Study On The Influence Of Tax Burden On Total Factor Productivity Of High-Tech Enterprises

The report of the 20 th National Congress of the Communist Party of China proposes to focus on improving total factor productivity and regards it as one of the tasks within the major theme of promoting high-quality development.The driving force of economic growth urgently needs to be transformed,and the replacement of total factor productivity driven growth mode with factor input driven growth mode corresponds to the urgent task of transforming development mode.Based on this,how to stimulate R&D innovation enthusiasm,improve enterprise total factor productivity,and accelerate economic transformation has become an urgent problem to be solved.As an important means of regulating the economy,tax policies have been followed by various tax and fee reduction policies based on the current state of economic development.During the entire 13 th Five Year Plan period,the cumulative scale of tax reduction and fee reduction exceeded 7 trillion yuan,and the intensity of tax reduction was unprecedented.High tech enterprises,due to their high R&D investment and intensive innovation activities,are not only an important manifestation of the country’s independent R&D and innovation capabilities,but also an important driving force for achieving total factor productivity growth.Therefore,this article focuses on high-tech enterprises in China,and takes listed companies that have been continuously recognized as high-tech enterprises from 2016 to 2021 as the research object to study the impact of corporate tax burden on the total factor productivity of high-tech enterprises in China.The research content of this article is mainly divided into four parts.Firstly,in the theoretical analysis section,relevant research on tax burden,R&D investment,and total factor productivity is reviewed,and the overall effect and transmission mechanism of tax burden on total factor productivity are analyzed in detail.Next is the current situation description section,which analyzes the development status of high-tech enterprises and the tax policies related to high-tech enterprises that have been introduced in recent years.Thirdly,the empirical analysis part analyzes the relationship between variables by building a model,and uses the method of changing the core variable measurement method and changing the time length of panel data to test robustness.At the same time,the sample enterprises will be divided according to the nature and scale of property rights to conduct heterogeneity analysis.Finally,there is the conclusion and suggestions section,which draws research conclusions based on theoretical and empirical analysis,and provides corresponding suggestions based on the research conclusions.The final conclusion is as follows: Firstly,by analyzing the data on the tax paid by high-tech enterprises in recent years,it was found that since 2016,the tax burden of high-tech enterprises in China has been decreasing year by year,while the overall total factor productivity has shown an upward trend,indicating that the reduction of tax burden has played a role in improving the total factor productivity of enterprises.Secondly,through theoretical analysis,it has been found that reducing corporate tax burden can increase the company’s disposable cash flow,improve its risk response ability,attract external investment,and thereby promote research and development investment in high-tech enterprises.And high-tech enterprises’ R&D investment can improve their total factor productivity by optimizing resource allocation,transforming knowledge achievements,and replacing factors.Thirdly,the empirical analysis results of this paper show that the tax burden of high-tech enterprises has a direct impact on total factor productivity,and the mesomeric effect of R&D investment is also significant,indicating that the reduction of tax burden of high-tech enterprises promotes the increase of R&D investment,and thus improves total factor productivity.Fourthly,through heterogeneity analysis,this article finds that reducing tax burden has a more significant positive impact on total factor productivity for state-owned and large-scale high-tech enterprises.Fifth,propose targeted suggestions based on the empirical results.