留抵退税政策对我国先进制造业企业价值的影响

打开文本图片集

中图分类号：F810.42

文献标识码：A

文章编号：1672-7312（2026）04-0470-09

The Impact of the VAT Credit Refund Policy on the Advanced Manufacturing Enterprises Value in China

WANG Cong， HUANG Yao

（Business School， University of Shanghai for Science and Technology， Shanghai 200093， China）

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 impact of the VAT credit refund policy on firm value. The results indicate that the VAT credit refund policy significantly enhances the value of advanced manufacturing enterprises， and this finding remains robust 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 substantial 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 medium-sized advanced manufacturing firms. To further amplify the policy’s effectiveness， the scope of eligible 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 policies should be promoted to guide firms in channeling refunded funds toward innovation-oriented research and development and digital transformation， thereby further enhancing firm value.

Key words： VAT credit refund policy; advanced manufacturing; enterprises value; enterprise investment; financial risk

0 引言

近年来，随着经济的快速发展，先进制造业凸显出重要作用。（剩余12099字）