摘要
科技创新是实现高质量发展的动力源泉,如何运用财税政策有效激励企业研发创新是当前理论和实践界的研究热点。本文基于2014—2019年上市公司微观数据,运用双重差分法评估了2018年增值税留抵退税试点政策对企业研发创新的影响。研究发现,增值税留抵退税政策显著促进了企业研发创新,这一结论通过了平行趋势检验、倾向得分匹配、排除其他竞争性假说及更换因变量等稳健性检验。机制分析表明,增值税留抵退税政策通过缓解企业融资约束、扩大投资规模、提升风险承担能力和促进研发人员雇佣激励企业加强研发创新。此外,增值税留抵退税政策的创新激励效应在民营企业、高科技行业、成长期和成熟期企业更为明显,且政策实施有助于企业的实质性创新产出,加强税收征管有利于放大留抵退税政策的实施效果。本文为完善增值税留抵退税制度,深化现代财税改革及实现创新驱动的高质量发展提供了政策借鉴。
Innovation is the fundamental driving force to achieve high-quality development,and how to use fiscal and tax means to effectively stimulate enterprise R&D and innovation is the focus of the current government and academia.Based on the 2014-2019 micro data of listed companies,we evaluate the impact of the reform of uncredited VAT refund on enterprise R&D and innovation by using DID method.We find that reform of uncredited VAT refund significantly promotes enterprise R&D and innovation,which passes the robustness tests of parallel trend test,PSM-DID,elimination of other competitive hypotheses and replacement of dependent variables.The mechanism analysis shows that reform of uncredited VAT refund can stimulate enterprises to engage in R&D and innovation activities by alleviating financing constraints,expanding investment scale,enhancing risk bearing capacity and promoting R&D personnel employment.In addition,the innovation incentive effect of reform of uncredited VAT refund is more obvious in private enterprises,high-tech industries,growing and mature enterprises.This policy is conducive to the substantial innovation output of enterprises,and strengthening tax collection and management is conducive to magnify the implementation effect of reform of uncredited VAT refund.Our research provides a reference basis for improving reform of uncredited VAT refund,deepening modern tax reform and realizing innovation-driven high-quality development in the future.
作者
蔡伟贤
沈小源
李炳财
柴美华
Cai Weixian;Shen Xiaoyuan;Li Bingcai;Chai Meihua
出处
《财政研究》
CSSCI
北大核心
2022年第5期31-48,共18页
Public Finance Research
基金
国家社科基金一般项目“以人力资本提升推动农村民生建设研究”(批准号:18BJY052)。
