This study employs a difference-in-differences model to demonstrate the impact of the value-added tax(VAT)credit refund policy on enterprise innovation in 2018,using data from non-financial A-share listed companies.The evaluation results reveal that:Compared to the control group,the VAT credit refund policy enhances the innovation investment of enterprises in the experimental group and stimulates enterprise innovation by influencing the financial flexibility of enterprises.From the perspective of enterprise char-acteristics,the innovation incentive effect of the VAT credit refund policy is more pronounced for non-state-owned enterprises,small-scale enterprises,growth-stage enterprises,and enterprises with a low inventory turnover rate,and In addition to fostering enterprise innovation,the VAT credit refund also significantly alsoimproves the efficiency of enterprise innovation.Based on the research find-ings,this paper proposes relevant suggestions,such as further expanding the applicable scope of the VAT credit refund policy and im-plementing differentiated treatment for taxpayers.
维普
万方数据