减税降费的创新激励效应研究——基于“营改增”的准自然实验  

Research on Innovation Incentive Effect of Tax and Fee Reduction——A Quasi-Natural Experiment Based on “Business Tax Replaced with VAT”

作　　者：彭亮[1] 刘国城[2] Peng Liang;Liu Guocheng

机构地区：[1]南京师范大学商学院 [2]南京审计大学会计学院

出　　处：《投资研究》2022年第2期37-63,共27页Review of Investment Studies

基　　金：国家自然科学基金面上项目:“高技术企业自主创新的风险传递、公众风险认知和创新投资关系研究”(71372181);国家社会科学基金项目:“国内消费升级驱动战略性新兴产业发展研究”(20BJY001);“不确定环境下企业家灵性资本对组织韧性影响机制分析及多案例研究”(20BGL139)。

摘　　要：本文以“营改增”为准自然实验,选取2010-2016年中国A股上市公司的数据,应用多时点双重差分模型探究减税降费与企业创新之间的关系。结果显示:“营改增”对企业创新具有正向驱动效应;现金流效应和分工效应是“营改增”激励创新的重要路径,减税效应对企业创新无实质影响;“营改增”政策效应存在异质性差异,在非国有企业和传统行业中效果更为显著。本文验证减税降费的创新激励效应,为推进减税降费、实施创新驱动发展战略提供借鉴与参考。Based on the natural experiment of “business tax replaced with VAT”, this paper selects the data of Chinese Ashare listed companies from 2010 to 2016 and applies the multi-point DID model to explore the relationship between tax and fee reduction and enterprise innovation. The results show that“business tax replaced with VAT”has a positive driving effect on enterprise innovation. Cash flow effect and division of labor effect are important ways to stimulate innovation, while tax reduction effect has no substantial impact on enterprise innovation. The policy effect of“business tax replaced with VAT”has different heterogeneity, and the effect is more significant in non-state-owned enterprises and traditional industries. This paper verifies the innovation incentive effect of tax reduction and fee reduction, and provides reference for promoting tax reduction and fee reduction and implementing innovation-driven development strategy.

关 键 词：减税降费 营改增 双重差分 企业创新 

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