Reform of Fiscal and Taxation System and New Productivity of Enterprises
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v6i5.4529
Abstract
The reform of fiscal and taxation system has a far-reaching impact on the development of enterprises. Based on the value-added tax refund policy implemented in China in 2018 as a natural experiment, this paper uses a double difference model to deeply analyze the impact of this policy on the new productivity of enterprises based on the data of Shanghai and Shenzhen A-share non-financial listed companies from 2012 to 2023. It is found that the excess tax refund policy has significantly improved the new productivity of enterprises, and the key to the effect of the policy lies in alleviating the financing constraints of enterprises.
Keywords
tax reduction and fee reduction; value-added tax refund; financing constraints; new quality productivity of enterprises
Full Text
PDF - Viewed/Downloaded: 1 TimesReferences
[1] Ren Baoping. The logic of productivity modernization transformation to form new productivity [J]. Economic Research, 2024, 59 (03): 12-19.
[2] Liu Wei. Scientific understanding and practical development of new productive forces [J]. Economic Research, 2024, 59 (03): 4-11.
[3] Jia Ruoxiang, Wang Jiyuan, Dou Hongtao. Promoting regional high-quality development with new productivity [J]. Reform, 2024, (03): 38-47.
[4] Liu Guanchun, Wu Jiaqi, Ye Yongwei, et al. The job creation effect of value-added tax refund [J]. Financial Research, 2023, 49 (11): 19-33 +94.
[5] Wang Min, Li Minli. Excess tax refund policy, corporate mobility and labor factor income improvement [J]. Management World, 2024, 40 (04): 60-88.
[6] Liu Shiyuan, Lin Zhifan, Leng Zhipeng. Have tax incentives improved the innovation level of enterprises? --Test based on enterprise life cycle theory [J]. Economic Research, 2020, 55 (06): 105-121.
[7] Zhang Tongbin, Liu Wenlong. Excess tax refund reform, financing constraints and the relationship between enterprise industrial chain [J]. Management World, 2024, 40 (03): 94-115.
[8] Yang Lianxing, Li Wei, Wang Qiushuo. Tax incentives, supply chain transmission and commercial credit-a quasi-natural experiment based on excess credit tax refund policy [J]. Economic Research, 2023, 58 (12): 41-58.
[9] Song Jia, Zhang Jinchang, Pan Yi. Research on the impact of ESG development on the new productivity of enterprises-from Chinese A-share listed companies
[10] Ju Xiaosheng, Lu Di, Yu Yihua. Financing constraints, working capital management and corporate innovation sustainability [J]. Economic Research, 2013, 48 (01): 4-16.
[11] Li Jianjun, Peng Yuchao, Ma Sichao. Inclusive finance and China's economic development: multi-dimensional connotation and empirical analysis [J]. Economic Research, 2020, 55 (04): 37-52.
[2] Liu Wei. Scientific understanding and practical development of new productive forces [J]. Economic Research, 2024, 59 (03): 4-11.
[3] Jia Ruoxiang, Wang Jiyuan, Dou Hongtao. Promoting regional high-quality development with new productivity [J]. Reform, 2024, (03): 38-47.
[4] Liu Guanchun, Wu Jiaqi, Ye Yongwei, et al. The job creation effect of value-added tax refund [J]. Financial Research, 2023, 49 (11): 19-33 +94.
[5] Wang Min, Li Minli. Excess tax refund policy, corporate mobility and labor factor income improvement [J]. Management World, 2024, 40 (04): 60-88.
[6] Liu Shiyuan, Lin Zhifan, Leng Zhipeng. Have tax incentives improved the innovation level of enterprises? --Test based on enterprise life cycle theory [J]. Economic Research, 2020, 55 (06): 105-121.
[7] Zhang Tongbin, Liu Wenlong. Excess tax refund reform, financing constraints and the relationship between enterprise industrial chain [J]. Management World, 2024, 40 (03): 94-115.
[8] Yang Lianxing, Li Wei, Wang Qiushuo. Tax incentives, supply chain transmission and commercial credit-a quasi-natural experiment based on excess credit tax refund policy [J]. Economic Research, 2023, 58 (12): 41-58.
[9] Song Jia, Zhang Jinchang, Pan Yi. Research on the impact of ESG development on the new productivity of enterprises-from Chinese A-share listed companies
[10] Ju Xiaosheng, Lu Di, Yu Yihua. Financing constraints, working capital management and corporate innovation sustainability [J]. Economic Research, 2013, 48 (01): 4-16.
[11] Li Jianjun, Peng Yuchao, Ma Sichao. Inclusive finance and China's economic development: multi-dimensional connotation and empirical analysis [J]. Economic Research, 2020, 55 (04): 37-52.
Copyright © 2025 Yang Gao
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License