减税有助于释放创新红利吗--来自增值税转型改革的理论与经验证据  

Will Tax Cuts Help Unleash Innovation Bonus:Evidence from China's VAT Reform

作　　者：张妍 刘冲[2] 沙学康 ZHANG Yan;LIU Chong;SHA Xuekang(Guanghua School of Management,Peking University,Beijing 100871,China;School of Economics,Peking University,Beijing 100871,China)

机构地区：[1]北京大学光华管理学院,北京100871 [2]北京大学经济学院,北京100871

出　　处：《中南财经政法大学学报》2022年第6期68-81,共14页Journal of Zhongnan University of Economics and Law

基　　金：国家社科基金重大项目“促进高质量发展的中国税制结构优化与改革研究”(21&ZD097)。

摘　　要：减税是各国政府鼓励企业技术创新的重要方式,但是现有文献对减税能否释放创新红利尚未得到一致的结论。企业享受税收优惠政策后会增加投资,既可以增加技术投入又可以扩大生产,市场需求环境的不同会导致企业作出差异化决策。本文构建了企业进行生产流程升级和技术革新投资决策的理论模型,探讨了税收优惠政策影响企业差异化决策的前提条件。研究发现:当市场需求环境为消费者对差异化产品的需求较大时,增值税转型政策通过降低技术设备成本的渠道为企业释放创新红利;当消费者对差异化产品的需求较小时,企业会选择扩大生产规模而不创新。结合中国2009年增值税转型的改革实践,本文利用上市公司信息和专利数据,通过双重差分法检验了增值税转型改革带来的减税对企业创新的影响。进一步研究结果显示,在人力资本水平更高、资本密集程度更高、市场竞争更加充分的行业,增值税转型更加有效地促进企业创新。本文的研究意味着,充分考虑不同行业和企业的异质性有助于地方政府更好地释放减税的创新红利。Tax incentives are an important way for governments of various countries to encourage technological innovation of enterprises,but the existing literature still has different opinions on the effects of tax incentives.Theoretically,when a company acquires incremental cash flow due to tax incentives,it is possible to increase technological input or expand production,then heterogeneous firms will make different investment decisions due to the differentiation of market demand.This paper constructs a theoretical model discussing firms'decisions to upgrade production process and innovation investment which helps explaining the differentiated behaviors of firms.We find that when consumers prefer more differentiated products,the VAT reform increases firms'innovation through the channel of reducing equipment costs;otherwise firms choose to expand production rather than innovation.Using listed company data,detailed patent information and a difference-in-differences design,we illustrates the effects of tax incentives on innovations by studying the quasi-natural experiment of China's 2009 VAT reform.We document that the VAT reform has differentiated effects:in the industries with higher levels of human capital and higher capital intensity,firms tend to increase innovations.In the industries with more adequate market competition and slower inventory turnover,firms get a more significant promotion of innovations after VAT reform.These results mean that the government should fully consider the heterogeneity of different industries and enterprises when formulating tax incentive policies.

关 键 词：创新红利 市场需求 增值税转型 减税降费 

分 类 号：F812.2[经济管理—财政学]