| Total factor productivity is a key indicator to measure the high-quality development of China’s economy,and the improvement of total factor productivity is also the key to realize the transformation of China’s economic development mode and an important tool to realize the reform of China’s economic system.Tax policy,as an important means for the government to achieve high-quality economic development,affects the development of China’s economy.Therefore,it is crucial to study the relationship between tax incentives and total factor productivity.In addition how tax incentives affect total factor productivity and the ways to achieve it are also the focus of this paper.In view of this,this paper studies the economic effects of China’s tax preferential policies from a micro perspective and from the perspective of the real economy,and explores the path of tax preferential policies on the total factor productivity mechanism of enterprises,in order to propose specific and targeted policy tests,so as to promote the development of enterprise production and the high quality development of China’s economy.This paper firstly compares the research results of tax incentives on enterprise total factor productivity from four perspectives: tax incentives,enterprise total factor productivity,tax incentives on enterprise total factor productivity and their mediating effects,and conducts a literature review to lay the foundation for the theoretical research later on.Next,the theoretical overview of tax incentives and enterprise total factor productivity and the mechanism path of tax incentives on enterprise total factor productivity are constructed,and the two-day path of R&D investment and enterprise investment on enterprise total factor productivity are theoretically analyzed and the research hypothesis of this paper is put forward,namely,tax incentives improve total factor productivity of manufacturing enterprises,promote R&D investment and fixed asset investment of manufacturing enterprises And R&D investment and fixed asset investment play a mediating effect in tax incentives on total factor productivity of manufacturing enterprises.For the analysis of the current situation of this paper,the tax preferential policies for manufacturing enterprises in China are sorted out according to the different ways of tax preferences,and the defects of the existing tax preferential policies,such as insufficient strength and scope of preferences,unscientific preferential methods and low legal level,are analyzed,and the overall analysis and heterogeneity analysis of the current situation of total factor productivity of manufacturing enterprises in China from 2000 to 2021 are conducted respectively,and the results show that The total factor productivity of manufacturing enterprises generally shows an upward trend.In terms of empirical analysis,this paper selects the panel data of A-share listed manufacturing companies from 2000 to 2021,constructs a fixed-effects model,conducts overall and mediating effects regressions on tax incentives and total factor productivity of manufacturing enterprises,and discusses the differences in the effects of tax incentives on total factor productivity of different manufacturing enterprises by enterprise size,nature of property rights and regional grouping.The basic regression results show that tax incentives can improve the total factor productivity of manufacturing enterprises,and the intermediary effect regression results show that R&D investment plays a significant intermediary effect in the influence of tax incentives on the total factor productivity of manufacturing enterprises,while fixed asset investment does not play an intermediary effect;the heterogeneity analysis results show that the total factor productivity incentive effect of tax incentives on small-scale enterprises,state-owned enterprises,and manufacturing enterprises in the eastern region is more significant.productivity of small-scale enterprises,state-owned enterprises and manufacturing enterprises in the eastern region is more significant.Finally,based on the previous study,the suggestions of increasing tax incentives,transforming tax incentives,improving the content of tax incentives,and raising the level of policy legislation are proposed in order to improve the total factor productivity of manufacturing enterprises in China,promote the development of the real economy,and promote high-quality economic development. |
