技术与创新管理2026，Vol.47Issue(4)：470-478,9.DOI:10.14090/j.cnki.jscx.2026.0411
留抵退税政策对我国先进制造业企业价值的影响
The Impact of the VAT Credit Refund Policy on the Advanced Manufacturing Enterprises Value in China
摘要
Abstract
Tax incentive policies provide an institutional guarantee for the high-quality development of advanced manufacturing,among which the VAT credit refund policy has emerged as one of the most important tax incentives in recent years.Using A-share listed advanced manufacturing enterprises as the research sample,a difference-in-differences(DID)model is constructed to empirically examine the im-pact of the VAT credit refund policy on firm value.The results indicate that the VAT credit refund poli-cy significantly enhances the value of advanced manufacturing enterprises,and this finding remains ro-bust under a series of robustness checks,including parallel trend tests and placebo tests.Mechanism tests show that the VAT credit refund policy can enhance firm value by curbing excessive investment in advanced manufacturing and controlling financial risks.Further heterogeneity analysis reveals substan-tial differences in policy effects across firms with different ownership structures:the value-enhancing effect of the VAT credit refund policy is more pronounced for private enterprises and small-and medi-um-sized advanced manufacturing firms.To further amplify the policy's effectiveness,the scope of eli-gible entities for VAT credit refunds should be expanded and the refund application process should be streamlined.In addition,the implementation intensity of the policy for private enterprises and small-and medium-sized firms should be strengthened.Finally,a coordinated package of refund-related poli-cies should be promoted to guide firms in channeling refunded funds toward innovation-oriented re-search and development and digital transformation,thereby further enhancing firm value.关键词
留抵退税政策/先进制造业/企业价值/企业投资/财务风险Key words
VAT credit refund policy/advanced manufacturing/enterprises value/enterprise invest-ment/financial risk分类
管理科学引用本文复制引用
王聪,黄瑶..留抵退税政策对我国先进制造业企业价值的影响[J].技术与创新管理,2026,47(4):470-478,9.基金项目
国家社会科学基金青年项目(25CJY039) （25CJY039）
