Research On The Impact Of VAT Rate Reduction On The Development Capacity Of Manufacturing Enterprises

The Manufacturing industry is the main body of the real economy,improving the development capabilities of manufacturing enterprises is conducive to stabilizing the development of the manufacturing industry.Manufacturing enterprises have created huge employment space,are important engines of economic growth,and hold a significant position in the national economy.With the deep-going of the reform and transition of the economic system,to reduce corporate tax burden,the government has continuously proposed policies to reduce taxes and fees.As the largest tax type in my country,VAT reduction has always been an important part of tax reduction and fee reduction.Among them,the reduction of the VAT rate is a tax reduction.Therefore,studying the influence of the VAT rate reduction policy on the development capacity of manufacturing enterprises has important meaning.The significance of this study is to provide direct empirical evidence for the influence of policies on the development capabilities of manufacturing enterprises.On the one hand,this paper studies the development capabilities of manufacturing enterprises,draws conclusions and puts forward suggestions at the enterprise level,which can provide directional reference for the development of related enterprises.On the other hand,through empirical analysis,this paper analyzes the influence of the policy influence on the development capacity of enterprises,which can reflect the implementation effect of the VAT rate reduction policy and provide a reference for the next adjustment of the VAT rate.At the same time,this paper has a certain innovation type.From the perspective of innovation,this paper takes the reduction of the value-added tax rate as the starting point of observation,and analyzes its influence on the development capacity of manufacturing enterprises.At the same time,in the empirical analysis,this paper uses the seasonally adjusted quarterly data for correlation analysis,which can more clearly reflect the implementation effect of the policy.And from the perspective of heterogeneity,it empirically analyzes the influence of the reduction of the value-added tax rate on the development capabilities of manufacturing enterprises of different ages,different ownership properties and different regions,which enriches the analysis results.This paper takes the VAT rate reduction policy in 2018 and 2019 as a natural experiment,and takes the data of A-share listed manufacturing companies and listed companies in non-financial industries with a tax rate of 6%as samples,and conducts relevant processing.Select the indicators to measure the development ability of manufacturing enterprises,and use the double difference method to analyze the influence of the reduction of the tax rate on the development ability of manufacturing enterprises.The study found that,with other conditions remainingunchanged,reducing the tax rate can significantly improve the development ability of manufacturing enterprises.In addition,this paper also conducts heterogeneity analysis.From various perspectives,mature manufacturing enterprises,non-state-owned manufacturing enterprises,and manufacturing enterprises in the eastern region are more affected by the VAT reduction policy,and the secondary empowerment has achieved remarkable results.At the same time,based on the analysis and conclusions of this paper,relevant suggestions are put forward from both the government and the enterprise level.This paper believes that the government can further optimize the structure of the value-added tax rate,maintain the long-term and continuous tax reduction policy,consider the heterogeneity,and implement diversified tax reduction.enterprises should grasp the policy dividend,scientifically plan economic business,strengthen tax knowledge training,and improve the professional level of financial personnel.