Research On The Impact Of Value Added Tax Credit Refund Policy On Enterprise Investment

Investment is the main driving force of economic growth,but with the arrival of the new stage of economic development,the growth of fixed assets investment has dropped significantly,and its contribution to economic growth has also declined.In order to reduce the pressure of economic downturn,stimulate the vitality of enterprises and help the transformation and upgrading of entity enterprises,the state has introduced a series of tax reduction policies and tariff reduction policies.In the new stage,China’s fiscal policy mainly focuses on enterprises.In order to further enhance enterprise confidence and reduce the burden on enterprises,China has introduced a series of tax reduction policies.As the largest tax in China,value-added tax must be the focus of reform,and it is more important to maintain the tax rebate policy.Therefore,under the background of this policy system,this paper first reviews the literature and summarizes the previous studies of scholars in this field.The second is to analyze the influence mechanism of withholding tax rebate on enterprise investment from the theoretical level of intermediary and cash flow,and analyze the heterogeneity of individual enterprises from the perspectives of geographical factors,enterprise scale and asset-liability relationship.Finally,the reliability of the expected conclusion of this paper is tested again from an empirical point of view.Specifically,this paper adopts the withholding tax refund policy issued in the second quarter of2018 as a "near-natural experiment",and selects the comprehensive data of 11 quarters from the third quarter to the first quarter of 2016 to construct a double-difference model by using the methods of reference regression,parallel trend test,placebo test and strength test,so as to narrow the sample range and eliminate the production industry,and prove the correctness and strength of this hypothesis.Based on the above two analyses,this paper draws the following conclusions:first,the implementation of the VAT withholding and tax refund policy has greatly promoted enterprise investment;Second,the implementation of the VAT refund policy plays an important role in increasing the cash flow of enterprises,so it has a significant impact on the investment behavior of enterprises.Third,compared with the central and western regions,the tax rebate policy has a more obvious impact on promoting enterprise investment in the eastern region.Fourthly,compared with small enterprises,the tax rebate policy has a more obvious impact on promoting the investment of large enterprises.5.Compared with enterprises with low asset-liability ratio,the tax refund policy of lien has a more obvious effect on promoting the investment of enterprises with high asset-liability ratio.Based on the above conclusions,this paper puts forward the following suggestions: first,further deepen the VAT withholding and tax refund system;Second,formulate the lien refund policy according to local conditions;Third,strengthen monitoring and supervision;The fourth is to ensure the smooth implementation of funds enterprise.