Value-added Tax Retention And Refund Policy,Corporate Innovation And Corporate Value

With the advancement of tax reduction and fee reduction,the large-scale value-added tax(VAT)retained tax credit has attracted more and more attention from experts and scholars,and has become one of the important contents of tax reduction and fee reduction,so the Ministry of Finance has issued a series of VAT retention and refund policies to solve the problem of a large number of retained tax credits occupying enterprise funds.The Cai Shui [2018] No.70 policy promulgated in 2018 is a "milestone" pilot tax refund policy implemented nationwide,so what impact will the implementation of this tax retention and refund policy in 2018 have on the innovation input,innovation output and enterprise value of enterprises? This thesis uses the data of A-share listed companies from 2016 to 2019 as a research sample,takes Cai Shui [2018]No.70 Policy as the natural experiment,and uses the double difference method to test the impact of the VAT retention and refund policy on the input,innovation output and enterprise value of enterprise innovation.It is found that the implementation of the tax retention and rebate policy has a significant role in promoting the improvement of enterprises’ investment in innovation and R&D.In terms of exploratory and developmental innovation,enterprises have significantly increased their investment in more risky exploratory innovation;Moreover,the tax rebate policy also has a significant positive effect on the increase of patent output of enterprises.In addition,enterprises that enjoy the tax retention and refund policy also have higher enterprise value.The comprehensive show that the VAT retention and refund policy increases the investment of enterprises in R&D activities,especially in exploratory innovation activities,thereby improving the output of enterprise patents,and ultimately realizing the enhancement of enterprise value,which shows that the policy effect of VAT retention and refund is in line with the goal of high-quality development in China.In further research,the data of A-share listed companies from 2018 to 2021 were used to supplement the test with Cai Shui [2019] No.84 Announcement,and the conclusions obtained were consistent with the conclusions obtained from the results of Cai Shui [2018] No.70 Policy Test.In the further analysis of this thesis,the heterogeneous impact of property rights,tax burden and financing constraints on the relationship between VAT retention and refund policy,enterprise innovation and enterprise value is also studied.The innovation of this thesis is mainly reflected in two aspects: first,the innovation of the topic,as a relatively new characteristic policy in China,the tax refund policy is limited to the research environment and sample data,and there is less literature research on the effect of the tax refund policy for the time being;The second is innovation from the research perspective,and scholars have conducted in-depth research on the relationship between the tax retention and rebate policy and enterprise innovation,but from the different ways of innovation input to innovation output to enterprise value,the impact of the tax rebate policy has not been paid attention to.Starting from different stages of innovation,this thesis studies the impact of tax rebate policy on innovation input,innovation output and final enterprise value realization.