The Influence Of Tax Preference On TFP Of High-tech Enterprises

Promoting productivity by "total factors" is the key to change the mode of national economic growth.Under the background of supply side structural reform,how to effectively improve TFP becomes an important practical problem.In the current economic situation,technological progress and knowledge innovation play the central role in improving TFP.As the enterprises with large R&D investment and intensive innovation activities,high-tech enterprises not only reflect the national independent innovation ability,but also become an important force to improve TFP.In order to encourage the development of high-tech enterprises,China has implemented a variety of tax preferential policies.Does the preferential tax policy have a positive impact on TFP of high-tech enterprises? What is the mechanism of tax preference to TFP? Can R&D investment be the way to improve enterprises' TFP? Based on these questions,the author uses a combination of theoretical analysis and empirical analysis to explore the impact of tax preferences on TFP of high-tech enterprises from the perspective of R&D investment.Firstly,the paper summarizes the relevant research results of domestic and foreign scholars,combines with the relevant research background to open up space for its own research.Secondly,after defining the related concepts,the paper summarizes the relevant theories of tax preference and TFP,which lays a theoretical foundation.Thirdly,for analyzing the current situation of tax preference and TFP of high-tech enterprises in China,the paper combs out the current tax preference policies of high-tech enterprises and the existing problems,calculates the growth of TFP of high-tech enterprises in China from 2013 to 2018 using DEA-Malmquist method.Fourthly,the paper analyzes the mechanism of tax preference affecting TFP,puts forward research hypothesis based on the perspective of R&D investment.Fifthly,in the empirical study,196 listed companies of high-tech enterprises are selected for empirical analysis,using LP method to calculate the companies' TFP,testing whether tax preference has a positive impact on total factor productivity of enterprises.Enterprise's R&D investment is introduced as an intermediary variable to test the intermediary effect in the promotion of total factor productivity by tax preference.The results show that:(1)There is a significant positive effect on the improvement of TFP,when the tax preference increases by 1%,the increase of TFP is about 0.083%.(2)The R&D investment of enterprises plays a part of intermediary effect in the relationship between tax preference and TFP.After using the step-by-step method of intermediary effect test,the conclusion is that there is a part of intermediary effect in the relationship,in which the proportion of intermediary effect to total effect is about 30%,which indicates the importance of R&D investment in improving TFP.Finally,the paper combs the conclusions of each part,puts forward suggestions to optimize the preferential tax policies of high-tech enterprises from the four aspects of standardization,coherence,pertinence and effectiveness.Focusing on the incentive of early R&D investment,such as further improve the system of deduction of R&D reserve,appropriately shorten the period of accelerated depreciation of high-tech enterprises,set up the incremental tax credit rules,to effectively improve the TFP and competitiveness of enterprises.