“营改增”对服务型制造业研发投入的影响——基于双重差分倾向得分匹配法的检验
The Research on the Influence of “Business Tax Replaced with VAT” on the R&D investment of the Service-oriented Manufacturing Industry

利用双重差分倾向得分匹配法（PSM-DID）实证研究中国 “营改增”政策对687家服务型制造业上市公司研发投入的影响，结果表明：中国“营改增”政策显著促进了服务型制造业企业增加研发投入，营改增后，服务型制造业企业研发投入增加幅度为1.132%；“营改增”对不同规模的服务型制造业上市公司研发投入的影响差异较小；企业服务化程度的加深对其研发投入的影响存在先削弱后加强的现象。
In order to improve the “replacing business tax with value-added tax(VAT)” policy to promote the technological innovation of service-oriented manufacturing industry and provide new ideas for the transformation of manufacturing, this paper analyzes the impact of “replacing business tax with VAT” policy on R&D investment of 687 listed companies of service-oriented manufacturing industry by using difference-in-difference propensity score matching (PSM-DID). The empirical results show that, the positive impacts of replacing business tax with VAT on R&D investment of service-oriented manufacturing industry are very significant, with the R&D investment increased by 1.132%；The policy has no obvious effect on R&D investment of different scale of listed companies of service-oriented manufacturing industry；With the process of servicizing, R&D investment declines first and then increases.