关键词: 增值税留抵退税政策；企业创新；生产性服务业企业；双重差分模型

Abstract: This paper selects the data of Ashare listed companies of producer service enterprises from 2016 to 2022, and uses DID model to estimate the impact of VAT rebate on innovation of producer service enterprises. The research shows that the implementation of the VAT rebate policy has a significant promoting effect on the innovation of producer service enterprises, and this conclusion passes the robustness tests，such as propensity score matching differential estimation, index replacement test and placebo test. Further analysis shows that the cash flow of enterprises has a significant impact on the innovation of producer service enterprises, that is, the VAT rebate policy promotes the innovation of enterprises by increasing the cash flow of enterprises. Heterogeneity analysis shows that the policy has a more significant promoting effect on nonstateowned enterprises, relatively dispersed equity enterprises and highly profitable enterprises. This paper evaluates the effect of the VAT rebate policy, which is helpful for the relevant departments to further optimize and perfect the VAT rebate policy in our country.

Key words: retention for VAT refund; enterprise innovation; producer service enterprises; differenceindifference model