Corporate Tax Burden,Growth Of Corporate And The Capital Labor Ratio

Manufacturing,as the source of national economic development,the main force of the real economy,must bear the burden of forming economic growth with Chinese characteristics and shaping the new advantages of international competition.In recent years,the domestic and foreign economic competition pressures faced by the manufacturing industry have been increasing,and the domestic industrial investment situation is not ideal.Therefore,how to stimulate the vitality of industrial investment and promote the development of manufacturing production has become the key to the national economic growth..Relevant government departments of our country have also formulated a number of preferential tax policies in response to this phenomenon,focusing on reducing the burden of manufacturing costs.Existing scholars have found that the effect of policy-oriented tax cuts has really affected the investment choices of enterprises.At the same time,in the context of the continuous disappearance of the demographic dividend,based on the consideration of the "cost-benefit" principle,enterprises will steadily increase the investment proportion of machines and other equipment while reducing the investment in alternative ordinary labor.The phenomenon of capital labor substitution produced by the intelligent manufacturing production model has attracted the attention of society and scholars.Therefore,this paper mainly studies the relationship between the reduction of tax burden and the impact of enterprise capital labor substitution choices.The research results of this issue will provide an important basis for the improvement of national fiscal and tax policy formulation and the choice of enterprise investment management.After combing the relevant research literature and the theoretical analysis of the interaction between the two,this paper selects the manufacturing companies listed in Shanghai and Shenzhen A shares from 2010 to 2018 as the research object.The research content is mainly developed from the following three aspects:first,Prove the correlation between the corporate tax burden and the choice of corporate capital labor substitution,and find the difference in impact between the central and western regions and the eastern region through comparative analysis of geographical regions;The moderating effect of the relationship;third,further analyze the effect of the degree of capital labor substitution on the enterprise value.The study found that:(1)The indirect effect of corporate tax burden on its own investment choices is greater than the direct effect,and the reduction of tax burden affects corporate fixed assets through three indirect ways of reducing corporate capital costs,increasing corporate cash flow and output demand Related investment choices,and thus significantly enhance the degree of enterprise capital labor substitution.And through the geographical area grouping study,it is found that compared with the central and western regions,the reduction of tax burden on the promotion of capital labor substitution is more significant in the eastern region.(2)Enterprises with a higher level of growth have stronger resource integration capabilities,which further promotes the negative impact of the relationship between corporate tax burden and the degree of capital labor substitution.(3)An in-depth study found that the degree of capital labor substitution does not completely positively affect the enterprise value,and there is an"inverted U" influence relationship between the two.The innovation of this article is to use the real data of manufacturing companies in recent years to conduct empirical research to deeply explore the social hot topic of enterprise capital labor substitution.The research conclusions drawn from this can help the government recognize corporate tax burden and capital The impact of labor substitution provides a theoretical basis for the formulation of future fiscal policies,understands the practical significance of tax cuts for corporate investment choices and development,and pays attention to the substitution effect in society;on the other hand,research can also help companies truly understand Capital labor substitution,while discovering the impact of tax burden on investment decisions,pay attention to the economic consequences of capital labor substitution,and then reflect on the deficiencies of its own existing asset allocation.In addition,through in-depth research,this paper finds the effect of growth on enterprise investment choices,and also provides theoretical support for relevant decision-making in the future.Finally,this paper passed the robustness test on the basis of empirical research,and through the conclusions of the research,put forward recommendations:For the government,in order to increase the vitality of production and investment in manufacturing enterprises,it is necessary to further implement scientific tax reduction policies and improve supervision policies.To ensure social stability and harmony,we must also focus on the social security system arrangement for the unemployed;for enterprises,in the process of technological progress,we must continue to strengthen the professional training of high-end technical talents to enhance synergy,and focus on investment Improve the decision-making system and pay attention to the scientific nature of asset use management to maximize the value of corporate.