| In the context of economic downturn,the economic market is facing demand contraction and supply shock,and a new round of scientific and technological revolution and industrial transformation is facing major opportunities.Compared with European and American enterprises,Chinese enterprises are obviously less motivated to innovate.The technology and manufacturing industries have been hampered for a long time.Based on this situation,in order to boost the confidence of market players and stimulate their innovation motivation,the government has actively reformed tax policies in recent years to play its counter-cyclical regulating role.Especially in the aspect of VAT policy,our country has gradually implemented a series of relevant reforms in terms of remaining tax rebate system.To this end,this paper takes Finance and Taxation(2018)No.70 "Notice on the tax Policy related to the Refund of VAT credit in some industries in 2018" as the entry point to explore the impact of the policy on enterprise innovation and its mechanism of action.In terms of theoretical analysis,by collecting and sorting out relevant domestic and foreign literature on VAT tax credit and enterprise innovation,this paper clearly obtains the general idea of the research direction of this paper.Combined with relevant theoretical basis and research results,this paper proposes five hypotheses: H1: VAT tax credit and rebate policy will promote enterprise innovation.H2: To a certain extent,the VAT rebate policy can improve the level of enterprise innovation by increasing cash flow.H3: The effect of VAT rebate policy on the improvement of enterprise innovation level,enterprises with strong financing constraints are stronger than those with small financing constraints.H4: The effect of the VAT rebate policy on the improvement of enterprise innovation level.The enterprises with large growth are stronger than those with small growth.H5: The effect of VAT rebate policy on the improvement of enterprise innovation level.Enterprises with small enterprise value are stronger than those with large enterprise value.In terms of empirical research,this paper takes the publication of No.70 of Finance and Taxation(2018)as A "quasi-natural experiment",collects the relevant data of A-share listed companies from 2014 to 2019,builds a difference-difference model,and carries out the mediation effect test,robustness test,heterogeneity test and further test.The findings are as follows: first,the tax rebate policy has a significant role in promoting the innovation level of enterprises;Second,the cash flow of enterprises plays a part of the intermediary effect between the credit and rebate policy and enterprise innovation,that is,the policy of credit and rebate policy improves the enterprise innovation level by improving the current cash flow of enterprises.Thirdly,the influence of the tax rebate policy on the enterprises with different characteristics of financing constraint,growth and enterprise value is significantly heterogeneous,and the influence on the enterprises with greater degree of financing constraint,higher growth and lower value is greater.Based on the empirical conclusion,this paper puts forward three suggestions: First,we should further optimize the reform of VAT rebate policy.It is necessary to expand the scope of industries applicable to the tax rebate policy and implement a more longterm tax rebate sharing mechanism between the local and central governments.At the same time,the reform of VAT tax rebate policy should try to connect with other tax preferential policies.Second,the reform of the VAT tax system should be further optimized.We can put VAT neutrality principle into play by simplifying tax rate and accelerate VAT legislation to perfect our tax legal construction.Third,we should further strengthen the risk management of the whole chain.We should effectively prevent and crack down on fraudulently retaining tax credits,so as to ensure that tax rebates are efficient,managed in a way and risks are prevented in the whole chain. |
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