The Effects of Export Tax Returns on Firms'Export and Innovation:Evidence from China
Export tax rebates(ETR)are an important policy tool to stabilize the international cycle and promote the promotion of dual cycles.From the perspective of firms'financing constraints,it is of enlightenment to further exert the effect of ETR and deepen the new development pattern by study the financing effect and innovation effect of ETR policy on firms.Based on National Tax Investigation dataset from 2008-2011,our DID estimation evidences that the 2009 ETR policy leads to 10.3％increase in sales and 4.2％in cash rebates.For firms with higher financing constraints,they are more likely to increase their export sales in order to receive tax rebates.In addition,the ETR policy leads to the 0.4 percentage point increases in firms'external financing(measured as the fraction between new liabilities and operating revenue)and Research and Development(R&D)expenditure.Therefore,the ETR policy for some key industries can be adjusted appropriately,so as to effectively promote high-quality economic development in the context of frequent foreign shocks and the deepening of the new development pattern.
Export Tax RebatesFirms'ExportFirms'Financial ConstraintsExternal FinancingResearch and Development Expenditure
NETL
NSTL
万方数据
