Study On The Microeconomic Effect Of Replacing Business Tax With Value-added Tax Reform With Enterprise Heterogeneity

As a major measure to cope with supply-side reforms and promote high-quality economic development,the Reform of Replacing Business Tax with Value-added Tax is not only limited to the tax reduction and division of labor effects of the corresponding industries,but more importantly,it attempts to reform through structural tax cuts and fair tax burdens to improve the efficiency of market resource allocation,guide enterprises to rationally allocate production factors such as capital and labor,stimulate investment demand,enhance the level of enterprise innovation,drive the growth of total factor productivity of enterprises,and promote the optimization and upgrading of enterprises.Based on institutional background analysis,literature review and mechanism analysis,this paper builds a microeconomic effect analysis framework covering four major contents: “enterprise investment,enterprise innovation,enterprise productivity,and enterprise upgrading”,which are closely related to high-quality economic development.Taking full account of the differences in policy effects in the context of corporate heterogeneity,the gradual advancement of business reform is used as the time node,using the micro data of A-share listed companies,through Difference-in-Difference model(DID),Propensity Score Matching(PSM),Difference-in-Difference after Propensity Score Matching(PSM-DID)and Difference-in-Difference-in-Difference model(DDD)and other empirical methods to separate the microeconomic effects of the tax reform policy itself,and use the mainstream event research method to scientifically and systematically measure the effect of tax reform policy on enterprise investment,innovation and productivity,and the use of dynamic panel data model and the system generalized moment(GMM)to examine the effect of VAT tax burden on the enterpriseupgrading during the post-reform period.The results of the study show that:(1)The implementation of the tax reform has significantly increased the total investment of the pilot enterprises.In terms of investment structure,the investment in equipment fixed assets and real estate investment of the pilot enterprises has increased significantly compared with non-pilot enterprises.Enterprises in different industries and different sizes have different policy effects.Manufacturing companies and innovative industries are most affected by business reforms.Small companies and medium-sized companies have significant policy effects and large companies are not.The fixed asset purchase can be deducted after the battalion reform and increase.To a certain extent,enterprises are encouraged to update their equipment,expand their scale,and promote investment in fixed assets.The conclusion of the study proves that the battalion reform and increase policy is a booster for encouraging investment and driving supply.(2)The tax reform has significantly promoted the technological innovation of enterprises,and has obvious incentives for the scale of enterprise R & D expenditure,the intensity of R &D expenditure,and the quality of patent output.The heterogeneity test of classifying enterprises from the perspectives of ownership and enterprise size shows that,on the one hand,the increase in business reform has a very significant pulling effect on the technological innovation of non-state-owned enterprises,but the impact on the technological innovation of state-owned enterprises is not significant.On the other hand,the camp reform has a greater effect on promoting technological innovation of large enterprises,but has no obvious incentive effect on technological innovation of small and medium-sized enterprises.After the tax burden is lowered,they have more internal financing funds.In order to gain greater development advantages,companies will invest more funds in technological innovation.Therefore,the reform of camp reform and increase has promoted the technological innovation of enterprises.(3)The impact of tax reform policies on enterprise productivity is not significant.Through mechanism research,it is found that under the conditions of increased enterprise innovation and deepened division of labor,the policy of VAT reform will have a significant positive effect on enterprise productivity.Heterogeneity analysis results show that,based on the different sizes of enterprises,the VAT policy has a significant promotion effect on the total factor productivity of large enterprises,but it has no significant effect on the total factor productivity of small and medium-sized enterprises;The policy change has a significant incentive effect on the total factor productivity of non-state-owned enterprises,but it has no significant effect on the total factor productivity of state-owned enterprises.After the VAT reform,there are still multiple VAT rates within and between enterprises.The VAT system after VAT reform still causes complexity in the collection and management and distortion of corporate investment,and the loss of corporate efficiency is still relatively serious.(4)During the period of post-reform period,China’s manufacturing industry has a relatively high VAT tax burden,and the actual VAT burden on manufacturing companies is also heavy.The VAT burden on the upgrading of manufacturing companies is both “qualitative” and “quantitative”.It has a certain inhibitory effect,and this inhibitory effect is more significant and sensitive in small and medium-sized manufacturing enterprises.China’s tax system,which is mainly based on turnover taxes such as value-added tax,has created “ rigid ” cost pressures on enterprises,which has affected the company’s investment in innovation.This kind of “tax pain” is more obvious for small and medium-sized manufacturing enterprises with large financing constraints Therefore,the excessive value-added tax burden will adversely affect the optimization and upgrading of manufacturing enterprises.In order to further consolidate the achievements of the tax reform of Replacing Business Tax with Value-added Tax,China also needs to further accelerate the strategic adjustment of the industry and optimize the supply structure.Actively exploring the supply-side reform model will be conducive to the continued diffusion of policy dividends.Make full use of the existing system conditions and give priority to the development of productive service industries based on pilot industries.Further implement the comprehensive tax reduction and fee reduction policy,and encourage technological innovation of enterprises to promote the development of the new economy.At the same time,it is also necessary to deepen the market-oriented reform of state-owned enterprises,increase the sensitivity of state-owned enterprises to tax reduction policies,implement differentiated tax reduction policies according to the size of enterprises,promote the improvement of technological innovation capabilities of small and medium-sized enterprises,and constantly enrich and encourage enterprises Types of taxation policies for technological innovation to promote the increase of total factor productivity of enterprises.Existing value-added tax also needs to be further improved,reducing corporate tax burden and supporting high-quality economic development cannot simply reduce the value-added tax rate or give tax benefits,more should be based on the tax-neutral target of value-added tax,strengthen the value-added tax legal system Construction,formulate a reasonable tax rate structure,broaden the VAT tax base,narrow the scope of preferences,broaden the scope of input deductions,establish a VAT refund system,and fully consider the tax collection and management factors,establish the most thorough deduction,the most economical and the most effective Optimized VAT system.