Research On The Impact Mechanism Of Corporate Tax Burden On Corporate Total Factor Productivity

Since the reform and opening up,my country has relied on the advantages of demographic dividend and institutional changes to realize the re-allocation of factors.my country’s economy has developed rapidly,with an average annual GDP growth of 9.5%.In just over 40 years,my country has successfully moved from a low-income country to a middle-income country.The ranks of the upper-income countries.With the development of China’s economy,the demographic dividend has gradually disappeared,and many labor-intensive industries in the eastern coastal areas have encountered problems such as "labor shortage".In the past,traditional economic development models restricted the development of China’s economy.The 19 th National Representative of the Party The conference proposed for the first time that China’s economy is shifting from a stage of rapid growth to a stage of high-quality development.The party’s new guidelines and policies have pointed out the principles and directions for China’s economic development in the new era,which are different from the traditional labor-intensive economic development model in the past.The root of quality economic development lies in the innovation and core competitiveness of economic development.High-quality economic development is an inevitable requirement to adapt to the main contradictions and changes in our society.To achieve this goal,we must insist on quality first,efficiency first,and promote the economy.Develop quality changes,efficiency changes,and power changes,improve total factor productivity,and continuously enhance China’s economic innovation and competitiveness.The improvement of enterprise’s total factor productivity is not only the driving force for the survival and development of enterprises,but also the embodiment of the core competitiveness of enterprises,and it is the only way for my country’s economy to take sustainable development.Based on this,how to improve the total factor productivity of Chinese enterprises,stimulate the enthusiasm of enterprises,and promote economic transformation has become an important issue that needs to be solved urgently.With the slowdown of my country’s economic growth,economic development has begun to shift from high-speed growth to high-quality development.The promotion of sustained,effective and healthy economic development is inseparable from the development of enterprises.The development of enterprises must insist on winning by quality and enhancing core competitiveness.Facing the current economic situation,the Chinese government has introduced a series of tax and fee reduction policies to reduce the tax burden of enterprises.In order to promote the development of enterprises,it is necessary to create a good business environment,especially under the downward pressure of the economy,the operating profit of my country’s micro-enterprises has declined,and the subjective "tax burden" of enterprises has become more intense.In fact,"Forbes" magazine shows that my country’s tax burden is painful The index has always been ranked in the forefront of the world,how to effectively reduce the burden of corporate taxes and fees,let companies go lightly,increase their enthusiasm for production,increase their total factor productivity,cultivate the endogenous driving force of economic growth,maximize the role of market mechanisms,and let the market take resources The decisive role in the configuration is the focus of many scholars.Based on this:First,construct a theoretical analysis framework for the impact of tax reduction and fee reduction on the total factor productivity(TFP)of enterprises,and explain the intermediate transmission mechanism of reducing the tax burden of enterprises on the total factor productivity of enterprises from the perspectives of financing constraints and innovative research and development.Second,based on the OP method to measure the total factor productivity of enterprises from 2008 to 2019,use the "VAT reform" quasi-natural experiment to simulate government tax cuts to empirically study the impact of tax cuts and fee reductions on the total factor productivity of enterprises,and based on heterogeneity Analyze from the perspective of the enterprise.Third,use the corporate net tax burden rate to measure the level of corporate tax burden,and empirically analyze the impact of tax burden on the company’s total factor productivity from the perspective of financing constraints and innovative research and development;From the perspective of capital cost,it studies its moderating effect on financing constraints,and from the perspective of innovation and R&D,this article studies its moderating effects on innovation activities from the perspectives of innovation input and innovation output.Fourth,in terms of empirical research,this article focuses on the analysis of the differences in total factor productivity of heterogeneous enterprises by tax cuts and fee reductions.Qualitative enterprise life cycle classification standards describe different types of enterprises,and on the basis of empirical research,analyze the degree to which enterprise heterogeneity affects enterprise total factor productivity in the tax burden of enterprises,and put forward corresponding countermeasures and suggestions based on different results.The main research conclusions of this article are as follows:First,this article uses the data of China’s listed companies from 2008 to 2019 as the research object,and uses the “VAT reform” quasi-natural experiment to simulate the impact of tax reduction and fee reduction on the total factor productivity of enterprises.The tax policy helps companies reduce tax burdens,create a good business environment,and increase their total factor productivity;in addition,samples of heterogeneous companies show that,compared with state-owned enterprises,the "VAT reform" tax reduction and fee reduction policy reduces corporate taxes The negative impact on the total factor productivity of enterprises has a greater effect in non-state-owned enterprises,that is,government tax cuts have a greater impact on non-state-owned enterprises;The impact of total factor productivity of enterprises has a greater impact on enterprises in the central and western regions.Samples of heterogeneous industrial nature show that the“VAT reform” policy of reducing taxes and fees and reducing corporate tax burden has an impact on total factor productivity of enterprises in labor-intensive enterprises.The role of government tax cuts is stronger,that is,government tax cuts have a greater impact on labor-intensive labor;samples of heterogeneous industries show that the "VAT reform" tax reduction and fee reduction policy has a greater impact on the total factor productivity of enterprises in light industry enterprises;the life of heterogeneous enterprises Cycle samples show that the “VAT reform” policy of reducing corporate tax burdens on corporate total factor productivity has a greater impact on corporate total factor productivity,followed by recession companies,and mature companies the smallest.When formulating tax and fee reduction policies,the government should give more preference to these non-state-owned enterprises,enterprises in the central and western regions,labor-intensive enterprises,light industries,and enterprises with a high degree of marketization.This will help enterprises improve their production efficiency and create more More output.Second,based on the economic reality that most companies in my country generally face financing constraints,this paper embeds financing constraints as a core influencing factor into theoretical models and empirical analysis,uses the corporate net tax burden rate to measure the level of corporate tax burden,and empirically studies companies from the perspective of financing constraints The impact of tax burden on the total factor productivity of enterprises.The results show that reducing the tax burden of enterprises has an asymmetric effect on the total factor productivity of enterprises with different degrees of financing constraints.The impact of reducing the tax burden of enterprises on the total factor productivity of enterprises is in labor-intensive enterprises,small and medium-sized enterprises,strong financing constraints,and asset-liability ratios.High,low level of regional financial development,and enterprises in the central and western regions have a greater role.Specifically,the stronger the financing constraints faced by the company and the higher the asset-liability ratio,it indicates that the company’s financial status is not good.The government’s tax cuts can reduce the tax burden of the company,reduce the company’s production costs,increase the company’s operating profit,and further improve the company’s financial status.Total factor productivity.In addition,the government’s large-scale tax cuts have created a good business environment,making banks and other credit institutions more confident in the production and operation of enterprises and willing to lend funds to enterprises for their survival and development thesis support.Third,innovative R&D is crucial to the high quality of my country’s economy.This article embeds innovative R&D as a core influencing factor into theoretical models and empirical analysis,adopts the corporate net tax burden rate to measure the level of corporate tax burden,and empirically studies corporate taxation from the perspective of innovative R&D.high asset-liability ratios,low regional financial development,and enterprises in the central and western regions.Big.Further analysis shows that the stronger a company’s R&D and innovation capabilities,the stronger the government’s tax cuts and fee reductions will have on the company’s total factor productivity.Enterprises are more confident in their survival and development,which will further support enterprise R&D innovation,increase investment in enterprise R&D expenses,increase enterprise innovation enthusiasm,and increase enterprise total factor productivity.Based on the above research conclusions,this article proposes countermeasures to reduce the tax burden of enterprises and increase the total factor productivity of Chinese enterprises from the perspectives of corporate tax burden,financing constraints,and innovative research and development.First,the government should reasonably and effectively reduce corporate tax burdens and reduce corporate pressure.Second,establish and improve corporate financing systems,increase financing supplies for SMEs,and improve corporate financing environments.Finally,the government should use "tax reductions and fee reductions" as an opportunity to improve Enterprise innovation ability.The main innovations of this article are as follows: First,the use of the "VAT reform" quasi-natural experiment to simulate the impact of government tax cuts and fee reductions on the total factor productivity of enterprises,to provide information for studying the impact of tax cuts and fee reductions on the total factor productivity of enterprises.New micro evidence;second,from the perspective of financing constraints and innovative research and development perspective,empirical analysis of the intermediate transmission mechanism of reducing corporate tax burden on corporate total factor productivity,broadening the existing research framework;third,based on the development of China’s market economy Clarified the differences in the changes in total factor.Costs affect the role of enterprises’ total factor productivity and help to fully grasp the changes in the total factor productivity of heterogeneous enterprises during the period of economic high-quality transition.