重庆理工大学学报2026，Vol.40Issue(12)：88-100,13.DOI:10.3969/j.issn.1674-8425(s).2026.06.008
增值税留抵退税、资本深化与企业新质生产力
VAT carryforward refunds,capital deepening and new quality productive forces of enterprises
摘要
Abstract
Employing Chinese A-share companies from 2012 to 2024 as the sample,this study treats the outstanding VAT carryforward refund policy as a quasi-natural experiment.An staggered difference-in-differences model is constructed to examine the impact of the policy on new quality productive forces of enterprises.The results indicate that the VAT carryforward refund policy enhances new quality productive forcesof enterprises.Mechanism testsdemonstrate that the policy fosters new quality productive forces through capital deepening.Heterogeneity tests show the policy generates stronger promotional effects for high-tech sectors,low-leverage firms and enterprises with mature digital transformation.Additionally,a sound macro environment,such as well-functioning factor markets,enhances the policy's promotional effect.Economic consequence tests further show that corporate new-quality productive forces driven by the VAT carry-forward refund policy boost firms' market performance and strengthen their supply chain resilience.These findings provide micro-level empirical evidence on the influencing factors and determination mechanism of the development of new quality productive forces in enterprises,and also offer policy evaluation insights and practical implications for the implementation of the carryforward refund policy.关键词
增值税/留抵退税/企业新质生产力/资本深化Key words
VAT/carry-forward refund policy/new quality productive forces of enterprise/capital deepe-ning分类
管理科学引用本文复制引用
陈立,孙艳..增值税留抵退税、资本深化与企业新质生产力[J].重庆理工大学学报,2026,40(12):88-100,13.基金项目
重庆理工大学研究生科研创新项目"增值税留抵退税政策对企业新质生产力的影响研究"(gzlcx20253458) （gzlcx20253458）
