Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)

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The Impact of the VAT Credit Refund Policy on the Cash Flow of A-Share Listed Manufacturing SMEs

Authors
Xun Zhu1, *
1Minjiang University, Fuzhou, China
*Corresponding author. Email: 743300458@qq.com
Corresponding Author
Xun Zhu
Available Online 12 May 2026.
DOI
10.2991/978-94-6239-672-2_31How to use a DOI?
Keywords
VAT Credit Refund Policy; Manufacturing SMEs; Cash Flow; Difference-in-Differences Method
Abstract

Manufacturing SMEs are crucial for stabilizing industrial chains and employment, but face persistent cash flow constraints. As the VAT credit refund policy becomes normalized, its alleviating effect has garnered attention. This paper examines 2019–2024 A-share listed manufacturing SMEs using the difference-in-differences method. The results show the policy significantly improves operating cash flow, increasing the net operating cash flow to total assets ratio by 0.9 percentage points on average. The effect operates through dual channels—easing financing constraints and enhancing operational efficiency—with the latter being more impactful. The policy effect is persistent and more pronounced for high-profitability firms, while showing no significant heterogeneity across firm size or financial risk. Targeted recommendations from governmental and corporate perspectives are proposed to refine policy effectiveness and support manufacturing SMEs’ development.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
12 May 2026
ISBN
978-94-6239-672-2
ISSN
2352-5428
DOI
10.2991/978-94-6239-672-2_31How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Xun Zhu
PY  - 2026
DA  - 2026/05/12
TI  - The Impact of the VAT Credit Refund Policy on the Cash Flow of A-Share Listed Manufacturing SMEs
BT  - Proceedings of the 2026 3rd International Conference on Applied Economics, Management Science and Social Development (AEMSS 2026)
PB  - Atlantis Press
SP  - 328
EP  - 341
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-672-2_31
DO  - 10.2991/978-94-6239-672-2_31
ID  - Zhu2026
ER  -