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

摘要： 本文在构建增值税税率下调对全要素生产率影响理论模型的基础上，采用上市公司财务数据，以增值税税率下调为准自然实验，运用双重差分法（DID）、固定效应及中介效应模型，分析了增值税税率下调对企业全要素生产率的影响效应及机制。研究发现，税率下调对企业全要素生产率具有显著的促进作用。机制检验证明，税率下调通过缓解融资约束对企业创新和扩大生产规模产生激励作用，通过激励企业创新和扩大生产规模两条路径促进企业全要素生产率的提高。产权性质和企业规模异质性的研究发现，税率下调对民营企业和小型企业全要素生产率的影响大于国有企业和大型企业。本文以融资约束理论为基础，从理论机制和实证检验分析了税率下调的政策效应，为减税政策效应评估提供了思路，为增值税减税政策选择提供了政策建议。

关键词: 增值税, 税率下调, 融资约束, 全要素生产率