Research On The Impact Of Tax Burden On The High-Quality Development Of Manufacturing Enterprises

The "14th Five-Year Plan" period is an important strategic opportunity for China’s development.During this period,China’s economy has shifted from high-speed growth to high quality development stage.Under such a realistic background,manufacturing enterprises are faced with the profound challenges of upgrading on industrial structure.The high-quality development is a profound requirement of reality.On the other hand,as one of the rigid expenditures of enterprises,the tax burden directly affects the production and manufacturing costs,ultimately affects the improvement of the development quality.Therefore,reducing the tax burden is one of the main means.Based on this,how to reduce the tax burden,promote the transformation and upgrading,and improve the quality of development level of manufacturing enterprises has become the focus of governments.How tax policy will affect the future development quality level of manufacturing is the focus of this thesis.Based on previous research,considering the comprehensiveness of the concept of high-quality development,a comprehensive evaluation index is constructed through factor analysis,and then the influence mechanism of tax burden on the quality level of development of manufacturing is studied.It provides some reference for the government to formulate relevant tax preferential policies to promote the quality of development,and also provides some empirical evidence for the alleviation of financing constraints and the improvement of market competitiveness.Combining theoretical and empirical analysis,firstly,this thesis describes the main related concepts,analyzes how the tax burden affects the quality development of manufacturing,and then bases on this,builds an indicator system.Secondly,from multiple dimensions,introducing the status quo of manufacturing development quality and the tax burden.Finally,taking the data of A-share listed manufacturing companies from 2015 to 2020,an empirical study is carried out.The empirical research starts from the overall impact of the whole sample,and conducts heterogeneity analysis from enterprise life cycle,enterprise scale and degree of marketization.Further,with financing constraints and industry concentration as the moderating variables for further analysis.The empirical results show that: first,the tax burden is not conducive to the improvement of enterprises’ high-quality development capabilities.Second,there are differences in the impact of different tax burdens on the enterprises.Third,there is heterogeneity in the effect of tax burden.From the life cycle of enterprises,the overall tax burden significantly inhibits the improvement of the development quality of enterprises,but compared with enterprises in the growth and mature periods,the impact on enterprises in the recession period is weak;From the perspective of enterprise scale,comprehensive tax burden and value-added tax burden have more significant impacts on large-scale enterprises,while income tax burden has more significant impacts on small-scale enterprises;From the perspective of manufacturing enterprises with different degree of marketization,the tax burden has a significant impact on the regions with high degree of marketization,but not on the enterprises with low degree of marketization.Fourth,through further analysis,it is found that both financing constraints and industry concentration have further strengthened the tax burden’s inhibitory effect on the improvement of the high-quality development level of manufacturing enterprises.Based on the empirical research results,relevant countermeasures are given.Considering the inhibitory effect of tax burden,we should further reduce the tax burden of manufacturing enterprises.From the perspective of heterogeneity,the differences in the life cycle,scale,and degree of marketization should be fully considered,so that to accurately implement relevant policies of enterprise tax burden.Based on further analysis,this thesis believes that due to the strengthening of the tax burden inhibition effect caused by financing constraints,the financing constraints should be eased,the expansion of production investment such as R&D would be promoted.In addition,due to the strengthening effect of the inhibitory,we should reduce the industry concentration of the manufacturing industry,create a better market competition environment for manufacturing.The innovation of this thesis is that use micro data and factor analysis to construct multi-dimensional indicators to measure the high-quality development of manufacturing,also this thesis adds non-financial indicators innovation ability and social responsibility into the index system.And the research can more comprehensively study the impact of tax burden on the high-quality development of enterprises.