| Currently,China has entered a new stage of development,and its economic drive has shifted from factor driven and investment driven to innovation driven."Made in China 2025" proposes to upgrade from "Made in China" to "Smart in China",systematically planning for high-quality development of the manufacturing industry.In recent years,with the continuous development of the global economy and the accelerating process of globalization,China is undergoing industrial restructuring,and the demographic dividend is gradually weakening,Enterprises need to make more efficient use of existing labor and resources,but at the same time,due to positive externalities,the R&D investment in the manufacturing industry is always lower than the maximization of social welfare.In order to promote enterprise technological transformation,support enterprise innovation,and improve enterprise production efficiency,studying the impact of tax reduction incentives on total factor productivity of manufacturing enterprises can provide some guidance for China to formulate tax preferential policies,It is used to improve the total factor productivity of the manufacturing industry,facilitate the shaping of core competitiveness in the market,enhance the enthusiasm of enterprises,and promote high-quality economic development.This article first constructs an analytical framework for the mechanism of tax incentives on total factor productivity(TFP)in manufacturing.First,it analyzes the general mechanism of tax incentives on TFP,and analyzes the transmission mechanism of tax incentives on TFP in manufacturing from the perspective of research and development investment.Based on the data of 2357 listed manufacturing companies from 2000 to 2021,a multiple regression model is established,Using the LP method to measure the total factor productivity of the manufacturing industry,based on descriptive statistics,the following conclusions are drawn:(1)Tax reduction incentives have a significant promoting effect on the total factor productivity of the manufacturing industry.(2)R&D investment has passed the intermediary effect,and tax reduction incentives have improved the total factor productivity of enterprises by promoting their R&D investment.(3)There is heterogeneity in the incentive effect of tax cuts on total factor productivity in the manufacturing industry.The promotion effect varies for enterprises of different natures.The promotion effect for private enterprises is better than that for state-owned enterprises.At the same time,the incentive effect varies for enterprises located in different regions,with the highest level of incentive in the western region and the lowest level in the central region.Based on theoretical and literature analysis,as well as empirical analysis,this article finally proposes suggestions for optimizing tax policies for manufacturing enterprises in China.(1)Policy formulation should consider coherent,targeted,and long-term sustainable development.(2)We need to increase incentives for tax cuts in the manufacturing industry,and propose suggestions from both income tax and turnover tax to stimulate the innovative vitality and motivation of enterprises.(3)Further strengthen the targeting of tax reduction incentives,and strengthen incentives for state-owned enterprises and enterprises in the central and western regions. |
