Xin Jiang;Wentao Hu;

• 1:Party School of Anhui Provincial Committee of C.P.C (Anhui Academy of Governance)
• 2:Research Institute for Eco-civilization
• 3:Chinese Academy of Social Sciences

Abstract：

Taxation has an important impact on enterprise innovation behavior. In the context of green development orientation, does the tax incentive created by the comprehensive value-added tax transformation induce firms to choose green innovation? We take the comprehensive value-added tax transformation as background, constructing the Chinese industrial enterprises green patent database, and using difference-in-difference method to find that: Firstly, the value-added tax transformation has significantly improved enterprise's green innovation capabilities in industries affected by the policy, but it has not encouraged more new enterprises to entry green innovation; Secondly, the ‘double' incentive effect of the value-added tax transformation on increased internal cash flow and improved external financing capacity eases the enterprise financing constraints, thus stimulating their green innovation. Tax incentives have a more pronounced effect on green innovation for enterprises that are less dependent on external financing, have a high level of nearby financial development and are state-owned. Finally, the level of environmental regulation by local governments has a positive moderating effect on the effect of value-added tax transformation in stimulating enterprises' green innovation. These findings provide useful experience support and policy inspiration for further optimizing the value-added tax policy and building a green innovation incentive policy system for enterprises.

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Foundation: 2024年安徽省社会科学创新发展研究课题“安徽政府采购政策优化对统一大市场建设的影响研究”（项目编号：2024CXQ022）;; 中国社会科学院生态文明研究所-贵州省社会科学院合作项目“贵州省绿色低碳发展战略与政策研究”（项目编号：STWM-HX-2023-012）;中国社会科学院创新重大项目“科技创新推动智能强国研究”（项目编号：2023YZD019）的资助

Authors: Xin Jiang;Wentao Hu;

References：

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• (1)税务总局:我国中部六省增值税转型推进企业进步,https://www.gov.cn/gzdt/2009-10/10/content_1435452.htm。 (2)国家发展计划委员会国家经济贸易委员会令(第7号)。 (3)这里的外商投资包括中国香港、中国澳门和中国台湾的投资。 (4)本文识别出样本期间同一企业在不同年份存在内资企业与外资企业之间转变的情况,共670个观测值,占总样本的比重不足1%,并且删除了这些观测值。 (5)平行趋势检验结果留存备索。 (6)安慰剂检验结果留存备索。 (7)本文企业资产规模(Size)大于8.57,即SA指数越大,融资约束越小。 (8)根据许和连等(2020)测算发现,工企数据中金融机构与企业之间最近距离的平均值为15.77千米。