Study On The Influence Of VAT Retention Rebate Policy On Manufacturing Enterprise Value

The manufacturing industry development is the important cornerstone of consolidating our country real economy development,contributed brick for our country in 2050 becoming the powerful socialist modernization power.In the past ten years from 2012 to 2021,China’s value-added of manufacturing doubled,taking up 30% of the global share,and maintained its position as the world’s largest country.However,the development of our manufacturing industry is also facing domestic and foreign market competition environment and transformation and upgrading challenges.In order to promote the development of manufacturing enterprises,the state has implemented a series of tax and fee reduction policies.In 2018,China introduced a tax rebate policy for certain industries,and refunded tax credits generated by qualified manufacturing enterprises.The returned funds can be used to improve business operation and enterprise value.Therefore,this thesis takes the 2018 pilot program of tax rebate rebate as a quasi-natural experiment to study the impact of tax rebate rebate policy on enterprise value from the level of manufacturing industry.In this thesis,through studying the existing literature,from the causes and distribution of tax credit,tax credit policy research,analysis of the correlation between tax credit policy and enterprise value and other factors affecting enterprise value,literature review,understand the various research directions of tax credit.Secondly,the concepts and theories involved in this thesis are analyzed,and the VAT rebate policy is proposed to affect the value of manufacturing enterprises through the transmission path of reducing enterprise financing constraints.At the same time,it also combs the development course of the policy of tax credit,the implementation status of the system of tax credit,the development status of the manufacturing industry and the distribution of tax credit.In the empirical test part,this thesis takes the implementation of the VAT rebate policy in 2018 as the quasi-natural experiment,and uses the differential model to study the impact of the implementation of the VAT rebate policy on the value of manufacturing enterprises.This thesis selects the quarterly data of listed manufacturing companies from the first quarter of2017 to the third quarter of 2019 as samples for empirical test.Base model test,robustness test,mechanism test and heterogeneity test are carried out.The empirical results show that:first,VAT rebate will increase the value of manufacturing enterprises;Second,the VAT rebate policy can improve the value of manufacturing enterprises by reducing the financing constraints of enterprises.Third,the effect of the VAT rebate policy is more significant in non-state-owned enterprises,small-scale enterprises and the eastern region.Based on the research content,this thesis puts forward the following policy suggestions:First,gradually open the scope of policy enjoyment,increase the intensity of tax incentives;Second: optimize the tax refund application process to reduce the cost of tax compliance;Third,formulate a reasonable tax rebate sharing mechanism to reduce the financial pressure on local governments;Fourth: improve enterprise financing channels,policy implementation in accordance with local conditions.