增值税中性、产业链溢出与企业全要素生产率——来自留抵退税政策的证据  

VAT Neutrality, Industrial Chain Spillover, and TFP of Enterprises--Based on the Policy of Retained Tax Refund

作　　者：王一欢 詹新宇 Wang Yihuan;Zhan Xinyu

机构地区：[1]天津财经大学财税与公共管理学院 [2]北京工商大学经济学院

出　　处：《财政研究》2024年第9期22-38,共17页Public Finance Research

基　　金：国家社会科学基金重大项目“以高质量发展推进现代化建设的核心要求与制度保障研究”(23ZDA027)。

摘　　要：全面推进产业链现代化的核心任务是提升链上企业的全要素生产率,为此,要以实现税收中性为目标,对纵贯产业链不同环节的增值税持续改革。本文立足2018年部分行业退还留抵增值税这一事件,重点研究留抵退税对试点企业的积极影响,能否通过产业链向外溢出,进而影响上、下游更多非试点企业。结果显示,第一,留抵退税促使试点企业扩大采购、减少信贷,为上游企业积累了盈余资金、显著提升了企业的全要素生产率;第二,留抵退税提高了试点企业的生产效率,有助于下游企业获得价格平稳、货源充裕和结构合理的要素供给,提高了下游企业的资源配置效率,同时为下游企业提供了更富技术含量的中间产品,推动了企业全要素生产率的提升。异质性分析显示,一方面留抵退税对产业链中处于领先地位的“链主”企业的溢出作用更为突出,充分发挥了提升产业链竞争力的作用;另一方面留抵退税也对处于弱势地位的企业产生了显著的溢出效应,起到增强产业链韧性的作用。本文为当前和今后一个时期推动产业链与价值链深度融合,全面提升产业链现代化水平提供了税收思路,同时为更好实行结构性减税、构建更加中性的税制提供了经验证据。The core task of comprehensively advancing the modernization of industrial chains is to enhance the TFP of enterprises within the chain. To achieve this target, it is necessary to continuously reform the VAT that spans different segments of the industrial chain, with the goal of achieving tax neutrality. This article based on the event of VAT refunds in some industries during 2018, focuses on studying the positive impact of VAT refunds on pilot enterprises and whether these benefits can spill over to more non-pilot enterprises upstream and downstream through the industrial chain. The results show that, first, VAT refunds have enabled pilot enterprises to expand procurement and reduce credit, accumulating surplus funds for upstream enterprises and signifcantly enhancing the TFP of enterprises;second, VAT refunds have improved the production effciency of pilot enterprises, helping downstream enterprises to obtain stable prices, ample supply, and well-structured factor supplies, improving the resource allocation effciency of downstream enterprises, and at the same time providing downstream enterprises with more technologically advanced intermediate products, promoting the enhancement of TFP. Heterogeneity analysis shows that, on the one hand, the spillover effect of VAT refunds on “chain leaders”in the industrial chain is more prominent, fully playing the role of enhancing the competitiveness of the industrial chain;on the other hand,VAT refunds also have a signifcant spillover effect on enterprises in a weak position,enhancing the resilience of the industrial chain. This article provides tax ideas for promoting the deep integration of industrial chains and value chains, and comprehensively improving the modernization level of industrial chains in the current and future periods, while also providing empirical evidence for better implementing structural tax cuts and constructing a more neutral tax system.

关 键 词：产业链现代化 全要素生产率 税收中性 留抵退税 

分 类 号：F812[经济管理—财政学]