Research On The Influence Of The Supply-side Structural Reform On The Value Of Manufacturing Enterprises

The manufacturing industry is the cornerstone of the national economy development,and it is also the important reflection of the national competitiveness.For the development of the national economy,the manufacturing industry plays a prominent role.In the last 40 years of Reform and Opening-up,the vigorous development of Chinese manufacturing industry has effectively promoted the development of Chinese economy.However,with the increasing volume of Chinese economy and the world economy is still in a weak period,the recovery is still heavy and slow,which brings great challenges to the further development of Chinese economy.In the new period of economic development,the central government has put forward the important measures of "the supply-side structural reform",which has great significance to adjust the economic structure and stabilize the economic growth.For this reform,the existing literatures are mostly from a relatively macro perspective to elaborate the significance of this reform for the development of Chinese economy,but less literature is from a micro perspective to analyze the impact of the supply-side structural reform for the enterprises,especially for the manufacturing industry.However,it is necessary to research the combination of the macro reform and the enterprises.Therefore,this paper studies the impact of the supply-side structural reform on the value of manufacturing enterprises by combining the reform tasks of "Three go,one drop,one supplement" which closely related to the manufacturing industry,which provides theoretical support and empirical evidence for the enterprises response positively and the governments promote the reform.This paper focuses on the impact of the supply-side structural reform on the manufacturing industry.Firstly,by carding the existing literatures and summarizing the theory of the enterprise value,the capital structure,the tax and the innovation,they were laid the foundation of this paper.Secondly,it analyzes the current development situation,problems and future development trend of Chinese manufacturing industry.Thirdly,it analyzes the necessity of the supply-side structural reform and the Mechanism of action of supply-side structural reform for the manufacturing industry.Fourth,it analyzes the impact of the deleveraging,the costreduction and the improving innovation on the value of manufacturing enterprises in theory.Finally,it makes the empirical study by the structural equation modeling and the difference – in – differences method to draw the final conclusion.Through theoretical analysis and empirical analysis,this paper draws the following conclusions:(1)The increase of enterprise leverage level will reduce the enterprise value directly,while the increase of enterprise leverage level will increase the actual tax burden of the enterprises and reduce the enterprise innovation investment,and then affect the enterprise value through the change of these two factors indirectly.(2)The increase of the actual tax burden of the enterprise will reduce the enterprise value directly,and the increase of the actual tax burden of the enterprise will reduce the enterprise innovation investment,and then affect the value of the enterprise indirectly.(3)The increase of enterprise innovation investment will increase the enterprise value directly.(4)The supply-side structural reform plays a significant role in high pollution and high energy consumption industries.