Research On The Impact Of VAT Retention And Refund Policy On The Growth Of Enterprises

In the overall environment of reducing fees and taxes,the VAT reform policy has been attracting much attention.The refund of retained tax credit has a positive role in reducing the tax burden of market entities and promoting the development of enterprises,and provides strong support for the high quality of Chinese economy.At the same time,the tax rebate policy has greatly improved the VAT return chain,so that the upper and lower VAT structure is complete.After several reforms,the tax rebate policy has quickly covered the whole industry,and the academic research on the new system is still in its infancy.Based on the background of the tax rebate policy for some industries implemented in 2018,this paper studies the impact of the policy on the growth of enterprises,and provides a practical basis for the effect of VAT "neutral reform" and its action mechanism.From the theoretical level,this paper introduces the research background of the VAT rebate policy and the significance of the policy to the growth of enterprises.sort out the literature about the growth of enterprises and VAT tax rebate,and sort out the literature review.Then define the concept,summarize the views of scholars,put forward their own definition of the growth of enterprises,and conduct relevant theoretical analysis.From the perspective of cash flow,the influence mechanism of the tax rebate policy on the growth of enterprises is analyzed,and the heterogeneity is further analyzed from the perspectives of enterprise scale and property rights,and the corresponding assumptions are put forward.It analyzes the current situation of VAT rebate policy and points out four problems existing in the current policy.Secondly,this paper collects the quarterly data of A-share listed companies from the first quarter of 2017 to the third quarter of 2019,selects 11 financial indicators with high correlation and can effectively measure the four major capabilities of enterprises,and uses the principal component analysis method to construct the evaluation system of enterprise growth.Finally,by establishing a dual difference model,this paper tests the previous research hypothesis one by one,and obtains the following conclusions: First,the tax rebate policy implemented in 2018 has a significant effect on promoting the growth of pilot enterprises.Second,the positive impact of the retention of tax rebate policy on the growth of enterprises is significantly different between different enterprises.In speaking,the tax rebate policy is more significant in small and medium-sized enterprises and non-state-owned enterprises.Based on the above conclusions and the analysis of the current situation,this paper puts forward reasonable suggestions from three aspects: 1.Reduce the threshold of tax rebate,expand the scope of application of tax rebate.Through ically,it has been proved that the implementation of the tax rebate policy is conducive to the growth of enterprises.On this basis,the tax rebate conditions for enterprises outside small and micro enterprises,manufacturing and other industries should be relaxed,the condition of "the sixth month incremental tax rebate is not less than 500,000 yuan" should be cancelled,and the policy dividend for the central and western regions should be improved.2.Simplify the declaration procedures for retaining tax rebates.Pre-audit procedure,improve screening and matching work;tax refund is supported by credit rating;high grade enterprises directly follow the procedure for low grade;set up special personnel to provide one-to-one service and handle tax refund effectively and timely.3.Improve the mechanism for sharing the retention and tax rebates.We will continue to implement the 50-50-share mechanism between the central and local governments,and try to shift the principle of production into the principle of consumption,so that the principle of sharing VAT revenue and retaining the burden of tax rebates are consistent.