财税与公共管理学院知识库

在大力推进“减税降费”的背景下，增值税作为第一大税种，是税收改革的重点,留抵退税政策更是关注的焦点。自“营改增”推行以来，我国对于增值税一直实行的是计税抵扣法，然而，随着税收优惠政策的不断出台，企业的抵扣范围不断扩大，进项税额不断增多，导致企业形成大量的留抵税额。对于大部分企业来说，留抵税款的存在相当于临时占用企业一部分资金，从而限制了企业投资与发展。投资对于企业存续和发展至关重要，不仅可以帮助企业扩大生产规模、提升企业价值，还可以提升企业技术水平，增强企业实力。留抵退税政策规定，对于那些符合退税条件的企业，在企业申请后，准予退还留抵税额，这使得企业获得一部分资金，改善了现金流状况，有利于企业扩大投资规模，促进企业经济增长。由于留抵退税政策的发展时间较短，相关的研究文献较少，且多集中在政策本身，很少有文献会进一步探究其对企业投资的影响。因此，为了丰富现有文献，本文利用上市企业微观数据进行实证研究，为进一步完善增值税留抵退税政策提出可行性建议。

本文首先分析了留抵税额的成因及其影响，梳理了留抵退税政策的发展历程。其次，基于理论分析探讨其作用机制。最后,以财税〔2018〕70号文为背景,把留抵退税政策作为一项“准自然实验”,以我国2014年至2021年的年度财务报表为数据来源,选取沪深两市A股上市企业为样本,然后，构建双重差分模型（DID）,通过一系列实证分析验证了增值税留抵退税政策对企业投资的促进作用，并发现现金流是主要的传导中介，且政策效应存在区域和产权性质的异质性。最后，根据研究结论和我国的实际情况，为进一步完善留抵退税政策，提出相应的政策建议。第一,进一步完善增值税留抵退税制度；第二，建立留抵长效机制；第三,保障地方政府财政资金的有效落实；第四，加强留抵退税政策宣传力度。

Under the background of vigorously promoting "tax reduction and fee reduction", value-added tax (VAT), as the first major tax, is the focus of tax reform, and the policy of tax credit and refund is the center of attention. Since the implementation of the "camp reform", China has been practicing the tax credit method for VAT, however, with the continuous introduction of tax incentives, the scope of enterprise's deduction has been expanding, and the input tax has been increasing, which has led to the formation of a large number of tax credits by enterprises. For most enterprises, the existence of tax credits is equivalent to the temporary occupation of a portion of the enterprise's funds, thus limiting the enterprise's investment and development. Investment is crucial to the survival and development of enterprises, which can not only help enterprises expand their production scale and enhance their enterprise value, but also improve their technological level and strengthen their strength. The tax credit refund policy stipulates that for those enterprises that meet the conditions for tax refund, the enterprises will be allowed to refund the tax credit after application, which makes the enterprises obtain part of the funds, improves the cash flow situation, and is conducive to expanding the scale of investment and promoting the economic growth of the enterprises. Due to the short development time of the tax credit refund policy, the related research literature is relatively small and mostly focuses on the policy itself, and very few literatures will further explore its impact on enterprise investment. Therefore, in order to enrich the existing literature, this paper utilizes the micro data of listed enterprises to conduct an empirical study, and puts forward feasible suggestions for further improving the VAT tax retention and refund policy.

This paper firstly analyzes the causes of tax retention and its impact, and combs through the development history of tax retention and refund policy. Secondly, it explores its role mechanism based on theoretical analysis. Finally, with the background of Cai Shui [2018] No. 70, the tax retention and credit refund policy is taken as a "quasi-natural experiment", the annual financial statements of China from 2014 to 2021 are taken as the data source, and the A-share listed enterprises in Shanghai and Shenzhen are selected as the samples, and then, the double-difference model (DID) is constructed to verify the VAT tax retention and credit refund policy through a series of empirical analysis. The analysis verifies the promotion effect of VAT tax rebate policy on enterprise investment, and finds that cash flow is the main conduction intermediary, and the policy effect exists heterogeneity of region and property right nature. Finally, according to the research conclusions and the actual situation in China, corresponding policy suggestions are put forward to further improve the tax rebate policy. Firstly, further improve the VAT tax rebate system; secondly, establish a long-term mechanism of tax rebate; thirdly, guarantee the effective implementation of local government financial funds; fourthly, strengthen the publicity of tax rebate policy.