增值税留抵退税能否降低企业商业信用需求

Can Uncredited Value-Added Tax Refund Reduce the Demand of Corporate Trade Credit

以财税[2018]70号为契机,基于双重差分模型,采用2016—2020年的中国A股上市公司数据,考察增值税留抵退税改革对企业商业信用的影响。实证结果显示:留抵退税政策能够显著降低上市公司对商业信用的需求;机制检验表明,留抵退税可通过增加企业现金持有水平显著降低其对于商业信用的需求;进一步分析发现,在经营活动现金流较低、融资能力较差、供应链企业议价能力较强、内部风险较高以及行业竞争程度较高的企业中,留抵退税政策对上市公司商业信用需求的降低作用更加显著。

Selecting the Finance and Taxation[2018]No.70 as the entry point,the paper adopted the DID model and the data of China's A-share listed companies from 2016 to 2020,and investigated the impact of the reform of uncredited VAT refund on corporate trade credit.Empirical evidence showed that,the policy of uncredited VAT refund could significantly reduce the demand of listed companies for trade credit.Mechanism test showed that,the function channel of this effect was increasing companies'cash holding level.Further analysis revealed that,this reduction effect was more evident in the companies on following conditions,including lower cash flow of business activities,weaker financing capacity,stronger bargaining power of supply chain enterprises,higher internal threats and a higher degree of industrial competition.