中间投入还是产品创新

黄祖辉; 刘炎周; 王雨祥; 陈帅

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January 2023

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Citation: Zuhui HUANG, Yanzhou LIU, Yuxiang WANG and Shuai CHEN. Intermediate Inputs or Product Innovation[J]. Academic Monthly, 2022, 54(10): 43-58. shu

Intermediate Inputs or Product Innovation

Abstract

Tax reduction is an important tool for China to promote the upgrading of manufacturing industry, but it is accompanied by increased fiscal pressure. VAT is an important tax in the manufacturing sector. Can VAT tax reduction effectively promote the upgrading of the manufacturing industry? Further, how to optimize the VAT tax reduction strategy if we want to promote manufacturing upgrading from innovation? First, this paper incorporates VAT, intermediate inputs, innovation and product quality into a unified theoretical framework and introduces two mechanisms, the intermediate input effect and the product innovation effect, to explain the impact of VAT on product quality and finds heterogeneity in the distribution of dominant mechanisms under different industry characteristics. Then, based on the exogenous shock of standardized VAT credit management for agricultural products, this paper estimates the impact of VAT on product quality in the agricultural processing industry and finds that the lower effective VAT rate improves the product quality of firms. Finally, the dominant mechanism analysis illustrates that, for the agricultural processing manufacturing industry, the impact of VAT on product quality is mainly through the product innovation effect. The theoretical and empirical conclusions of this paper have certain policy implications for consolidating VAT burden reduction in manufacturing industry and optimizing VAT tax reduction strategies at the industry level.
- VAT burden,
- product innovation effect,
- intermediate input effect,
- product quality
References
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沈阳化工大学材料科学与工程学院沈阳 110142

Intermediate Inputs or Product Innovation

Available Online: 2022-10-20

Abstract: Tax reduction is an important tool for China to promote the upgrading of manufacturing industry, but it is accompanied by increased fiscal pressure. VAT is an important tax in the manufacturing sector. Can VAT tax reduction effectively promote the upgrading of the manufacturing industry? Further, how to optimize the VAT tax reduction strategy if we want to promote manufacturing upgrading from innovation? First, this paper incorporates VAT, intermediate inputs, innovation and product quality into a unified theoretical framework and introduces two mechanisms, the intermediate input effect and the product innovation effect, to explain the impact of VAT on product quality and finds heterogeneity in the distribution of dominant mechanisms under different industry characteristics. Then, based on the exogenous shock of standardized VAT credit management for agricultural products, this paper estimates the impact of VAT on product quality in the agricultural processing industry and finds that the lower effective VAT rate improves the product quality of firms. Finally, the dominant mechanism analysis illustrates that, for the agricultural processing manufacturing industry, the impact of VAT on product quality is mainly through the product innovation effect. The theoretical and empirical conclusions of this paper have certain policy implications for consolidating VAT burden reduction in manufacturing industry and optimizing VAT tax reduction strategies at the industry level.