增值税留抵退税、融资约束与企业全要素生产率

本文以2018年部分行业的增值税留抵退税政策的实施作为准自然实验,基于长江三角洲先进制造业上市公司的数据,采用倾向得分匹配——双重差分法(PSM-DID),探究了增值税留抵退税政策对企业全要素生产率的影响.研究发现,短期内增值税留抵退税政策对企业全要素生产率的提高具有显著的促进作用;机制检验结果表明,增值税留抵退税政策通过降低企业的融资约束来促进企业全要素生产率的提高;异质性分析发现,增值税留抵退税政策对非国有性质、规模较小、成长性较好、杠杆率较低以及所处营商环境不理想的企业全要素生产率的促进作用尤为明显.根据研究结论,本文提出了进一步放宽增值税留抵退税政策限制与适度缩短留抵退税期限等相关建议.

Tax Refund Policy,Financial Constraints and Corporate Total-Factor Productivity

Based on the data of listed companies in advanced manufacturing industries in the Yangtze River Delta and the propensity score matching dual difference method(PMS-DID),this paper takes the implementation of VAT retention tax rebate policy in some industries in 2018 as a quasi-natural experiment to explore the impact of retention tax rebate policy on enterprise total-factor productivity.The results show that the short-term retention tax rebate policy has a significant promoting effect on the improvement of enterprise total-factor productivity.The mechanism test results show that the retention tax rebate policy can improve the total-factor productivity of enterprises by reducing the financing constraints of enterprises.The heterogeneity analysis shows that the VAT rebate policy has a particularly significant effect on the total factor productivity of non-state-owned enterprises,small scale,good growth,low leverage ratio and poor business environment.Based on the research conclusions,the paper puts forward some suggestions to further improve the VAT retention and rebate policy in China.