A Study On The Effect Of Tax Preferential Policies On The Financing Of Small And Medium-sized Enterprises

As an important part of market economy,small and medium-sized enterprises(SMEs)play an important role in both developed and developing countries.In China,the number of small and medium-sized enterprises accounts for more than 90%,and the jobs and taxes provided by them account for a large proportion of the economy.Although SMEs have made great contributions to China's social and economic development,due to the external environment and the reasons of SMEs themselves,the development process of SMEs is not smooth.Among them,difficult and expensive financing has always been a bottleneck restricting the development of small and medium-sized enterprises.In order to alleviate this problem,our government has also formulated relevant tax preferential policies to support,and has achieved some results.However,due to the large number of small and medium-sized enterprises in China,the development of complex and diverse,the financing difficulties of small and medium-sized enterprises have not been fundamentally alleviated.Firstly,this paper analyzes the theoretical basis of the influence of tax incentives on SMEs' financing,and expounds the theoretical basis of the government's intervention in SMEs' financing and the mechanism of the influence of tax incentives on SMEs'endogenous financing and exogenous financing.Secondly,it elaborates the current situation and reasons of financing difficulty,high financing costs and financing failure to meet the demand of small and medium-sized enterprises in China,and then sorts out and analyzes in detail of the tax preferential policies and existing problems related to internal financing and external financing of small and medium-sized enterprises in China.finds that there are some problems in the preferential policies,such as the stability needs to be strengthened,the form is relatively single,and the support to the suppliers of funds is limited.Thirdly,in order to measure the contribution of the preferential tax policies for small and medium-sized enterprises financing and how specific implementation effect,the article use new three board' small and medium-sized enterprises samples and panel data model,the empirical analysis under large sample data tax breaks for small and medium-sized enterprises endogenous and exogenous financing effect,The results show that the tax preferential policy has a significant effect on SMEs' endogenous and exogenous financing,and the effect of endogenous financing is greater than the effect of exogenous financing.Finally,according to the conclusion of theoretical analysis and empirical analysis,this paper puts forward some policy Suggestions to optimize the incentive effect of tax incentives in China.including strengthening the stability of tax preferential policies,increasing the diversity of preferential ways,properly improving the deduction standard of debt financing costs,increasing the tax preferential policies of fund suppliers,and improving the tax management service system of small and medium-sized enterprises.