增值税退税政策与企业风险承担：来自中国的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-25 DOI:10.1016/j.frl.2025.107478

Qian Niu , Jin Yuan , Fengli Kang , Le Wen

{"title":"增值税退税政策与企业风险承担：来自中国的证据","authors":"Qian Niu , Jin Yuan , Fengli Kang , Le Wen","doi":"10.1016/j.frl.2025.107478","DOIUrl":null,"url":null,"abstract":"<div><div>Based on the data of A-share listed companies from 2013 to 2021, this paper investigates the impact of the value-added tax (VAT) credit refund policy on corporate risk-taking. The findings indicate that the VAT credit refund policy significantly enhances corporate risk-taking. Mechanism tests indicate that this policy promotes corporate risk-taking by alleviating financing constraints, improving innovation capabilities, and enhancing ESG performance. Furthermore, the effect of the VAT credit refund policy on corporate risk-taking is more pronounced for enterprises located in regions with better business environments, in eastern regions, and among non-state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107478"},"PeriodicalIF":7.4000,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"VAT credit refund policy and corporate risk-taking: Evidence from China\",\"authors\":\"Qian Niu , Jin Yuan , Fengli Kang , Le Wen\",\"doi\":\"10.1016/j.frl.2025.107478\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Based on the data of A-share listed companies from 2013 to 2021, this paper investigates the impact of the value-added tax (VAT) credit refund policy on corporate risk-taking. The findings indicate that the VAT credit refund policy significantly enhances corporate risk-taking. Mechanism tests indicate that this policy promotes corporate risk-taking by alleviating financing constraints, improving innovation capabilities, and enhancing ESG performance. Furthermore, the effect of the VAT credit refund policy on corporate risk-taking is more pronounced for enterprises located in regions with better business environments, in eastern regions, and among non-state-owned enterprises.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"81 \",\"pages\":\"Article 107478\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2025-04-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325007378\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325007378","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文基于2013 - 2021年a股上市公司数据，研究增值税抵免政策对企业风险承担的影响。研究结果表明，增值税抵免政策显著增强了企业的风险承担能力。机制检验表明，该政策通过缓解融资约束、提高创新能力和提高ESG绩效来促进企业承担风险。此外，在营商环境较好的地区、东部地区和非国有企业中，增值税抵免政策对企业风险承担的影响更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

VAT credit refund policy and corporate risk-taking: Evidence from China

Based on the data of A-share listed companies from 2013 to 2021, this paper investigates the impact of the value-added tax (VAT) credit refund policy on corporate risk-taking. The findings indicate that the VAT credit refund policy significantly enhances corporate risk-taking. Mechanism tests indicate that this policy promotes corporate risk-taking by alleviating financing constraints, improving innovation capabilities, and enhancing ESG performance. Furthermore, the effect of the VAT credit refund policy on corporate risk-taking is more pronounced for enterprises located in regions with better business environments, in eastern regions, and among non-state-owned enterprises.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance