The Impact Of Corporate Income Tax Burden On Total Factor Productivity Of High-tech Manufacturing Industry

At present,our country’s economic development backbone is the manufacturing industry,and the high-tech manufacturing industry,as the technology intensive industry in the manufacturing industry,is the forerunner of manufacturing innovation,and the key driving force of economic development.In order to develop into manufacturing power,technological breakthrough,transformation and upgrading of high-tech manufacturing industry are indispensable.In recent years,our country has adopted a series of active fiscal and taxation policies aimed at promoting technological progress,efficiency improvement and total factor productivity of high-tech manufacturing industry,among which tax incentives are the most important incentive methods.Corporate income tax is the main source of national financial revenue,and also a part of the surplus products of enterprises.Therefore,our country has introduced several preferential policies including additional deduction of R&D expenses and accelerated depreciation of fixed assets,aiming to reduce the tax burden of high-tech manufacturing industry.So,whether reducing the tax burden of corporate income tax can improve its total factor productivity,and whether this effect will be affected by the regional,property right and time span differences of enterprises,has attracted extensive attention in the academic community.This paper adopts the method of literature research,empirical research and comparative analysis to focus on whether there is a significant negative inhibitory relationship between the corporate income tax burden and the total factor productivity of high-tech manufacturing industry.First of all,by combing and summarizing relevant domestic and foreign literature,grasp the research status of the impact of corporate income tax burden on total factor productivity.Secondly,analyzes the development status of our country’s high-tech manufacturing industry.At the same time,based on the current tax laws and regulations,the relevant corporate income tax preferential policies are sorted out and subdivided according to the preferential methods.Again,from the theoretical analysis of corporate income taxes on high technology manufacturing mechanism on the impact of total factor productivity: taxes through increased investment in research and development,corporate income tax,reduce the risk of research and development and increase human capital investment to improve the enterprise technological progress,pure technical efficiency and scale efficiency,eventually improve the total factor productivity.For empirical analysis,this paper selects 366 high-tech manufacturing companies listed on Shanghai and Shenzhen A-shares from 2014 to 2021.Through the establishment of a fixed effect model,this paper empirically tests and analyzes the impact of corporate income tax burden on the total factor productivity of high-tech manufacturing industry.This paper draws the following conclusions :(1)There is a negative correlation between the corporate income tax burden and the total factor productivity of high-tech manufacturing industry;(2)According to the heterogeneity analysis results,we can see that compared with the eastern region,the reduction of corporate income tax has a more significant role in promoting the total factor productivity of high-tech manufacturing enterprises in non-eastern regions;Compared with state-owned enterprises,the reduction of corporate income tax has a more significant role in promoting the total factor productivity of non-state-owned high-tech manufacturing enterprises;Compared with the time span from 2014 to 2017,the reduction of corporate income tax will promote the total factor productivity of high-tech manufacturing industry more significantly in the period from 2018 to 2021;(3)The robustness test was conducted by shortening the sample age,replacing the measurement method of explained variables,and eliminating the influence of special events,which verified the reliability of the research conclusions.Based on the results of the empirical analysis and combined with the current situation of our tax system,the following reasonable suggestions are proposed: One is to deepen the reform of the corporate income tax,reduce the legal tax rate of the corporate income tax;Second,increase R&D related preferential efforts to promote technological innovation of enterprises;Third,formulate differentiated preferential policies for corporate income tax.These suggestions are of great significance for improving the accuracy of the incentive effect of reducing the tax burden of corporate income tax on the total factor productivity of high-tech manufacturing industry.