Abstract:
The economy is facing the risk of high leverage in China, and it’s of urgency for the Supply-side Reform to de-leverage. Using data from Chinese Industrial Enterprises Database, this paper explores the effect of tax reduction caused by value-added tax reform on firms’ leverage. The difference-in-differences analysis shows that value-added tax reform increases long-term leverage while decreases current leverage. The effect varies across ownership, firm size, and between export and non-export firms. The findings contribute to the literature by investigating the relationship between value-added tax and leverage (by maturity), and provide evidence for structural tax-reduction policy aimed at de-leverage in practice.
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