VAT rebate is the tax that returned to the enterprise when the input tax of an enterprise is more than the output tax.Since 2019,China has put in place a regular mechanism for reserving tax credits and refunds,and since then has continuously increased the amount of tax rebate to fully benefit all types of market players.In the face of economic downward pressure,the largescale tax rebate policy has become a powerful measure to stabilize the macroeconomic market and rescue enterprises.As an institutional arrangement in the process of VAT reform,the VAT rebate policy opens up the VAT deduction chain and brings cash inflows to enterprises.The tax rebate funds not only solve the temporary problems of enterprises,but also protect the longterm healthy development of enterprises by promoting enterprise investment and research.In order to evaluate the effect of the VAT rebate policy,this thesis focuses on the research on whether the tax rebate will help to enhance the value of enterprises.Firstly,this thesis discusses the influence of the policy on enterprise financing and enterprise value from the theoretical level.Based on the theoretical analysis,this thesis puts forward the hypothesis that the policy has significant value-enhancing effect and the effect of the policy is heterogeneous.In the empirical analysis part,the research hypothesis proposed above is verified.This thesis selects the data of China’s A-share listed companies from 2014 to 2021,and uses the doubledifference model to explore the impact of the improvement of the tax rebate conditions for advanced manufacturing industry.By reference regression,robustness test,heterogeneity analysis and influence mechanism analysis of the double-difference model,the research findings of this thesis are drawn,which mainly include the following:First,the improvement of the condition of tax credit has a significant promoting effect on enterprise value.This conclusion is proved by the empirical results of the difference-difference method and the event study method.Other robustness test methods have proved that the benchmark regression results are very reliable.Second,the effect of the tax rebate policy on the promotion of enterprise value varies due to the ownership attribute,geographical location and marketization level of enterprises.Thirdly,from the perspective of theoretical analysis and influence mechanism test,financing constraints will have an adverse impact on enterprise value,and the tax rebate policy can improve enterprise value by easing enterprise financing constraints.To the end,this article puts forward some policy suggestions.First,improve the efficiency of the use of tax rebate funds and improve the supervision mechanism of special funds.Tax authorities should establish a standardized tax rebate work ledger.Enterprises should increase the attention to the tax rebate policy and make full use of tax rebate funds to solve the problem of cash flow shortage.Second,we should continue to promote the reform of the tax refund system,further distinguish the sources of enterprise retention credits,establish a tax refund mechanism that matches the burden and income,prevent the export of tax burdens between regions,lower the threshold for tax refunds,and promote the fairness of the tax burden of the industry. |