增值税留抵退税政策如何影响企业创新模式  

How Does the VAT Refund Policy Affect the Innovation Model of Enterprises?

作　　者：陈晓华[1] 杜文 解美琪 CHEN Xiao-hua;DU Wen;XIE Mei-qi(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China)

机构地区：[1]浙江理工大学经济管理学院,杭州310018

出　　处：《上海对外经贸大学学报》2025年第2期67-84,共18页Journal of Shanghai University of International Business and Economics

基　　金：国家社科基金“制度型开放新视野下自贸试验区的差异化制度创新研究”(项目编号:20BJY196)的资助。

摘　　要：为厘清税收政策优化对企业创新模式的影响机制,本文以增值税留抵退税政策为准自然实验,基于2012~2022年中国沪深A股上市公司的面板数据,实证分析了增值税留抵退税对企业探索式创新偏好的影响。结果表明:增值税留抵退税显著提升了企业探索式创新偏好,助力企业高质量发展,这一结论在多重稳健性检验下均稳健成立。机制分析和异质性讨论表明,增值税留抵退税通过增强研发强度、改善经营状况两个渠道对企业探索式创新偏好产生促进效应,其中非国有企业、年轻企业和高技术行业企业的政策效应敏感度相对较高。技术并购视角的再验证表明,增值税留抵退税会使得技术并购后的企业探索式创新偏好显著增强,说明技术并购是优化企业创新模式的一条行之有效的路径。研究结论可以为税收政策制定、精准施策和营造良好的企业创新环境提供参考。In order to clarify the impact mechanism of tax policy optimization on corporate innovation model,the VAT refund policy was taken as a quasi-natural experiment,and based on the panel data of China’s Shanghai and Shenzhen A-share listed companies from 2012 to 2022,the impact of VAT refund on corporate exploratory innovation preference was empirically analyzed.The results show that:the VAT refund has significantly enhanced the enterprise’s preference for exploratory innovation and assisted the high-quality development of enterprises,which has been firmly established under multiple robustness tests.Mechanism analysis and heterogeneity discussion show that VAT refund promotes firms’exploratory innovation preferences through two channels:enhancing R&D intensity and improving operating conditions.Among them,non-state-owned enterprises,young enterprises and enterprises in high-tech industries are relatively more sensitive to policy eff ects.Re-verifi cation from the perspective of technology merger and acquisition shows that the VAT refund policy will signifi cantly enhance the exploratory innovation preference of enterprises after technology merger and acquisition,indicating that technology merger and acquisition is an effective path to optimize corporate innovation models.The research conclusions can provide reference for tax policy formulation,precise policy implementation and creating a good corporate innovation environment.

关 键 词：增值税留抵退税 创新模式 探索式创新 双重差分法 

分 类 号：F810[经济管理—财政学]