| In recent years,after 30 years of rapid growth,the Chinese economic experiences a sharp decline and enters the period of new normal.During this period,a large number of problems emerges in the manufacturing which is the main source of economic growth such as overcapacity,low added value and misplaced resources.The effect of earlier fiscal policy of subsidy incentives weakens,the tax reform process begins to accelerate.The impact of fiscal policies such as the policy of replacing business tax with VAT and new accelerated depreciation policy of fixed assets on the total factor productivity of Chinese manufacturing industry is closely related to the trend of Chinese economy during the new normal period.Therefore,this paper first studies the causes of the impact of fiscal policy on total factor productivity of manufacturing industry from the perspectives of financing constraints,technological progress,resource allocation and fiscal decentralization.Then from the perspectives of servitization transformation and green transformation,this paper studies the promotion mechanism of fiscal policy on total factor productivity of manufacturing industry,that is,the effect of fiscal policy on total factor productivity of manufacturing industry through manufacturing transformation.Specifically,Firstly,new accelerated depreciation policy of fixed assets as an important structural tax relief measures of the supply-side structural reform plays an important role on total factor productivity of manufacturing enterprises and the steady development of the economy during the new normal period.In the thrid chapter of this paper,we estimate the static and dynamic total factor productivity in the method of ACF and Luenberger,based on the panel data of Chinese listed companies’ manufacturing enterprises from 2011 to 2016.And it’s the first time to quantitatively estimate the influence of new accelerated depreciation policy of fixed assets on the total factor productivity of manufacturing enterprises under the difference-in-differences model of quasi-natural experiment.We draw conclusions that new accelerated depreciation policy of fixed assets has no significant positive effect on the static and dynamic total factor productivity of manufacturing companies.Further research of the causes of static effects show that new accelerated depreciation policy of fixed assets only improves the static total factor productivity of the manufacturing enterprises born the low financing constraints,does not significantly improve the static total factor productivity of the other three types of manufacturing enterprises born the higher financing constraints.Analysis of the causes of dynamic effects shows that the new accelerated depreciation policy of fixed assets does not promote the technological progress and the improvement of resource allocation efficiency of manufacturing enterprises.The research of this chapter is beneficial to the formulation and improvement of new accelerated depreciation policy of fixed assets to a certain extent.Secondly,as equipment manufacturing industry with high capital intensity,high level of intelligence,strong industry-driven force,and is the basis for the development of manufacturing industries.In the fourth chapter of this paper,we analyze the relationships of subsidy and total factor productivity and the growth source of total factor productivity of subsidy enterprises in the method of propensity score matching,Malmquist index productivity decomposition and dynamic Olley-Pakes productivity decomposition,based on panel data of Chinese equipment manufacturing enterprises.We draw conclusions that,the static current total factor productivity of the subsidized equipment manufacturing enterprises is lower than that of the non-subsidized enterprises.And the total factor productivity growth of the subsidized enterproses mainly comes from technological progress and self-growth.The contribution of scale efficiency(or resource allocation efficiency)and pure technical efficiency to productivity growth is small.The empirical test of different ownerships and regions shows that this conclusion also exists in different ownerships and regions.Thirdly,as high-tech manufacturing industry has the characteristics of high service level and high intelligence level and has the strong industry-driven force,and it is also an important industy in Chinese service-oriented transformation.Therefore,the fifth of this paper studies the relationship between tax rate and total factor productivity by method of SLX model,based on the provincial balanced panel data of Chinese high-tech manufacturing industry and taking into account the geographical proximity and economic distance.The results show that: tax incentives in the own region and tax competition in other regions both promote the improvement of the total factor productivity of the local high-tech manufacturing industry,and the overall effect is significantly positive.This effect is mainly achieved by improving the productivity at the enterprise level.However,the overall effect of tax policy on resource allocation efficiency is negative,but not significant.In particular,the decrease of the local tax rate will significantly reduce the efficiency of resource allocation,but the effect of the tax competition from other regions is not significant.Fourthly,with the deepening of the division in the global value chain,the low-cost advantage of Chinese labor force is no longer,and the servitization transformation and upgrading has become an important way for Chinese manufacturing industry to improve total factor productivity.At the right moment,China put forward a policy of replacing business tax with VAT.On the one hand,it tries to directly affect total factor productivity through division.On the other hand,it tries to indirectly influence the total factor productivity of manufacturing industry through servitization.In the sixth chapter of this paper,we empirically test the direct influence of replacing business tax with VAT on the total factor productivity of manufacturing industry and indirect influence of replacing business tax with VAT on the total factor productivity of manufacturing industry by servitization of manufacturing,based on panel data of Chinese listed companies’ manufacturing enterprises from 2007 to 2016,in the method of DI synthesis control method and intermediary effect model.The results show that replacing business tax with VAT policy increase the total factor productivity of manufacturing industry through direct effect,and the intermediary role of improving total factor productivity through servitization of manufacturing does not exist.The research of this chapter is beneficial to the formulation and improvement of replacing business tax with VAT policy and the transformation and upgrading of manufacturing industry to a certain extent.Fifthly,at present,our country is deeply troubled by environmental problems such as “fog and haze”.Reducing pollution while maintaining the vitality of economic growth is a premise for our countrt’s sustainable development.Green transformation is imminent.In the seventh chapter of this paper,we use the generalized quantile regression(GQR)model to study the impact of resource tax increase on pollution emissions and total factor productivity,based on data of manufacturing enterprises of Chinese listed companies and China Statistical Yearbook of Environment from 2007 to 2015.We draw conclusions that,(1)Resource tax increase has a heterogeneous treatment effect on pollution emissions,which is favorable for enterprises with exceptionally high carbon emissions to reduce their carbon emission levels,and to facilitate waste water and waste solid reduction for enterprises with low discharge of waste water and waste solid,increasing the emissions of exhaust gas at each sub-site.In addition,the emission reduction effect of resource tax increase on carbon emissions and exhaust gas emission is less waste water and waste solid emission.(2)The positive effect of resource tax increase on enterprises with different levels of total factor productivity is different,and the positive effect fluctuates in the interval [0.057,0.095].(3)For enterprises with different levels of total factor productivity,the resource tax conditions for achieving double bonus are heterogeneous.For enterprises with extremely low total factor productivity,when the resource tax logarithm is greater than 17.7069,the reduction of pollution emission can raise the level of total factor productivity and achieve double bonus.For enterprises with higher levels of total factor productivity,when the maximum of the resource tax logarithm is in the interval(16.2941,9.389),resource tax increase can achieve double bonus.The results of this chapter provide important references for the government to perfect and improve the resource tax policy.In summary,on the research of the influence path of fiscal policy on total factor productivity of manufacturing industry,this paper finds new accelerated depreciation policy of fixed assets only increases the level of total factor productivity of some enterprises(low-financing constrained enterprises)by alleviating the financing constraints of enterprises.New accelerated depreciation policy of fixed assets does not improve the overall level of total factor productivity of manufacturing industry through technological progress,the growth of productivity of manufacturing industry through technological progress,but the productivity growth of equipment manufacturing subsidy enterprises mainly comes from technological progress.New accelerated depreciation policy of fixed assets,subsidies,tax revenue in all regions failed to improve the efficiency of resource allocation.The tax competition caused by fiscal decentralization promotes the growth of total factor productivity of local high-tech manufacturing industry.On the research of the promotion mechanism of fiscal policy on total factor productivity of manufacturing industry,this paper finds that replacing business tax with VAT does not improve the total factor productivity of manufacturing industry through the channel of servive transformation.However,the increase of resource tax can bring about the double bonus of the reduction of pollution and increase of total factor productivity,and green transformation have been achieved. |
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