The Influence Of Uncredited VAT Refund To The Level Of Enterprise Risk-taking

In recent years,with the changes in the domestic and international economic situation,our country is facing downward pressure on the economy.To alleviate the downward pressure on the economy,micro entities need to enhance their vitality and give full play to the subjective initiative of enterprises.Promoting vitality and seeking development means that enterprises must adopt more proactive investment strategies to improve their risk-taking level.Increasing the financial resources available to enterprises is one of the important ways to improve the level of enterprise risk-taking.The generation of uncredited VAT occupies enterprise funds,increases the financing cost of enterprises,and is not conducive to enterprise risk-taking activities.The uncredited VAT refund policy can,to a certain extent,reduce the tax burden of enterprises,increase their cash flow,and provide more resource support for enterprises to make venture investment and bear more risks by refunding the retained-tax generated in the process.Can uncredited VAT refund promote the improvement of enterprise risk bearing level?What is its mechanism of action?Based on the data of A-share listed companies in China from 2016 to 2020,this paper empirically tests whether uncredited VAT refund can promote the level of enterprise risk-taking.This paper finds that:(1)Uncredited VAT refund policy can significantly improve the level of enterprise risk-taking.(2)Financing constraints have intermediary effect.Uncredited VAT refund policy can provide more financial security for enterprises to invest in high-risk and highyield projects by easing the financing constraints of enterprises,thus achieving the goal of promoting investment and improving the level of enterprise risk-taking.(3)According to the different property rights of enterprises,the size of enterprises and the regions where the enterprises belong to,the heterogeneity test and the adjustment effect test of the samples has been carried out.The study found that the role of VAT rebate in promoting the level of enterprise risk-taking is more obvious for non-state-owned enterprises,small-scale enterprises and enterprises in the central and western regions.(4)From the perspective of the characteristics of the management,the promotion effect of the uncredited VAT refund on the level of enterprise risk-taking is more obvious in the enterprises with CEO duality.(5)The impact of the uncredited VAT refund on the level of enterprise risk-taking varies in different life cycles of enterprises;At the same time,there is heterogeneity between cyclical industries and noncyclical industries.(6)Uncredited VAT refund policy has promoted the improvement of the enterprise’s risk-taking level,and further promoted the investment and improvement of the enterprise’s intelligent level.However,to a certain extent,it will lead to excessive investment and reduce the investment efficiency.This paper empirically supports the significant role of the uncredited VAT refund policy in promoting enterprise risk investment and improving the level of enterprise risk-taking,enriches the research on the economic consequences of uncredited VAT refund policy,and provides evidence of government assistance in improving the level of enterprise risk-taking and promoting investment,so as to further improve tax policies,optimize the tax refund process,and promote the development of small and medium-sized enterprises in our country.It provides a basis for enhancing the confidence of enterprises in increasing investment and taking risks.