Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-02-01 DOI:10.1016/j.frl.2024.106568

Yisong Huang , Ze Sun , Yan Huang

引用次数: 0

Abstract

This research examines the effect of the VAT carry-forward tax refund policy on the innovation efficiency of A-share listed companies in China, spanning the period from 2015 to 2022. The findings indicate a notable enhancement in corporate innovation efficiency subsequent to the implementation of this policy. The policy's mechanism lies in fostering increased R&D investment, which, in turn, accelerates innovation. Notably, state-owned enterprises exhibit a more pronounced tendency to allocate additional funds towards enhancing their innovation efficiency in response to the VAT carry-forward tax refund policy.

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探讨增值税结转退税政策对提高a股上市公司创新效率的影响

本研究考察了增值税结转退税政策对中国a股上市公司创新效率的影响，时间跨度为2015年至2022年。研究结果表明，该政策实施后，企业创新效率显著提高。该政策的机制在于促进研发投资的增加，而研发投资反过来又会加速创新。值得注意的是，国有企业在应对增值税结转退税政策时，表现出更明显的增加资金用于提高创新效率的倾向。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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