“营改增”与企业创新资源流向——基于上市公司的实证分析

文章运用双重差分倾向得分法(PSM-DID),选取我国上市企业2009-2018年的数据,实证分析"营改增"政策对企业创新资源流向的作用。实证发现:第一,"营改增"能有效引导企业创新资源流向,改善企业创新资本资源和人力资源配置情况;第二,"营改增"政策能引导创新资本资源和创新人力资源流向东部地区和西部地区;第三,营改增"政策能够大大加强不同权属企业的创新资源流向,对于创新资本资源来说,流向国有企业效果最为明显;对于创新人力资源而言,流向混合制企业效果最佳;第四,"营改增"政策作用下,不同行业的创新资源流向变化呈现差异性,它能够有效引导科技创新资本资源流向科技制造行业,但对科技服务行业的创新人才的流入有抑制作用。

Replacement Business Tax with VAT and the Flow of Enterprise Innovation Resources: An Empirical Analysis Based on Listed Companies in China

By using the PSM-DID method,data of China’s listed companies from 2009 to 2018 were selected to empirical-ly analyze the effect of"replacing business tax with value-added tax"policy on the flow of companie’s innovation resourc-es.The research shows that"replacing business tax with value-added tax"can effectively guide the flow of companies in-novation resources and improve the allocation of companies’innovation capital resources and human resources;secondly,under the policy of"replacing business tax with value-added tax",innovative capital resources and innovative human re-sources can be directed to the eastern and western regions;thirdly,the policy of"replacing business tax with value-addedtax"can greatly strengthen the flow of innovation resources of companies with different rights.For innovation capital re-sources,flow to state-owned enterprises has the most obvious effect.For innovative human resources,the flow to themixed system enterprise has the best effect;fourthly,under the effect of the policy of"replacing business tax with value-added tax",the flow of innovation resources varies in different industries.The policy of"replacing business tax with val-ue-added tax"can effectively guide the flow of scientific and technological innovation capital resources to the scientificand technological industry,but it has a restraining effect on the inflow of innovative talents in the scientific and technolog-ical service industry.