Research On The Effect Of Enterprise Tax And Fee Burden On Enterprise Financialization

With the continuous decline of China's macro-environment economic growth,in recent years,China's real enterprises are facing serious problems of overcapacity and mismatch between supply and demand,which leads to the development of real economy more and more difficult.The burden of corporate tax and fee is an important deduction of profits,and the increase in the burden of tax and fee will prompt companies to seek additional profit compensation.With the rapid development of financial industry in China,the gap between the return on investment of traditional industrial enterprises and that of financial industry has gradually widened.As a result,more and more productive capital has turned into financial assets,leaving the main business and deepening the degree of enterprise finance.As an effective counter cyclical policy,tax policy can play an important role in avoiding financial risks and boosting the real economy.On the theoretical level,this paper helps to enrich the current domestic discussions about whether tax and fee reductions can alleviate the financialization of enterprises and provide further evidence.On the practical level,the research results of this paper will help to enrich the ability of tax policy to play a regulatory role,and hope to further adjust the enterprise tax policy based on this,so as to stimulate the vitality of the real enterprise production market and avoid the occurrence of systemic financial risks.Therefore,this paper puts forward the main factors that affect the financialization of enterprises through theoretical analysis.And combine empirical analysis methods to test whether the tax and fee burden has an impact on corporate financialization.First,this article analyzes the theoretical basis of government intervention in financial markets to play a role in tax regulation,and explores the mechanism by which the tax and fee burden affects corporate financialization.Secondly,it expounds the current situation of tax and fee burden and financial degree of A-share listed companies in China's manufacturing industry.Thirdly,in order to measure whether and to what extent the tax and fee burden of A-share listed companies in China's manufacturing industry has an impact on their financial level,this paper constructs a five-year time panel to test the impact of various factors on the financial level of enterprises.The results show that the financial level of A-share listed companies in manufacturing industry will gradually rise with the increase of tax and fee burden.Finally,this paper puts forward the corresponding policy recommendations for the above analysis:In terms of reducing taxes and fees,the first is to deepen the reform of tax system;the second is to rectify non tax revenue;the third is to adopt differentiated tax management.Regarding related supporting reforms,the first is to moderate the credit policy;the second is to encourage the implementation of executive equity incentives;the third is to encourage the strengthening of main business capabilities.