Research On The Effect Of Tax Uncertainty On Total Factor Productivity Of Enterprises

Due to the huge amount of policy documents,frequent policy adjustment,tax elements and tax policy presentation complexity,the uncertainty of tax policy level is caused.At the same time,under the taxation task system,the strategic collection behavior will also cause uncertainty of tax collection.Therefore,based on the uncertainty of policy and collection and management,enterprises will face an unstable external tax environment.Tax revenue reflects the government’s regulatory will,and it is also an important part of the business environment.A stable tax environment provides impetus for the development of enterprises.In the process of promoting economic transformation,how to create a good external tax business environment for enterprises and help them achieve the improvement of Total Factor Productivity is a topic worthy of in-depth study and discussion.Based on the external objective facts of tax uncertainty and the practical requirement of high quality economic development,this paper discusses the effect of tax uncertainty on enterprise total factor productivity and its mechanism.This paper takes the period from2009 to 2019 as the research period,and takes the coefficient of variation of the effective tax rate of enterprise income tax as the measurement index of tax uncertainty to study the relationship between tax uncertainty and enterprise TFP.The empirical results show that tax uncertainty has a negative effect on TFP.In order to ensure the reliability of the regression results,the measurement index of tax uncertainty is replaced in this paper,and the standard deviation of the effective tax rate of income tax and the standard deviation of the comprehensive tax burden of enterprise are used to measure,and the measurement results are still robust.The index of enterprise TFP was recalculated by OP and OLS method,and the measurement results were still robust.In order to eliminate the missing variables of industry and province,the interaction terms of industry,province and year,as well as the interaction terms of year * industry * province are added in this paper,and the measurement results are still robust.Finally,in order to exclude endogeneity,tax uncertainty with one period lag is selected as instrumental variable,and the results are equally robust.On the basis of confirming the significant negative effect of tax uncertainty on enterprise TFP,this paper explores the influence mechanism of tax uncertainty on enterprise TFP from three aspects: financing constraint,enterprise internal control level and R&D investment.Firstly,it verifies that tax uncertainty affects TFP by influencing the financing constraints of enterprises.Specifically,when enterprises are faced with uncertain tax environment,they tend to hold more cash to cope with unexpected tax expenditures,thus increasing the financing constraints faced by enterprises and leading to the decline of TFP.Secondly,it verifies that tax uncertainty affects TFP by influencing internal control of enterprises.Specifically,when faced with tax uncertainty,enterprises tend to reduce corporate risks through rent-seeking behaviors,thus reducing the level of internal control and leading to the decline of TFP.Finally,it is verified that tax uncertainty affects TFP by influencing R&D investment.Specifically,when enterprises are faced with uncertain tax environment,they tend to adopt conservative strategies and are reluctant to take risks to improve their innovation ability,thus affecting their TFP.On the basis of studying the negative effect of tax uncertainty on TFP and its influencing mechanism,this paper further analyzes the heterogeneity.Heterogeneity analysis shows that tax uncertainty has different effects on TFP under different government-enterprise relationships and enterprises’ own characteristics.The results are as follows:(1)non-state-owned enterprises and non-politically affiliated enterprises are more susceptible to tax uncertainty;(2)Non-high-tech enterprises,small and mediumsized enterprises TFP are more susceptible to tax uncertainty.This paper analyzes from the perspective of tax uncertainty,directly studies the impact of tax uncertainty on enterprise TFP,makes clear the influence channels behind the inhibition of tax uncertainty on enterprise TFP,and provides a study on the impact of government-enterprise relationship and enterprise characteristics on enterprise total factor productivity.The study of this paper is a further expansion of the impact of tax uncertainty on micro enterprises,and explores the external factors affecting the transformation and upgrading of enterprises,which is conducive to providing help for the government to improve the tax reform,improve the enterprise tax environment and promote the enterprise transformation.At the same time,this paper puts forward related suggestions to reduce the tax uncertainty in our country,reduce the tax uncertainty in our country is to raise the tax norm,realize "tax collection","tax administration" effectively.