【摘要】 自2012年推行的生产性服务业“营改增”改革，会通过完善增值税抵扣链条促进下游企业的服务要素投入和固定资产投资。本文基于大样本微观企业数据，借鉴强度双重差分法的思想，根据产业集聚理论，利用不同地区因改革前生产性服务业规模差异所产生的政策影响程度的差异，识别生产性服务行业“营改增”对下游企业的改革效应及作用机制。结果发现：(1)生产性服务业“营改增”显著促进下游企业的固定资产投资；(2)上述政策效果是通过减少外购服务的重复征税、降低下游企业的经营成本，从而缓解其内部资金约束而产生的。这一机制体现在“营改增”更大地促进了融资约束程度高、留抵税额较少的下游企业的投资。本文的研究有助于我们理解企业的投资行为，进而有助于理解我国近年以增值税为主体的减税改革逻辑。更多还原

【Abstract】 The value-added tax(VAT) expansion reform on the productive service industries since 2012 boosts the service element investment and fixed asset investment of the downstream firms by facilitating the VAT deduction chain. Using the firm-level data, employing the difference-in-differences estimation strategy and the industrial agglomeration theory, this paper utilizes the difference brought by different regions’ different scales of productive service industries before the reform to identify the reform’s influence on downstream firms and the mechanism. The results show that:(1) the reform increases the investment of downstream firms;(2) such effect is generated via reducing double taxation of outsourced services on firms, thereby alleviating their internal capital constraints. This paper finds that the reform has stronger impacts on the firms with severer financial constraints and less outstanding VAT credits. This study helps understand investment behavior of the firms and the rationale behind China’s tax reforms of the indirect tax in recent years.更多还原