Research On The Influence Of Tax Preference On The High-End Of New Material Industry

2019,our country the development of high quality mainly focus on manufacturing industry,new material industry is the basis for the development of manufacturing industry and the forerunner,the science and technology level constantly improve and expanding industrial scale not only can effectively promote the development of other industries,also to the construction of environment-friendly society has greatly promote role,operator new material industry in China exist independent innovation ability is poor,excess gm products,high performance,high value-added products,such as less problems,making the overall development level of China’s new materials industry in the global industrial chain is relatively "low" level.Therefore,as the transformation of traditional materials,new materials need to develop to the high-end.Firstly,its high-end development needs technological innovation as an endogenous driving force to enhance the competitiveness of products in the market,so as to expand the market and enhance enterprise value.Secondly,as an emerging industry with high returns and great risks,new materials industry often needs more "wait-and-see" investors to invest in new materials industry.Finally,due to the positive externality of the new material industry and market failure such as information asymmetry,the government regulation is needed to allocate resources effectively.As one of the important means of market regulation,tax preferential policies are indispensable to the high-end development of new materials.Therefore,it is of great practical significance to study the impact of tax incentives on the high-end development of new material industry.This paper studies the preferential tax policy and the high-end of new material industry from the theoretical and empirical aspects.In terms of theory,this paper first sorted out the literature on the incentive effect of tax incentives on strategic new industries,and analyzed the mechanism of tax incentives on the high-end development of new materials industry by studying the market failure theory and supply-side tax reduction theory.Based on the literature reference and theoretical analysis,this paper holds that the preferential tax policy mainly introduces social investment and promotes research and development investment to improve technological innovation,so as to stimulate the high-end development of new materials industry.Then,the preferential tax policies for new material industry are sorted out,and the research and development investment,investment and tax burden of new material industry are analyzed,and the existing problems of the preferential tax policies for new material industry are summarized.Based on the empirical and total factor productivity as a high-end measure,new material industry to choose new material industry in 2013-2018 Shanghai and shenzhen listed companies as samples,using DEA-Malmquist estimates the total factor productivity of new materials listed companies change index,analysis of high-end,the trend of new material industry and build the 3 panel data model.The first will be a regression model of tax incentives and return on invested capital.The second is to establish a regression model of tax incentives and r&d investment.And the third one is to take tax incentives,r&d investment and return on invested capital as cross factors respectively,and construct two cross factors(tax incentives * r&d investment,tax incentives * return on invested capital)and establish regression models of total factor productivity of enterprises.The difference of incentive effect between direct tax preference and indirect tax preference is measured respectively.The empirical results show that :(1)tax incentives promote the rate of return on invested capital;Among them,the promotion effect of the preferential tax policy of direct tax is more obvious.(2)tax incentives have a certain incentive effect on r&d investment,among which the promotion effect of indirect tax incentives is slightly more significant than that of direct tax;(3)the preferential tax policy can promote the total factor productivity increase of the new material industry by reducing the capital cost and increasing the return on invested assets,but the effect of r&d investment is not obvious,and the promotion effect of the direct tax preference is obvious.Finally,based on the empirical results,the paper puts forward some Suggestions on the preferential tax policies of the new material industry based on the financial and tax environment in which the new material industry is located.On the one hand,the preferential tax policies for the new material industry should be inclined to indirect tax incentives,so that more new material enterprises can enjoy preferential policies.On the other hand,increasing tax incentives to introduce funds and encouraging reinvestment can also broaden investment channels and diversify investment forms.At the same time,we should also pay attention to the new material industry service supporting policies,such as financial interest discount,etc.,to further improve the new material industry tax incentives to provide a good social environment.