文献类型：期刊文献

中文题名：增值税进项税额加速抵扣的投资效应——基于2018年财税70号文件的证据

英文题名：The effect of accelerated deduction of input VAT on investment:Evidence on No.70 Fiscal and Tax Notification in 2018

作者：方军雄[1];陈宁[2];何慧华[3];于雪航[4]

机构：[1]浙江财经大学会计学院,杭州310018;[2]上海对外经贸大学金融管理学院,上海201620;[3]华南理工大学工商管理学院,广州510641;[4]华东理工大学商学院,上海200237

年份：2023

卷号：26

期号：12

起止页码：62

中文期刊名：管理科学学报

外文期刊名：Journal of Management Sciences in China

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2023_2024】；CSCD:【CSCD2023_2024】；

基金：国家自然科学基金资助项目(72272132,71872048)。

语种：中文

中文关键词：资本性投资;融资约束;增值税留抵退税政策;增值税进项税额加速抵扣

外文关键词：capital investment;financial constraint;VAT rebate policy;accelerated deduction of input VAT

摘要：在经济下行的背景下,如何刺激企业维持、增加投资日益成为有为政府重要而艰难的课题.与关注货币政策和传统财政政策的研究不同,本文关注的是加快增值税进项税额抵扣/退回的增值税留抵退税政策对企业投资决策的影响.基于2018年颁布的财税70号文件所做的双重差分研究发现,相比对照组公司,受税收政策影响的处理组公司随后年份中投资显著增加,不过这种投资效应主要存在于一般的资本性投资,而对风险较高的研发投资影响甚微.机制检验发现,增值税留抵退税政策有助于企业融资约束的缓解,进而刺激投资的增加.研究表明,增值税固有的征收方式所形成的资金占用会对企业投资产生重要的负面影响,改善增值税扣缴方式以减少资金占用应该成为常态的解决对策.
Stimulating enterprises to maintain and increase investment has increasingly become an important and difficult issue for the government.Different from studies that focus on monetary policy and traditional fiscal policy,this paper studies the effect of accelerated deduction of input VAT on investment.The DID test based on No.70 Fiscal and Tax Notification in 2018 shows that investment in the treatment group has significantly improved after the policy compared with the control group,but the effect mainly exists in ordinary capital investments and had little impact on higher-risk R&D investments.Mechanism test shows that the policy is conducive to the alleviation of financing constraint which in turn increases investment.In addition,the capital occupation formed by the input VAT has an obvious negative impact on enterprise investment.Therefore,improving the VAT with holding method to reduce capital occupation should become a normal solution.