Income Tax Preference,Market Pressure And Green Transformation Performance

Since the reform and opening up,China’s economic construction has made great achievements,and human social life has reached a new level.Manufacturing industry is one of the important industries in China,which plays an important role in China’s economic construction.But at the same time,as the main force of resource consumption and typical enterprise,the "two high and one low" characteristics of manufacturing industry have brought serious threats to the ecological environment.In modern China,economic growth was mostly at the cost of sacrificing the environment,facing the contradiction between the destruction of the ecological environment and the growth of economic benefits,which seriously restricted the development of China’s economy.Today,with the rise of the concept of sustainable development,the green transformation of industry has become the trend of the times.China’s manufacturing industry urgently needs to take the sustainable development path of energy conservation and emission reduction,green and low-carbon to achieve the comprehensive and healthy development of economic society and ecological civilization.In the process of optimizing the industrial structure,the manufacturing industry can not do without the promotion and support of the government departments.Giving full play to the core role of fiscal and tax policies,deepening the green transformation of enterprises has become an important issue of the times.At the same time,enterprises are faced with the double forces of product competition and expected performance in the market when entering the market.When making green transformation decisions,enterprise managers will be affected by market pressure and make conservative or radical decisions.This paper will study the relationship between income tax preference,market pressure and green transformation performance of manufacturing industry.First,it combed the relevant literature on green transformation and market pressure of enterprises,then defined the concepts of income tax preference,market pressure and green transformation,and combined with Pigou theory,sustainable development theory,green economy theory and other relevant theories,analyzed the mechanism of income tax preference and market pressure affecting green transformation of manufacturing industry.Finally,the existing comprehensive evaluation methods of green transformation performance are used for reference and optimization,and the available data are used to quantify the green transformation performance.In terms of empirical research,this paper takes 2181 Shanghai and Shenzhen A-share listed manufacturing enterprises as the research object,selects a total of data from 2011 to 2020 to explore the relationship between income tax preferences and green transformation performance of manufacturing enterprises,and analyzes the regulatory role of market pressure in the relationship between the two.The research results show that:(1)The quantitative results of green transformation performance show that the green transformation performance of China’s manufacturing industry has improved year by year from 2011 to 2020,but it has not yet achieved the desired effect,and it needs to further release the transformation and upgrading vitality.(2)The baseline regression results show that there is no multicollinearity among the main variables,and there is a significant positive correlation between income tax preferences and green transformation performance of manufacturing industry.It shows that income tax preferential policy,as an important method of national macro-control,is an effective way to promote technological innovation of enterprises and relieve financial pressure,and has a positive incentive effect on enterprises to enhance innovation vitality and drive technological innovation.(3)After the introduction of market pressure,market pressure,the interaction of income tax preference and market pressure is positively related to the green transformation performance of manufacturing industry,and the regression coefficient of income tax preference is further increased.It shows that when manufacturing enterprises face certain market pressure,the effect of income tax preference on the performance of green transformation of enterprises is more obvious,which stimulates the internal motivation of enterprises to carry out R&D innovation,thus promoting the green transformation of manufacturing industry.Further research found that:(1)In the heterogeneity test,state-owned enterprises and enterprises in non eastern regions have more significant positive effects on green transformation performance than non-state-owned enterprises and enterprises in eastern regions.(2)In the robustness test,the empirical test results by changing explanatory variables and narrowing the sample range are consistent with the baseline regression results,indicating that the model construction in this paper is reasonable and stable.(3)In the endogenous test,the method of income tax preference and other control variables lagging one period is used to conduct another empirical test.The results are basically consistent with the baseline regression results of Model 1,which further verifies the reliability of the empirical results of this paper.Finally,on the basis of theoretical research and empirical analysis,this paper puts forward relevant measures and suggestions for our government to improve the tax preference system and for manufacturing enterprises to promote the green transformation process: First,strengthen the tax preference incentive for manufacturing.We will increase the scope and strength of tax preference for the manufacturing industry,give play to the leading role of green transformation in the manufacturing industry,and then promote the green and healthy development of China’s overall industry.Second,formulate innovation oriented preferential income tax policies.We will link tax preference with substantial innovation achievements of enterprises,and strengthen the management and protection of innovation achievements.Third,improve the preferential income tax policies for enterprises with different property rights.We should fully consider the differences between enterprises and industries and strengthen the pertinence of policies.Fourth,strengthen tax incentives for enterprises in the non eastern region.We should continue to strengthen the R&D investment and protection of innovation achievements of enterprises in the central and western regions,and formulate more targeted tax relief measures in combination with the characteristics of economic development in the central and western regions.Fifth,enhance the stability and authority of preferential policies for enterprise income tax.The legislative department of our country can incorporate the preferential policies that play a better incentive effect in practical application into the enterprise income tax law through legal procedures to ensure the stability and authority of the preferential tax policies.Sixth,enterprises should pay attention to technological innovation and realize green development in all links.Enterprises should improve input and output efficiency and attach importance to the transformation of scientific and technological achievements.At the same time,we should adjust measures to local conditions and flexibly respond to external market pressure to enhance the core competitiveness of enterprises.