| 摘要: |
| 作为一种引导型税收激励，增值税留抵退税通过减轻企业负担产生节能和增产双重效应，进而提高企业能源效率。以财政部和国家税务总局发布《关于2018年退还部分行业增值税留抵退税额有关税收政策的通知》为准自然实验，利用沪深A股上市公司2014—2022年的数据评估增值税留抵退税对企业能源效率的影响，分析发现：增值税留抵退税显著提升了企业能源效率；增值税留抵退税既能通过增加环保设备投资和提高绿色创新水平的节能路径，也能通过缓解融资约束和增加生产性投入的增产路径提升企业能源效率；增值税留抵退税对中西部地区企业能源效率的提升作用比东部地区企业更显著；增值税留抵退税显著提升了环境监管力度较大地区企业、国有企业、非重污染行业企业、融资约束较强企业的能源效率，但对环境监管力度较小地区企业、非国有企业、重污染行业企业、融资约束较弱企业能源效率的影响不显著。因此，应进一步完善税收制度，有效激励企业节能增产，不断提升税收激励的绿色治理效果。 |
| 关键词: 税收激励 能源效率 节能增产 环保设备 绿色技术 融资约束 固定资产 |
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| The Impact of Value-Added Tax Credit Refund Policy on Corporate Energy Efficiency |
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FENG Guo-qiang, HU Dong-yu, WANG Yu-han
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School of Economics, Lanzhou University, Lanzhou 730000, Gansu, China
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| Abstract: |
| To achieve the dual carbon goals, it is necessary to continuously optimize and adjust the energy structure, increase the use of clean energy on the extensive margin, and reduce the consumption proportion of fossil energy. Meanwhile, equipment upgrading should be carried out on the intensive margin to improve the utilization efficiency of fossil energy. Therefore, how to improve energy utilization efficiency while ensuring stable economic growth has become the key to energy conservation and carbon reduction for enterprises. As an important macro-regulatory tool, tax policy can change the constraints or decision-making biases faced by micro-entities. Then, can the incentives provided by tax policy guide enterprises to improve energy efficiency and achieve energy transformation? What are the effect paths and mechanisms? Answering the above questions helps to understand the governance function of tax policy in responding to climate change and provides policy implications for the realization of China’s dual carbon goals. This paper sets up a quasi-natural experiment based on the implementation of China’s 2018 Value-Added Tax credit refund policy (Caishui No. 70). Using the samples of Shanghai and Shenzhen A-share listed companies from 2014 to 2022, by comparing the systematic differences between pilot industries and non-pilot industries before and after the policy, it provides key evidence for tax incentives to guide enterprises’ energy transformation. The research finds that the value-added tax credit refund can significantly promote enterprises to improve energy efficiency, and this conclusion still holds after a series of robustness tests. Among them, increasing investment in environmental protection equipment and promoting green technology innovation on the energy-saving path, and alleviating financing constraints and increasing fixed-asset investment on the production-increasing path are all key mechanisms for the credit refund policy to promote enterprises to improve energy efficiency. Further research shows that the implementation of the credit refund policy has more obvious effects in the central and western regions and regions with relatively strict environmental supervision, and has better effects on state-owned enterprises, non-heavy-polluting enterprises, and enterprises facing strong financing constraints. The research conclusion of this paper shows that guiding tax incentives, like punitive tax incentives, can produce significant green governance effects. This means that in the process of practicing energy transformation and achieving the dual carbon goals, in addition to taking restrictive governance measures, incentive-based governance measures cannot be ignored. Facing the pressure of economic transformation, the combined use of restrictive and incentive-based measures is a key measure to improve energy efficiency while maintaining stable economic growth, and it is also an inherent requirement for building a green tax system. |
| Key words: tax incentive energy efficiency energy-saving and production-increasing environmental protection equipment green technology financing constraint fixed asset |
