Influence of VAT Rebate Policy on Enterprise Innovation Taking Producer Service Enterprises
This paper selects the data of A-share listed companies of producer service enterprises from 2016 to 2022,and uses DID model to estimate the impact of VAT rebate on innovation of producer service enterprises.The research shows that the im-plementation of the VAT rebate policy has a significant promoting effect on the innovation of producer service enterprises,and this conclusion passes the robustness tests,such as propensity score matching differential estimation,index replacement test and placebo test.Further analysis shows that the cash flow of enterprises has a significant impact on the innovation of producer serv-ice enterprises,that is,the VAT rebate policy promotes the innovation of enterprises by increasing the cash flow of enterprises.Heterogeneity analysis shows that the policy has a more significant promoting effect on non-state-owned enterprises,relatively dis-persed equity enterprises and highly profitable enterprises.This paper evaluates the effect of the VAT rebate policy,which is helpful for the relevant departments to further optimize and perfect the VAT rebate policy in our country.
retention for VAT refundenterprise innovationproducer service enterprisesdifference-in-difference model
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