增值税税率调整对企业技术创新绩效的影响研究

Research on the Effect of Value-Added Tax Rate Adjustment on Corporate Technological Innovation Performance

摘要: 增值税税率调整是国家实施“深化增值税改革”和“减税降费”政策的一项重要内容。为了验证增值税税率调整政策是否达到预期目标，本文基于2014~2020年A股上市公司的面板数据，使用多元线性回归的实证检验方法，研究了增值税税率调整对样本企业技术创新绩效的影响。同时，进一步分析探讨了增值税税率调整对不同规模的企业和高新技术企业的技术创新绩效影响情况。结果表明：(1) 增值税税率下调对企业技术创新绩效有显著促进作用。(2) 增值税税率下调对企业技术创新绩效的产出具有显著促进效应，尤其是中小型企业和高新技术企业。(3) 增值税税率调整通过改善企业外部债务融资状况和缓解企业内生财务压力两条路径促进企业技术创新绩效的提高。

Abstract: VAT rate adjustment is an important element of the deepening of the national VAT reform and tax and burden reduction policy. In order to verify whether the VAT rate adjustment policy has achieved its intended objectives, this paper examines the effect of VAT rate adjustment on the technological innovation performance of selected firms over the period 2014-2020, using panel data of listed firms and applying the empirical test method of multivariate linear regression analysis. The results show: (1) The reduction in the VAT rate has a significant impact on the ability of companies to innovate. (2) Reducing the VAT rate will have a significant impact on business innovation, especially for small and medium-sized and high-tech companies. (3) Adjusting the VAT rate supports enterprise innovation in two ways: it improves the position of enterprises with regard to external debt financing and it reduces the internal financing pressure of enterprises.