| Since the "14th Five-Year Plan",my country has been vigorously advocating to give priority to the development of advanced manufacturing enterprises in order to make them the mainstay that supports real economy development.To promote the high-quality development of advanced manufacturing enterprises,it is crucial to help them improve their total factor productivity level.To this end,the government has formulated a series of relevant macro-control policies,including preferential tax policies.Theoretically,preferential tax policies can make up for market failures,reduce business operating costs,ease corporate financing constraints,and increase after-tax returns,thereby stimulating technological progress and realizing economies of scale.enhancement.However,there is still a lack of empirical evidence on whether preferential tax policies will have a positive impact on the improvement of total factor productivity of advanced manufacturing enterprises.In view of this,this thesis is based on the data of advanced manufacturing listed companies from 2007 to 2018,empirically analyzes the influence of China’s preferential tax policies on the total factor productivity of advanced manufacturing enterprises,and puts forward targeted suggestions for adjusting and improving preferential tax policies according to the research results.First of all,through combing the relevant literature,the current research status is elaborated,and the deficiencies in the research are pointed out.On this basis,the research ideas and methods of this thesis are established.Secondly,this thesis simply defines the key vocabulary concepts involved in this thesis,and summarizes the mechanism of tax incentive policies affecting enterprise total factor productivity based on relevant theories,so as to put forward the research hypothesis of this thesis.Furthermore,this thesis sorts out the preferential tax policies for advanced manufacturing enterprises,and points out the existing problems;by fitting the change trend of tax preference degree and total factor productivity,it is preliminarily concluded that there is a positive relationship between tax incentives and total factor productivity.The differences in the total factor productivity of advanced manufacturing enterprises of different scales,property rights,and life cycles pave the way for the subsequent empirical research.In the end,using the individual-time bidirectional fixed effect model,this thesis empirically examines the impact of tax incentives on total factor productivity of advanced manufacturing firms from the perspective of income tax and turnover tax,and explores the transmission mechanism of the impact from two aspects of human capital investment and financing constraints.Heterogeneity analysis is carried out from three aspects: the nature of enterprise ownership,the size of the scale,and the life cycle.The study found that both income tax concessions and turnover tax concessions can promote the improvement of total factor productivity of advanced manufacturing enterprises by encouraging enterprises to increase human capital investment and ease financing constraints.Mature enterprises are more significant.To this end,based on the empirical evidence and combined with the current analysis of the existing problems of preferential tax policies,this thesis proposes the following three types of targeted recommendations: In terms of policy design,comprehensively assess the space for preferential tax policies,improve the preferential policies for circulation tax,and increase the intensity and scope of income tax incentives.Formulate differentiated tax policies;at the policy implementation level,strengthen guidance and publicity,optimize tax service and collection and management,and establish a follow-up mechanism to effectively enhance the sense of tax preference for advanced manufacturing enterprises;In terms of policy support,supporting measures such as talent policy,financial marketization reform and property rights protection system should be improved. |
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