Tax Neutrality and Industry Chain Reshaping:An Analysis from the Corporate Specialisation Perspective
Deepening the specialisation of the corporate specialization serves as the bedrock for shaping modern industrial and supply chain relationships.Achieving value-added tax(VAT)neutrality plays a crucial role in facilitating corporate specialisation.This study uses the quasi-natural experiment of the 2018 VAT Refund(VATR)Reform to investigate the impact of VAT tax neutrality on corporate specialisation using the difference-in-differences(DID)technique based on financial information from listed business group parent companies.The study finds that VATR stimulate the enhancement of specialisation following business separation,primarily by improving the financial situation of enterprises and reducing the institutional transaction costs brought about by VAT deferral.The specialisation further enhances transactional relationships between enterprises and the external market.The heterogeneity analysis also suggests that the promotional effect of VATR on specialisation is more pronounced when there are significant differences in input and output tax rates,greater financing constraints and a favourable local business environment.
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