Effect Analysis Of VAT Retained Tax Rebate Policy On Enterprise Fixed Assets Investment

In the process of comprehensively implementing tax reduction and fee reduction,as my country’s first tax,a series of reforms have received extensive attention.Regarding the collection of value-added tax,my country has always chosen to adopt the method of carrying forward the deductible tax amount to the next period for deduction.With the comprehensive promotion of the replacement of business tax with value-added tax,the scope of deduction of value-added tax is gradually expanding,and the amount of deductible tax is also showing a rising trend.At this time,a large amount of tax credits has brought huge financial pressure to the enterprise,which has an adverse impact on the investment and operation of the enterprise.In order to deal with the huge amount of VAT credits accumulated by enterprises,the Chinese government has launched the VAT credit refund policy,which is an important part of the tax reduction work.Domestic scholars have little research on whether this policy can be an effective tool to stimulate the production and operation of enterprises.Therefore,this thesis attempts to test the incentive effect brought about by the implementation of the policy through empirical analysis from the perspective of the impact of the tax refund policy on enterprises’ fixed asset investment,so as to further implement the policy for the government to further implement the VAT refund policy and investors to make investment decisions,etc.for reference.Based on the basic theories such as tax neutrality theory,capital cost differentiation theory,investment and financing constraint theory,etc.,this thesis firstly analyzes the impact of retained tax rebate policy on the fixed asset investment mechanism of enterprises,and draws a specific impact path.In the empirical research part,this thesis selects the pilot VAT refund policy in 2018 as the research object,and regards it as a "quasi-natural experiment".The data of the consolidated financial statements of listed companies are used as research samples,and a double-difference model is constructed.Through benchmark regression,robustness test,mechanism test and heterogeneity test,the logical relationship and mechanism of action are clarified,and the following conclusions are drawn: First of all,it is determined that the VAT refund policy promulgated in 2018 has significantly promoted enterprises Secondly,it is found that the promotion effect of the VAT residual tax rebate policy on the fixed asset investment of state-owned enterprises is greater than that of private enterprises,and the effect of the VAT residual tax rebate policy on fixed asset investment of small-scale enterprises is greater than that of large-scale enterprises.Finally,it is concluded that the effect of the VAT credit and refund policy on the fixed asset investment of manufacturing enterprises is greater than that of service enterprises.Finally,based on the empirical results,the author puts forward suggestions: the state should continue to promote the VAT credit and refund policy,and give full play to the VAT reduction effect brought about by the policy;further improve the VAT credit and refund policy,and consider relaxing some qualification conditions to make the policy more effective.The effect will benefit more enterprises;effectively implement the VAT refund policy,ensure the smooth implementation of the policy in the local area,and achieve accurate delivery to enterprises.