关键词: 增值税, 税率下调, 融资约束, 全要素生产率

Abstract:  On the basis of building a theoretical model of the effect of VAT rate reduction on total factor productivity，this paper empirically tests the effect and mechanism of VAT rate reduction on total factor productivity of enterprises，taking VAT rate reduction as quasi experiment and using the financial data of listed companies with DifferencesinDifferences method （DID），fixed effect and intermediary effect model This study finds that the VAT rate reduction has a significant promotion effect on the total factor productivity of enterprises The mechanism test finds that the VAT rate reduction has an incentive effect on enterprise innovation and expands production scale by alleviating financing constraints，and then promotes total factor productivity In addition，the research on the heterogeneity of property rights and enterprise size finds that the impact of VAT rate reduction on the total factor productivity of private enterprises and small enterprises is greater than that of stateowned enterprises and large enterprises Based on the theory of financing constraint，this paper analyzes the impact of VAT rate reduction on the total factor productivity of enterprises from the perspective of theoretical mechanism and empirical test，which provides ideas for the effect evaluation of tax reduction policy and provides some reference for the selection of VAT reduction policy

Key words:  , added-value tax, tax rate reduction, financing constraints, total factor productivity