The Influence Of "Retention Rebate" On Total Factor Productivity Of Advanced Manufacturing Enterprises

After the 20 th National Congress of the CPC was successfully held,the CPC formulated a new economic development strategy in order to comply with the requirements of the times to realize the great rejuvenation of the Chinese nation.In order to promote sustainable economic growth,China must change its traditional quantitative economic growth model and build a new "dual cycle" growth model at home and abroad through supply-side structural reform.The Chinese government must take a series of reform measures to improve the production efficiency of the economy,achieve efficient allocation of resources,and form a healthy development cycle.As the pillar of China’s tax system,value-added tax reform has already become a key project of tax reform,and it must be focused on breakthroughs and orderly promoted.With the steady progress of a series of tax system reforms,the issue of value-added tax reserve needs to be broken through first.The value-added tax deduction and refund system refunds the minimum tax amount to enterprises,effectively reducing the financial pressure of enterprises,and helping to promote the optimization and upgrading of the economic structure.The value-added tax retention,offset,and refund system needs to be continuously improved.It is particularly important to deeply study and analyze how it improves the operating conditions of enterprises and how it affects economic development.Based on the No.70 document of Finance and taxation [2018] as the research entry point,this paper evaluates the impact of VAT rebate policy on the total factor productivity of advanced manufacturing enterprises based on the theories of tax neutrality and tax fairness.This paper uses propensity score matching method(PSM)combined with DID and intermediary effect models to carry out empirical research on the micro level,carries out horizontal and vertical comparative analysis on the implementation effect of the credit and rebate system,conducts in-depth research on the influence mechanism of the credit and rebate system,and summarizes the existing problems of the current credit and rebate system.The research results of this paper show that the implementation of VAT rebate system has significantly improved the total factor productivity of advanced manufacturing enterprises.The results show that the policy can release the financing constraints of advanced manufacturing enterprises,reduce the cost of capital,and promote the improvement of total factor productivity.The heterogeneity analysis shows that when the advanced manufacturing enterprises are located in different regions,the enterprise scale is different and the enterprise property rights are different,the effect of VAT retention rebate on the total factor productivity is different.Finally,through the systematic study and thorough analysis,this article to our country the current value-added tax policy system and procedure to remain tax rebate policy further perfect put forward the effective countermeasure suggestion.