Research on the Impact of Tax Rebate Policy on Investment and <br>Employment of Manufacturing Enterprises

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Journal of Central University of Finance & Economics ›› 2023, Vol. 0 ›› Issue (3) : 31-42.

Research on the Impact of Tax Rebate Policy on Investment and
Employment of Manufacturing Enterprises

LIU Chao-yang, LI Ao-yang, WANG Shuo, WANG He

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Abstract

The VAT rebate policy has been highly anticipated in the process of corporate bailouts and the promotion of high-quality manufacturing development.Seizing the opportunity of the reform of VAT retention tax rebate policy in 2018, we use the financial data of China's A-share manufacturing listed companies from 2014 to 2019 to empirically test the impact mechanism of retention tax rebate policy on fixed asset investment, R&D investment and labor employment of manufacturing enterprises by using the DID model.The empirical results show that the tax rebate policy can promote the fixed asset investment and R&D investment of manufacturing enterprises by reducing the capital cost and improving the focus of main business, but it has a significant“crowding out”effect on labor employment.The effect of the policy on private enterprises is more significant than that on state-owned enterprises and foreign enterprises.Based on this, we propose to systematically understand the“light”and“shadow”of the tax rebate policy, reduce the institutional transaction costs, coordinate with the policy of stabilizing employment, reduce the proportion of social security contributions of manufacturing enterprises, and give appropriate financial subsidies, so as to further improve the broad level of investment in manufacturing industry.

Key words

VAT rebate / Fixed asset investment / R&D investment / Employment

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LIU Chao-yang, LI Ao-yang, WANG Shuo, WANG He. Research on the Impact of Tax Rebate Policy on Investment and
Employment of Manufacturing Enterprises[J]. Journal of Central University of Finance & Economics, 2023, 0(3): 31-42

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