Research On The Impact Of VAT Rebate Policy On R&D Investment Of Manufacturing Enterprises

The manufacturing industry is the main body of the national economy and the main battlefield of scientific and technological innovation.Only by continuous innovation,promoting the transformation and upgrading of traditional manufacturing industry and the development of advanced manufacturing industry,can the independent innovation capability at the enterprise level evolve into national level,and achieve the goal of "manufacturing power".As the largest tax category in China,the policy change of value added tax has a significant impact on enterprises.The reform of VAT rebate is an important part of the establishment of modern tax system.In the case of the implementation of large-scale VAT rebate in 2022,this paper studies the impact of VAT rebate policy on the R&D investment of manufacturing enterprises in 2018,and provides a reference for China to strengthen the implementation of the tax rebate policy.In the theory part,this paper sorts out the policy reasons and non-policy reasons for the formation of VAT retained,uses the sample data to obtain the distribution of tax credits in the manufacturing industry,sorts out the three stages of the development of VAT rebate policy related to the manufacturing industry,and analyzes the impact of VAT rebate policy on the R&D investment of enterprises.The analysis shows that the tax refund funds obtained by enterprises effectively activate the deposit funds of input tax,which is equivalent to an"interest-free loan" provided by the government to enterprises.After the enterprises obtain the tax refund funds,they may be used for projects that were previously suspended due to the shortage of funds or develop new research and development projects,and the policy effect varies due to the property rights nature,scale and region.According to the theoretical analysis,the research hypothesis of this paper is put forward,and then the empirical test is carried out.In the empirical part,this paper takes VAT rebate policy implemented in 2018 as a"quasi-natural experiment",uses a double difference model to evaluate the impact of the policy on the R&D investment of manufacturing enterprises,and carries out robustness tests from the following aspects:parallel trend test,replacing the explained variables,eliminating non-A-level enterprises,shortening the sample period,and placebo test.Then,make further analysis on this basis.First,take financing constraints as the mechanism variable for mechanism analysis;Second,analyze the heterogeneity based on the nature of property rights,enterprise size and regional factors.This paper concludes that the VAT rebate policy can promote manufacturing enterprises to increase R&D investment.In terms of the mechanism,it is found that the financing constraint acts as an intermediary bridge,and the tax rebate policy supports the R&D investment of manufacturing enterprises by easing the financing constraint.In terms of heterogeneity,it is found that the tax rebate policy can more promote the R&D investment of non-state-owned enterprises,large-scale enterprises and enterprises in the eastern region.Based on the above conclusions,this paper puts forward three suggestions:the first is to encourage manufacturing enterprises to increase investment in research and development to help transform and upgrade;the second is to design systems based on enterprise characteristics,including three aspects:property rights nature,enterprise scale,and regional factors;the third is to improve supporting measures,strengthen risk prevention and tax refund fund guarantee.