摘要
留抵退税改革是推动增值税回归中性的重要制度安排,通过缓解进项税额累积问题,可有效修复要素价格扭曲,进而提升要素配置效率。通过复杂网络理论结合HK模型,推导税收中性化政策影响要素配置效率的作用机制,以2018年增值税留抵退税试点政策构建准自然实验,实证检验留抵退税对要素配置效率的影响效应,并从缓解要素价格扭曲等视角检验两者间的影响路径。研究结果显示,留抵退税政策显著提升了要素配置效率。异质性分析表明,该政策在资本密集型企业、技术密集型企业、大规模企业及国有企业中表现出更强的政策效应,同时良好的政企关系、要素市场建设水平及中介法律环境可进一步增强其要素配置效率提升效果。机制检验表明,留抵退税政策可通过增加企业网络中心度、激励研发投入、缓解要素价格扭曲来提升要素配置效率。进一步分析发现,留抵退税政策有助于促进企业数字生产要素持有,并在企业“融资—投资—经营—偿债”各环节发挥助企纾困作用,从而持续提升要素配置效率。研究结论深化了税收中性理论在数字经济下的现实应用,为推进增值税改革与优化要素市场治理体系提供了有益启示。
The VAT credit refund has been reformed to encourage making it neutral again.By alleviating the accumulation of input tax credits,the reform effectively corrects distortions in factor prices and thus improves the efficiency of factor allocation.Drawing on complex network theory and the HK model,this study constructs a theoretical framework for analyzing how tax-neutrality-oriented policies affect factor allocation efficiency.Through a quasi-natural experiment,the study empirically examines the 2018 pilot VAT credit refund policy's impact on factor allocation efficiency and explores the associated transmission mechanisms,including the mitigation of factor price distortions.The results show that the VAT credit refund policy significantly improved factor allocation efficiency.Heterogeneity analysis reveals that the policy effect is more pronounced in capital-intensive,technology-intensive,large-scale,and state-owned enterprises than in other types of enterprises.Moreover,a sound government-enterprise relationship,well-developed factor markets,and an effective intermediary and legal environment can further enhance the policy's effectiveness.Mechanism analysis indicates that the policy improved allocation efficiency by increasing firms network centrality,stimulating R&D investment,and mitigating factor price distortions.Further analysis shows that the policy facilitated the accumulation of digital production factors and provided relief throughout firms financing-investment-operation-repayment cycles.In doing so,it continuously enhanced factor allocation efficiency.These findings deepen the understanding of how tax neutrality theory works in practice in the digital economy and offer useful insights for advancing VAT reform and optimizing factor market governance systems.
作者
黄丽君
向星宇
林中岚
HUANG Lijun;XIANG Xingyu;LIN Zhonglan(School of Public Finance and Management,Yunnan University of Finance and Economics,Kunming 650221,China)
出处
《产业经济研究》
北大核心
2025年第4期15-28,71,共15页
Industrial Economics Research
基金
国家社会科学基金重大项目(23&ZD063)
云南省哲学社会科学规划青年项目(QN202559)
云南省教育厅科学研究基金项目(研究生类)(2025Y0760)
云南财经大学研究生创新基金项目(2025YUFEYC033)。
关键词
增值税中性
留抵退税
要素配置效率
要素价格扭曲
复杂网络
VAT neutrality
credit refund policy
factor allocation efficiency
factor price distortions
complex networks
