增值税留抵退税政策提高企业的研发能力了吗?——基于制造业上市公司的实证分析  

Does VAT Credit Refund Policy Improve R&D Capabilities of Enterprises? Based on Empirical Analysis of Listed Manufacturing Companies

作　　者：钱海燕[1] 金子涵 QIAN Haiyan;JIN Zihan(School of Economics,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学经济学院,安徽合肥230601

出　　处：《合肥工业大学学报（社会科学版）》2024年第2期87-97,共11页Journal of Hefei University of Technology(Social Sciences)

摘　　要：文章选取我国2014-2021年A股制造业公司数据,运用双重差分法研究2018年实施的增值税留抵退税政策能否提升企业的研发能力。实证结果表明,享受增值税留抵退税政策的企业,研发能力显著提升,并在一系列稳健性检验中得以验证。理论逻辑在于,增值税留抵退税政策的实施增加了企业现金流,增强企业抵御风险能力的同时也会降低企业的研发风险,企业的研发意愿增强,研发能力会得到进一步的提升。另外,制造业企业需要购进生产设备进行研发活动,而现金流的返还让企业不再担心会因为采购机器设备而产生大量的留抵税额;企业生产模式和生产理念的转变,也会更偏向于进行研发创新,提升自身的研发能力。在产权性质方面,增值税留抵退税政策仅对非国有企业研发能力有激励作用;在成长速度方面,增值税留抵退税政策对成长速度快的企业提升研发能力产生了积极效果。This paper selects the data of A-share listed manufacturing companies in China from 2014 to 2021 as a sample,and uses the difference-in-differences method to demonstrate whether the value-added tax(VAT) credit refund policy implemented in 2018 can improve the R&D capabilities of enterprises.The empirical results show that the R&D capabilities of enterprises enjoying the VAT credit refund policy have been significantly improved,which has been verified in a series of robustness tests.The theoretical logic lies in the fact that the implementation of the VAT credit refund policy increases the cash flow of enterprises,enhances the ability of enterprises to resist risks,and reduces the R&D risk of enterprises,thus enhancing the R&D willingness of enterprises,and further improving their R&D capabilities.In addition,manufacturing enterprises need to purchase production equipment for R&D activities,and the return of cash flow makes enterprises no longer worry about a large amount of retained tax credits due to the purchase of machinery and equipment,and the transformation of enterprise production mode and concept will be more inclined to R&D innovation and improve their R&D capabilities.The heterogeneity analysis shows that,in terms of the nature of property rights,the VAT credit refund policy only has an incentive effect on the R&D capabilities of non-state-owned enterprises.In terms of growth rate,the VAT credit refund policy has had a positive effect on the R&D capabilities of fast-growing enterprises.

关 键 词：增值税留抵退税 研发能力 双重差分法 

分 类 号：F790.71[经济管理—产业经济]