Abstract: As an important tax reform policy to improve the VAT chains and balance the tax burden, the Replacing Business Tax with VAT may promote the corporate's investment in technological innovation. Using Chinese listed companies' data from 2007 through 2016, this paper examines the relationship between the Replacing Business Tax with VAT and the corporate's investment in technological innovation. It is found that the tax reform policy of Replacing Business Tax with VAT significantly promotes the corporate's investment in technological innovation, which is more pronounced under the more moderate tax enforcement conditions. The channel tests show that Replacing Business Tax with VAT eases the tax burden, improves the ability to create cash flow and finally promotes the corporate's investment in technological innovation. The heterogeneity tests show the firm property and size have a great influence on the above effect. The results provide theoretical support and empirical evidence for the spillover effect and the mechanisms that Replacing Business Tax with VAT significantly promotes the corporate's investment in technological innovation.

Key words: Replacing Business Tax with VAT, Technological Innovation, Tax Enforcement

摘要： 本文以企业的税收征管环境为背景,用多时点DID方法考察营改增对企业技术创新投入形成的微观效应。利用我国上市公司2007~2016年的财务数据,本文研究发现:营改增有助于促进企业技术创新投入;同时,税收征管强度削弱了营改增促进企业技术创新投入的积极效应。机制检验发现:营改增实施后,企业进项抵扣金额和经营现金流水平增加是促使其增大创新投入的重要原因。异质性检验发现,其他情形不变时,上述效应在小规模企业和非国有企业中更加显著。本文从营改增发挥促进企业技术创新投入溢出效应的视角,考察我国税收征管对微观企业形成的征税效应、寻租效应和治理效应,为揭示营改增有助于促进企业技术创新投入的后果、作用机制以及发挥作用的约束条件提供新的经验证据。

关键词: 营改增, 技术创新, 税收征管