Research On The Impact Of The Vat Retained Tax Refund Policy On The Fixed Asset Investment Of Enterprises

In recent years,under the impetus of the "tax reduction and fee reduction" policy,the state has successively introduced the value-added tax deduction and refund policy for different industries.In the early stage,some enterprises have carried out pilot projects,and since 2019,it has been promoted in all industries.The essence of the policy implementation is to return the tax deduction and refund to enterprises,which plays a role in easing the tax burden of enterprises and increasing the working capital of enterprises.For enterprises,adequate cash flow is an important factor affecting fixed assets investment.Therefore,the implementation of VAT rebate policy may play a positive incentive role in enterprises’ fixed assets investment,thus promoting enterprise development.In order to comprehensively evaluate the impact of the tax rebate policy on fixed assets investment of enterprises,this paper first conducts a theoretical analysis and current situation analysis on the impact of the policy on fixed assets investment of enterprises.Secondly,this paper uses empirical analysis methods,and takes relevant companies in Shanghai and Shenzhen Stock Exchanges as the research object,and selects the VAT rebate policy implemented in June 2018 for a quasi natural experiment.The specific approach is: based on the data of ten quarters from 2017 to2019,put forward four assumptions,and use the double difference method(DID)to study the impact of the tax rebate policy on enterprises’ fixed assets investment.In order to ensure the accuracy of the results,a robustness test was carried out after the descriptive analysis and benchmark regression of the samples,including parallel trend testing,placebo testing,and mechanism analysis.Finally,heterogeneity testing was conducted from regional factors and enterprise size to analyze the policy effects among different enterprises.Through empirical analysis,this paper discusses the impact of VAT rebate on enterprises’ fixed assets investment.On the one hand,it is consistent with China’s current policy guidance,and on the other hand,it can complement the exploration of the policy effect.Based on theoretical analysis and empirical test,the following conclusions are summarized: first,the implementation of the tax rebate policy has significantly promoted the fixed assets investment of enterprises;Second,the tax rebate policy promotes the fixed assets investment of enterprises by increasing the cash flow of enterprises;Third,the incentive effect of the tax rebate policy on fixed assets investment in the eastern region of China is more significant than that in the central and western regions;Fourth,compared with large-scale enterprises,the fixed assets investment of small-scale enterprises has been greatly affected.Finally,in order to give better play to the incentive effect of the tax rebate policy on enterprises’ fixed assets investment,three suggestions are put forward: first,optimize the tax rate structure,reduce enterprises’ tax rebate,and promote enterprises’ fixed assets investment;Second,optimize the VAT deduction and refund process,mainly to simplify the refund process and accelerate the cash flow of enterprises;Third,strengthen the linkage between financial and tax departments to ensure efficient tax refund for key enterprises.