Evaluation The Effect Of The Implementation Of The Vat Credit Refund Policy And Improvement Countermeasures

In recent years,the VAT credit refund policy has not only stimulated the overall vitality of the market,but also contributed to the high-quality development of China’s economy.It has become an important engine for promoting enterprise innovation and leading consumption upgrading.To guide the green,sustainable and innovative development of enterprises,the Chinese government has introduced a series of policies on credit refund of VAT.At present,few scholars research the VAT credit refund policy from the perspective of enterprise investment and R&D innovation driving market demand,and there is also a lack of evaluation of a series of VAT credit refund policies.Therefore,this paper empirically analyzes the implementation effect of the VAT credit refund policy starting from the theoretical analysis of the impact of VAT credit refund policy on enterprises.This paper evaluates the implementation effect of China’s VAT credit refund policy by evaluating the impact of VAT credit refund policy on enterprise investment and R&D.Specifically,this paper takes the annual consolidated financial statements of A-share listed companies in Shanghai and Shenzhen from 2016 to 2019 as the data source,takes the pilot of VAT credit refund policy implemented in 2018 as the "quasi natural experiment",constructs a double difference model,makes an empirical analysis on the implementation effect of VAT credit refund policy,and controls the lag of one period robustness tests such as shortening the sample period verify the effectiveness of the evaluation results.The results show that:after controlling various correlation influencing variables,the VAT credit refund policy shows a significant positive correlation with enterprise investment and R&D at the level of 1%.The VAT credit refund policy effectively stimulates relevant enterprises to expand investment and R&D upgrading.In addition,in comparison,the VAT credit refund policy has a higher impact on enterprise R&D.Based on the analysis and model results of relevant theories,policy and system evolution of VAT credit refund,this paper puts forward relevant countermeasures for improvement:First,strengthen policy implementation,pay more attention to the limiting factors of tax refund such as start-up enterprises and full retention and tax credit.Second,improve the tax credit refund policy implementation of relevant departments system and mechanism construction,strengthen tax fraud risk prevention,coordination of local financial pressure.Third,standardized construction of VAT credit refund system,combined with the construction of "smart tax" to promote the establishment of a modern fiscal,tax and financial system.