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Academic Journal of Business & Management, 2024, 6(6); doi: 10.25236/AJBM.2024.060622.

Impact of the "Value-Added Tax (VAT) Credit Refunds" on the Share Price of Listed Companies in the Pharmaceutical Industry


Shi Yingyin, Xu Xuejun

Corresponding Author:
Shi Yingyin

School of Management, University of Shanghai for Science and Technology, Shanghai, China


In April 2019, the state launched the tax retention and credit refund, a nationwide tax incentive policy, which aims to promote the innovative development of high-tech industries. This paper examines the impact of the policy on the share price of listed companies by using multiple regression analysis with listed companies in the Chinese medicine sector of the industry classification of Zhongtai Securities from 2015 to 2023. It is found that the policy has a significant positive impact on the stock price, and the market reacts positively; at the same time, there is a significant difference in the impact of the policy on the stock price of different types of pharmaceutical listed companies. The results of the study have certain reference significance for further optimising the collection preference policy.


Pharmaceutical Industry, Retained Tax Rebate Policy, Share Price

Cite This Paper

Shi Yingyin, Xu Xuejun. Impact of the "Value-Added Tax (VAT) Credit Refunds" on the Share Price of Listed Companies in the Pharmaceutical Industry. Academic Journal of Business & Management (2024) Vol. 6, Issue 6: 145-151. https://doi.org/10.25236/AJBM.2024.060622.


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