Research On The Relationship Between Tax And Fee Reduction And Enterprise Innovation Performance

Under the background that China has entered a new stage of economic development,the economic development model is gradually changing from extensive factor driven to innovation-driven,and innovation efficiency has also become a hot topic in the society.Innovation efficiency is of great significance to the innovation development and competitive advantage of enterprises.Due to the externality of innovation,the innovation efficiency of enterprises is largely affected by the tax burden.However,there are still few studies on the innovation efficiency of enterprises based on the tax burden.Studies have shown that tax burden,as an inevitable economic loss for enterprises,has a significant impact on corporate performance,resource allocation,financial strategy management and earnings management.Different from the existing studies,this paper links the tax burden and enterprise innovation efficiency based on the market failure theory,government intervention theory and endogenous growth theory,and explores the relationship between the two.This paper firstly reviews and summarizes the literature on tax burden,innovation efficiency,tax burden and enterprise innovation in detail.Then,on the basis of literature review,based on market failure theory,government intervention theory and endogenous growth theory,this paper specifically analyzes the influence mechanism of tax burden on enterprise innovation efficiency and puts forward research hypothesis.Subsequently,China’s A-share listed companies from 2012 to 2019 are taken as the research samples,and the research data are collected by Wind database and CSMAR database,and the proposed research hypotheses are empirically tested.The test results show that:(1)Under the same conditions,there is A significant negative correlation between tax burden and enterprise innovation efficiency.In other words,the lower the tax burden,the higher the innovation efficiency of enterprises.(2)The effect mechanism of tax burden on enterprise innovation efficiency lies in the financing constraint mechanism and the industry competition degree mechanism,that is,the reduction of tax burden improves the innovation efficiency of enterprises through the two paths of easing financing constraints and improving the degree of industry competition.(3)The effect of tax burden on enterprise innovation efficiency is heterogeneous.At the level of heterogeneity of internal characteristics of enterprises,the reduction of tax burden has a more significant effect on promoting innovation efficiency of non-state-owned enterprises and large-scale enterprises;at the level of external environment heterogeneity,This promotion effect is mainly reflected in enterprises in regions with a higher degree of marketization and intellectual property protection.(4)Based on the analysis of tax burden detailed by tax structure,it is found that both the turnover tax burden and income tax burden negatively affect the innovation efficiency of enterprises,and the income tax burden has a more significant effect on the innovation efficiency of enterprises.This paper discusses the impact of tax burden on enterprise innovation efficiency from the theoretical level,and supplements the existing literature on the influencing factors of enterprise innovation efficiency.At the same time,from the perspective of enterprise innovation efficiency,it broadens the research perspective on the economic consequences of tax burden.At the practical level,this paper explores the impact of tax burden on innovation efficiency from the perspective of enterprises,so as to provide reference for the government to formulate macro tax policies,and at the same time,provide suggestions for enterprises to establish innovative research and development mechanism and improve industrial system.