On The Preferential Tax Policy Promotes High-quality Development Of China’s Manufacturing Enterprises

The manufacturing industry plays an important role in the prosperity of China’s economy.It has an important relationship with a country’s economic development.However,the current international trade environment is complex,and the manufacturing industry is also facing certain challenges,which are both challenges and opportunities.At this critical moment,whether the manufacturing industry can break through many obstacles and achieve high-quality development has become a topic of great concern.Tax preference is an important way for the state to regulate the economy and promote the development of enterprises.Adjusting and optimizing the current tax preference policy can better help the high-quality development of the manufacturing industry and effectively promote the high-quality development of the national economy.At present,there are many studies on the tax policies to promote the development of manufacturing enterprises and the high-quality development of the economy in China,but there are few studies on the tax preferential policies to promote the high-quality development of manufacturing enterprises.This paper will systematically discuss the issue of high-quality development of manufacturing industry from both theoretical and empirical aspects,which will further improve and enrich the theoretical system of high-quality development of manufacturing industry.Firstly,through combing and studying the domestic and foreign literature,summarize the relevant articles about the high-quality development of manufacturing enterprises and the incentive effect of tax preferential policies on enterprises.Understand and apply market failure theory,endogenous economic growth theory and tax incentive theory,explore the internal logic of tax preferential policies and highquality development of enterprises,and further study the mechanism of tax preferential policies on high-quality development of manufacturing enterprises.Secondly,through the analysis of the development status of manufacturing enterprises in China and the relevant tax preferential policies,the problems of manufacturing enterprises are found.Combined with the practice of tax preferential policies for highquality development of foreign manufacturing enterprises,the paper summarizes and analyzes its experience and practices,and provides ideas for the optimization of tax preferential policies for high-quality development of Chinese manufacturing enterprises.Finally,this paper uses the public information data such as Guotai Junan CSMAR database,WIND database and the annual report of listed companies from2005 to 2021.Using the two-way fixed effect model,this paper studies the impact of tax preferences on the high-quality development of manufacturing enterprises.The results show that:(1)tax preferences have a positive effect on the total factor productivity of manufacturing enterprises,that is,the increase of tax preferences will promote the increase of total factor productivity,and further promote the high-quality development of manufacturing enterprises;(2)According to the analysis of the heterogeneity of the nature of property rights,tax preferences have a greater impact on the high-quality development of state-owned enterprises;(3)The tax preference has a positive effect on manufacturing enterprises to increase R&D investment,and it indirectly promotes the high-quality development of enterprises by making manufacturing enterprises increase R&D investment.Finally,according to the actual situation of our country and the shortcomings of our current tax preferential policies,we put forward constructive policy suggestions from the perspectives of consolidating tax preferential policies,focusing on research and innovation achievements,optimizing tax preferential policies with different property rights,and improving the authority and stability of tax preferential policies.