的影响,在不同所有权企业、不同生命周期的企业、不同地区企业中存在显著差异。

Taking the implementation of the 2018 VAT tax rebate policy as a"quasi-natural experiment",based on analyzing the mechanism of the policy's impact on the quality of enterprise innovation,and based on the microdata of listed companies from 2012 to 2020,the study evaluates the policy's impact on the quality of enterprise innovation by using a double-difference model.The study shows that the tax rebate policy significantly improves the innovation quality of enterprises in general;the promotion effect of this policy on the innovation quality of enterprises is mainly exerted through alleviating the financing constraints;the impact of the VAT tax rebate policy on the innovation quality of enterprises varies significantly among enterprises with different ownership,enterprises with different life cycles,and enterprises in different regions.