This paper regards the uncredited value-added tax(VAT)refund policy promulgated in 2018 as an exogenous shock to improve the neutrality for VAT.Based on the statistics of listed companies in the non-financial sectors ...This paper regards the uncredited value-added tax(VAT)refund policy promulgated in 2018 as an exogenous shock to improve the neutrality for VAT.Based on the statistics of listed companies in the non-financial sectors from 2013 to 2020,this paper applies the difference-in-differences(DID)approach to study the impact of the uncredited VAT refund policy on corporate cash holdings.The study finds that the policy has eased the impact of non-tax-neutral impact of non-refundable tax credits and lowered the level of corporate cash holdings.Furthermore,the analysis of capital sources verified that the policy has optimized the corporate capital conditions.These findings have proved to be robust after a series of tests.At the level of cross-sectional differences,the uncredited VAT refund policy exerts both"resource effect"and"signal effect",enabling companies to reduce cash holdings in the dimensions of both tax endowment and market expectation.At the level of policy effects,the policy improved the corporate behavior of high cash holdings for the production and operation cycle,with more notable impact on enterprises with higher tax credit rating.At the level of economic consequences,the adjustment of corporate cash holdings induced by uncredited VAT refund policy has significantly improved operating performance and reduced performance volatility,with a greater impact on enterprises with high capital intensity.The research findings evaluate the uncredited VAT refund policy from the perspective of tax neutrality,laying a theoretical foundation for further optimizing the uncredited VAT refund policy and the modern fiscal,tax and financial systems.展开更多
In the past decade,in order to achieve universal and equitable public library services for all people,Chinese government and the public library sector have experimented with a number of models for developing public li...In the past decade,in order to achieve universal and equitable public library services for all people,Chinese government and the public library sector have experimented with a number of models for developing public libraries in rural areas.Zhucheng of Shandong Province joined this exploration in around 2007 and advanced a community service center based public library service.This study examines the characteristics of this model and its value and limitation in ensuring universal and equitable public library services.The study shows that Zhucheng Model has inherited from the past rural library development two features:disintegrating public library services among a number of cultural facilities,and having the lowest level government to bear the responsibility of developing rural library services.The most notable innovation of Zhucheng Model is its incorporation of public library services into the general community service platform.This has not only transformed rural library service to a true public good,but also enhanced its long-term sustainability.The trajectory of public library services in Zhucheng will likely be determined by its inheritance from the past and its innovation,engendering at least a certain degree of uncertainties for its future.This,in turn,makes the Zhucheng answer to the question 'How to develop universal and equitable public library services for all people in China' unaccomplished.展开更多
基金General Program of the National Natural Science Foundation of China"Bank Development,Debt Capital and Corporate Innovation-Mystery of Macro-Micro Contradictions and Its Explanation"(71772091)Tianjin Research Innovation Project for Postgraduate Students"Research into the Corporate Cash Holdings and Corporate Value amid Digital Financial Development"(2021YJSB079).The authors would like to express appreciation for the valuable suggestions from anonymous reviewers,as well as from associate professor Cheng Cheng of Hunan University and Dr.Yuchen Yang of Nankai University at the 19th Chinese Finance Annual Meeting.The authors take sole responsibility for the paper.
文摘This paper regards the uncredited value-added tax(VAT)refund policy promulgated in 2018 as an exogenous shock to improve the neutrality for VAT.Based on the statistics of listed companies in the non-financial sectors from 2013 to 2020,this paper applies the difference-in-differences(DID)approach to study the impact of the uncredited VAT refund policy on corporate cash holdings.The study finds that the policy has eased the impact of non-tax-neutral impact of non-refundable tax credits and lowered the level of corporate cash holdings.Furthermore,the analysis of capital sources verified that the policy has optimized the corporate capital conditions.These findings have proved to be robust after a series of tests.At the level of cross-sectional differences,the uncredited VAT refund policy exerts both"resource effect"and"signal effect",enabling companies to reduce cash holdings in the dimensions of both tax endowment and market expectation.At the level of policy effects,the policy improved the corporate behavior of high cash holdings for the production and operation cycle,with more notable impact on enterprises with higher tax credit rating.At the level of economic consequences,the adjustment of corporate cash holdings induced by uncredited VAT refund policy has significantly improved operating performance and reduced performance volatility,with a greater impact on enterprises with high capital intensity.The research findings evaluate the uncredited VAT refund policy from the perspective of tax neutrality,laying a theoretical foundation for further optimizing the uncredited VAT refund policy and the modern fiscal,tax and financial systems.
基金one of the outcomes of "Research of Agricultural College Libraries on Rural Information Service Models"(10YJA870032)sponsored by Humanities and Social Science Research Projects of the Ministry of Education in 2010
文摘In the past decade,in order to achieve universal and equitable public library services for all people,Chinese government and the public library sector have experimented with a number of models for developing public libraries in rural areas.Zhucheng of Shandong Province joined this exploration in around 2007 and advanced a community service center based public library service.This study examines the characteristics of this model and its value and limitation in ensuring universal and equitable public library services.The study shows that Zhucheng Model has inherited from the past rural library development two features:disintegrating public library services among a number of cultural facilities,and having the lowest level government to bear the responsibility of developing rural library services.The most notable innovation of Zhucheng Model is its incorporation of public library services into the general community service platform.This has not only transformed rural library service to a true public good,but also enhanced its long-term sustainability.The trajectory of public library services in Zhucheng will likely be determined by its inheritance from the past and its innovation,engendering at least a certain degree of uncertainties for its future.This,in turn,makes the Zhucheng answer to the question 'How to develop universal and equitable public library services for all people in China' unaccomplished.
