摘要
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.
作者
孔进
李天悦
王翠翠
KONG Jin;LI Tianyue;WANG Cuicui(Chinese Academy of Social Sciences,Beijing 100732,China;School of Business,Macao University of Science and Technology,Macao 999078,China;School of Public Finance&Taxation,Shandong University of Finance and Economics,Jinan 250014,China)
出处
《经济与管理评论》
北大核心
2024年第5期83-95,共13页
Review of Economy and Management
关键词
留抵退税
创新质量
融资约束
创新要素投入
tax credit refund
innovation quality
financing constraint
innovation factor investment