摘要
创新是经济增长的持续动力。在中国企业的研发投资主要依靠内部融资弥补成本的现实背景下,增值税留抵制度相当于政府无偿占用企业资金,给企业研发投入带来了较大的现金流压力。本文基于2016—2018年微观企业税收调查数据,给出了增值税留抵税款抑制企业研发投入的经验证据。研究结果显示,增值税留抵税款占营业收入的比重每上升1个百分点,调整后的企业“新产品、新技术、新工艺”研发投入占营业收入的比重将下降0.0597个百分点。结构层面的分析发现,这一挤出效应具有“鞭打快牛”的进一步扭曲性。在企业层面,经济活力较大的民营企业、研发需求旺盛的技术密集型行业和大规模企业的政策抑制效应更强;在地区层面,知识产权保护程度越高的地区,增值税留抵税款对企业研发投入的抑制性越强。增值税留抵税款对企业研发投入的抑制主要通过减少企业经营性现金流以及增大企业融资难度两种渠道发挥作用。本文结论表明,现行的增值税留抵退税政策将在较大程度上激发市场创新投入,实现经济的高质量发展。
Innovation is the sustainable driving force for economic growth.Because of the reality that the R&D investment of Chinese enterprises mainly relies on in-house financing,the VAT credit policy amounts to the government’s appropriation of corporate funds for free,which squeezes the cash flow for corporate R&D investment.Based on the data in a series of corporate tax surveys from 2016 to 2018,this paper provides empirical evidence that the VAT credit system has restricted corporate R&D investment.The research shows that when the proportion of VAT credit refund in operating revenue increases by 1 percentage point,the proportion of R&D investment in“new products,new technologies and new crafts”in operating revenue after adjustment will decrease by 0.0597 percentage points increase in the VAT credit’s proportion in operating revenue.Structural analysis shows that this crowd-out effect can result in further distortion.At the level of enterprises,government policies have stronger restrictive effects on private enterprises with more economic activities,technology-intensive industries,and large-scale enterprises with narrow financing channels.At the regional level,the better intellectual property is protected,the stronger the restrictive effect of VAT credit on corporate R&D.The VAT credit system restricts corporate R&D investment mainly by reducing the operating cash flow and increasing financing difficulty.This paper draws a conclusion that the existing VAT credit refund policy can stimulate the market input in innovation to a large extent and achieve high-quality economic development.
作者
崔惠玉
田明睿
王倩
CUI Huiyu;TIAN Mingrui;WANG Qian(Dongbei University of Finance and Economics,116025)
出处
《财贸经济》
CSSCI
北大核心
2022年第8期59-73,共15页
Finance & Trade Economics
基金
辽宁省“兴辽英才计划”项目“构建以国内大循环为主体、国内国际双循环相互促进新发展格局的财税政策研究”(XLYC2005016)
东北财经大学科研平台建设专项“增值税留抵退税政策效应与央地负担机制研究”(PT202102)。
关键词
增值税
留抵税款
企业研发投入
Value-Added Tax
VAT Credit
Corporate R&D Investment
