Research On The Effect Of Tax Burden On Growth Of Small And Medium-sized Enterprises

Small and medium-sized enterprises(SMEs)are important carriers of mass entrepreneurship and innovation.They play an irreplaceable role in scientific and technological innovation,increasing employment and promoting economic growth.However,in the proeess of rapid development of small and medium-sized enterprises,there are some phenomena,such as low survival rate,short average life span and so on,forming a general situation of weak growth.In order to explore the reasons,this paper starts with the tax burden,which is an important factor affecting the development of enterprises,and examines the effect of tax burden on the growth of small and medium-sized enterprises,with a view to putting forward suggestions for promoting the development of small and medium-sized enterprises from the aspect of tax policy.Based on the transmission mechanism of capital cost,this paper mainly analyses the impact mechanism of tax burden on enterprise growth,and through empirical test,examines the specific effect of tax burden on enterprise growth and whether the effect is realized through the intermediaiy variable of investment,thus drawing the conclusion of this paper.Based on this,this paper selects all listed companies in the GEM and SME boards that meet the criteria of SME elassifieation from 2013 to 2017 as research samples,thi5 paper chooses two variables,comprehensive tax burden and income tax burden,and establishes empirical tests with the growth of enterprises,compares and analyses the impact of these two variables,and introduces investment as an intermediary variable.Mediation effect test Through the verification of this paper,we can draw the following conclusions:First,the negative relationship between the income tax burden of SMEs and the groMrth of enterprises is negative,that is,the higher the income tax burden,the weaker the growth of enterprises,and the negative income tax hinders the growth of enterprises.Secondly,the comprehensive tax burden of SMEs hinders the growth of enterprises more strongly than the income tax burden.The main reason is that the comprehensive tax burden includes all kinds of tax and fee burdens of enterprises.Besides income tax,it also includes indirect tax and related fees which need to be paid in the process of production and operation of enterprises.These taxes and fees have a significant impact on cash flow and profits of enterprises,and thus have a stronger impediment to the comprehensive growth of enterprises.Thirdly,the impact of tax burden on SMEs' growth is mediated by investment.On the basis of regression test,this paper uses causal step method to test the intermediary effect of investment variables,and finds that investment has a complete intermediary effect between tax burden and enterprise growth.This verifies the transmission mechanism of capital cost in theoretical analysis,explains the mechanism of tax burden on enterprise growth,and also verifies the research hypothesis put forward in this paper.