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

摘要： 选取2016—2022年生产性服务业企业A股上市公司数据，采用双重差分模型，估计增值税留抵退税对生产性服务业企业创新的影响。研究表明，留抵退税政策的实施对生产性服务业企业的创新有显著促进作用，且通过倾向得分匹配双重差分估计、指标替换检验和安慰剂检验等稳健性检验；企业现金流对生产性服务业企业创新有显著影响，即留抵退税政策通过增加企业现金流对企业创新产生促进作用；政策对非国有企业、股权相对分散企业和高盈利企业的促进作用更显著。评估留抵退税政策的效果，有助于有关部门进一步优化与完善我国的增值税留抵退税政策。

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