财税与公共管理学院知识库

科学技术是第一生产力，创新是引领发展的第一动力。提高企业自主创新能力，对经济结构的调整和产业的转型升级有促进作用，是解决我国长期不平衡发展问题的关键。税收政策是国家调控经济的重要杠杆，它对企业创新发挥着重要功能。为稳增长和促发展，我国出台了一系列“减税降费”政策。增值税作为我国第一大税种，其减税是减税降费政策的重点。其中留抵退税政策始于2011年2018年6月对部分行业增值税期末留抵税额予以退还，2019年4月我国逐步建立了增值税留抵退税制度，对纳税人增量留抵税额予以全部或部分退还，2022年3月《政府工作报告》明确提出实施更大规模的增值税留抵退税，退税力度和广度前所未有。同时，十四五规划中强调要将服务制造业高质量发展作为驱动力，让生产性服务业不断向专业化和价值链高端延伸。所以本文研究留抵退税对生产性服务企业创新的影响就有着重要的理论价值和实践意义。

首先，提出本文的研究背景及意义，对国内外涉及留抵退税与企业创新的相关文献展开了回顾分析和总结。其次，分别介绍留抵税额、留抵退税及企业创新的概念，并阐释和本文相关的理论基础。然后，定性分析增值税留抵退税政策的发展历程及特征表现，并通过数据统计图直观分析当前我国全行业和生产性服务业的创新现状。再次，本文从理论角度分析留抵退税政策是如何影响生产性服务企业创新的，并提出相对应的假设，再从实证方面检验该政策对生产性服务企业创新产生何种影响。本文把留抵退税政策的出台看作一项“准自然实验”，构建双重差分模型，采用2016-2022年生产性服务业A股上市公司的数据检验。得出以下结论：一是留抵退税对生产性服务企业创新产生了促进作用，并且通过了平行趋势检验、倾向得分匹配双重差分估计、替换企业创新投入的衡量指标、安慰剂检验等稳健性检验；二是机制检验结果表明留抵退税政策是通过增加企业现金流，进而促进生产性服务企业创新；三是异质性分析发现留抵退税政策对非国有企业、股权相对分散企业以及高盈利企业的创新促进作用更显著。

最后，本文依据理论方面的分析以及实证方面的检验结果对现行的留抵退税政策提出以下几点建议：一是扩大留抵退税适用范围，将政策的红利发挥到最大，加快企业的资金周转；二是逐渐消除存量留抵，降低企业成本和税收管理成本；三是优化留抵退税财政分担机制，明确省与市县的留抵退税分担机制以及市区、县乡的分担机制；四是建立留抵退税制度长效机制，确保所有受惠企业能够在最大程度上持续享受到留抵退税政策红利。

Science and technology are the primary productive forces, and innovation is the primary driving force for development. Improving the independent innovation ability of enterprises is helpful to the adjustment of economic structure and the transformation and upgrading of industries, and is the key to solving the long-term unbalanced development problem in China. Tax policy is an important lever of national economic regulation, which plays an important role in enterprise innovation. In order to stabilize growth and promote development, China has introduced a series of "tax and fee reduction" policies. As the number one tax categories in China, the reduction of VAT has become the most important policy of tax and fee reduction. Among them, the retention for VAT refund began in 2011, and in June 2018, the VAT rebate at the end of the period in some industries was refunded. In April 2019, China gradually established the retention for VAT refund system, and the incremental tax credit for taxpayers is fully or partially refunded. In March 2022, the "Government Work Report" clearly proposed the implementation of a larger scale of the retention for VAT refund, and the intensity and breadth of tax rebates are unprecedented. At the same time, the 14th Five-Year Plan emphasizes the high-quality development of the service manufacturing industry as a driving force, so that producer services continue to extend to the specialization and high-end value chain. Therefore, it is of great theoretical value and practical significance to study the effect of the retention for VAT refund on the innovation of productive service enterprises.

First of all, put forward the research background and significance of this paper, and review and summarize the domestic and foreign literature related to the retention for VAT refund and enterprise innovation. Secondly, it defines the concepts of tax credit, the retention for VAT refund and enterprise innovation, and explains the theoretical basis of this paper. Then, it qualitatively analyzes the development process and characteristic of the retention for VAT refund, and visually analyzes the current innovation status of the whole industry and producer service industry in China through the data statistics chart. Thirdly, from the theoretical perspective, this paper analyzes how the retention for VAT refund affects the innovation of producer service enterprises, and from the empirical perspective, it tests whether the retention for VAT refund can have an impact on the innovation of producer service enterprises. This paper regards the introduction of the retention for VAT refund as A "quasi-natural experiment", then constructing the difference-in-difference model of this paper and testing it through the data of A-share listed companies in the producer service industry from 2016 to 2022. The following conclusions are drawn: First, the implementation of the retention for VAT refund has a promoting effect on the innovation of producer service enterprises, and it has passed the robustness tests such as parallel trend hypothesis test, propensity score matched difference-in-difference estimated, alternative innovation input measurement indicators and placebo test. Second, the mechanism test shows that the retention for VAT refund promotes the innovation of producer service enterprises by increasing the cash flow of enterprises; Third, the heterogeneity analysis found that the retention for VAT refund has a more significant promoting effect on non-state-owned enterprises, enterprises with relatively dispersed equity and high-profit enterprises.

Finally, based on the theoretical analysis and empirical results, this paper puts forward the following suggestions on the current retention for VAT refund: First, expand the scope of application of the retention for VAT refund, maximize the policy dividend, and accelerate the capital turnover of enterprises; The second is to gradually eliminate the reserve tax credit, reduce enterprise costs and tax administration costs; The third is to improve the fiscal sharing mechanism for the retention for VAT refund, and clarify the sharing mechanism between provinces and cities, as well as the sharing mechanism between cities and counties; The fourth is to establish a long-term mechanism of the retention for VAT refund to ensure that all beneficiary enterprises can continue to enjoy the dividend of the retention for VAT refund to the maximum extent.