Research on the Impact of Value Added Tax Retention and Refund Policies on Enterprise Operational Risks:Based on Cash Holdings and Digital Management Perspective
The retention and refund policy,as a key component of tax incentives,plays a crucial role in promoting innovative activities,accelerating technological progress,and industrial transformation and upgrading in enterprises.This article takes the value-added tax retention and refund policy implemented in 2018 as a natural experiment,and uses annual data of Chinese A-share listed companies from 2015 to 2023 as samples to explore the specific impact of the retention and refund policy on business risks.Research has found that the policy of deferred tax refunds significantly reduces the operational risks of enterprises,especially in smaller scale enterprises,non-state-owned enterprises,enterprises with high capital intensity,and industries with fierce competition.The intermediary mechanism found that the deferred tax refund policy alleviates the financing constraints of enterprises,increases their cash holdings,and promotes the adoption of digital technology to achieve digital operations,effectively improving their ability to resist risks and reducing operational risks.The research results of this article provide new theoretical basis for a deeper understanding of the relationship between the policy of retaining tax refunds and corporate risks,and provide important references for optimizing and adjusting tax policies to more effectively enhance corporate risk-taking ability.
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