【摘要】 增值税“留抵退税”政策是“减税降费”的重要手段之一，即将进项税额与销项税额的差额部分税款进行退还，进而影响企业的现金流，降低融资约束影响，有利于企业减轻资金压力。目前，有关增值税留抵退税对制造业的影响机制、作用等相关研究文献较少，针对创新影响方面的文献则更少。鉴于此，通过双重差分模型分析增值税留抵退税政策对制造业上市公司创新的影响。研究表明：增值税“留抵退税”政策对制造业上市公司创新呈正向促进作用。更多还原

【Abstract】 The VAT policy of credit refunds is one of the important means of tax reduction and fee reduction, that is, the difference between the input tax and the output tax is returned, which will affect the cash flow of enterprises, reduce the impact of financing constraints, and help enterprises to reduce the financial pressure. There are few relevant research literatures on the impact mechanism and function of VAT credit refunds on manufacturing industry now, and even fewer literatures on the impact of innovation. In view of this, the impact of VAT policy of credit refunds on innovation of manufacturing listed companies is analyzed through difference-in-differences model. The research shows that the VAT policy of credit refounds has a positive promoting effect on the innovation of manufacturing listed companies.更多还原