Research On The Impact Of Tax Reduction Policy On The High-quality Development Of Enterprises

The 2018 government work report first proposed the concept of high-quality development.In order to achieve the ambitious goal of comprehensively building a socialist country,high-quality development has become an important grip for promoting economic development in the new era,and is also the only way forward for the new development concept.For the country,high-quality development is not only an inevitable requirement for the healthy development of China’s economy,but also an inevitable measure to adapt to the changes in China’s main contradictions and comprehensively build a modern socialist country.For enterprises,achieving high-quality development is not only a response to the new requirements of China’s new economic growth mode,but also a key measure to encourage enterprises to change their production and operation methods and improve their profitability.With the increasing demand of the people for a better life,consumers are increasingly looking forward to high-quality and affordable products,and they have also put forward higher requirements for product quality.Enterprises are facing further intensified market competition.In this context,enterprises need to improve their technological innovation capabilities and core competitiveness,improve production,operation,and management methods,improve resource allocation efficiency and fund utilization efficiency,focus on the introduction and cultivation of scientific and technological talents,provide intellectual support for their own development,and adhere to the path of high-quality development.Tax is a powerful policy tool for the country to conduct macroeconomic regulation and control,and tax burden is an important factor affecting the development of enterprises.The implementation of tax reduction policies helps to share business risks,increase cash flow,and ensure the stability of the production and operation capital chain of enterprises.Giving full play to the regulatory role of tax policies is conducive to reducing the tax burden on enterprises and promoting high-quality development of enterprises.This article selects data from A-share listed companies from 2008 to 2020 and constructs a fixed effect model to study the impact of the implementation of tax reduction policies on high-quality development of enterprises.The research results show that the implementation of tax reduction policies can reduce the comprehensive tax burden of enterprises,reduce enterprise tax costs,encourage enterprises to update and upgrade production technology,strengthen scientific research personnel training,thereby improving enterprise total factor productivity,and help enterprises achieve high-quality development.From the perspective of the nature of property rights and the size of enterprises,it can be seen from the heterogeneity analysis that for enterprises with different property rights,tax reduction policies have a significant impact on both state-owned and non-state owned enterprises.Relatively speaking,non-state owned enterprises are more sensitive to tax reduction policies;For enterprises of different sizes,the implementation of tax reduction policies has a more obvious promotion effect on small enterprises.From the perspective of financing constraints and research and development investment,it can be seen that the tax reduction policy can increase the after-tax income of enterprises on the one hand,and on the other hand,it can save tax expenses,increase the cash holdings of enterprises,stabilize internal cash flow of enterprises,reduce external financing costs and financial costs of enterprises,thereby easing enterprise financing constraints and stimulating enterprises to increase research and development investment,Realize enterprise transformation and upgrading,purchasing new production equipment,enable enterprises to allocate production factors more effectively,improve total factor productivity of enterprises,and achieve high-quality development.Based on the conclusions of empirical analysis,combined with the current problems in the implementation of tax reduction policies in China,a precise tax reduction policy is proposed;Increase incentives for enterprise research and development investment;Reducing corporate financing constraints;Focus on the incentive effect of tax reduction policies on small and medium-sized enterprises;Suggestions for optimizing and upgrading tax services.