Research On The Incentive Effect Of Enterprise Income Tax Preferential Policy On The Development Of Small And Medium-sized Enterprises

Over the past 40 years of reform and opening up,China’s economy has developed rapidly,its GDP has become the second largest in the world,and made remarkable achievements around the world.In our country to achieve such gratifying results cannot do without the prominent contribution of small and medium-sized enterprises.As an important part of our market economy,smes play a foundational role in promoting our national economic growth,technological innovation and healthy social development.In order to further promote the development of small and medium-sized enterprises and give full play to their multiple functions,the government issued the 14 th Five-Year Plan for Promoting the Development of small and medium-sized Enterprises,which clearly pointed out that the overall development quality of small and medium-sized enterprises should be steadily improved,and the comprehensive strength and core competitiveness of small and medium-sized enterprises should be enhanced.At present,small and medium-sized enterprises in the development of financing difficulties,rising operating costs,poor ability to resist risks and short life cycle and other problems are more prominent.These problems seriously hinder the development of small and medium-sized enterprises.In this regard,the government has introduced a series of preferential tax policies to support the development of small and medium-sized enterprises,among which the preferential policy of enterprise income tax is the main one.However,there are many problems in the current preferential policies of enterprise income tax,which need to be adjusted and improved constantly.In this context,it is of great significance to study the incentive effect of preferential corporate income tax policies on the development of Chinese small and medium-sized enterprises.This thesis adopts the method of combining theoretical analysis and empirical analysis to study the preferential policies of small and medium-sized enterprise income tax.First of all,the relevant concepts of smes are defined.Then,based on the government intervention theory,tax incentive theory and Laffer curve theory,the effectiveness of enterprise income tax preferential policies to stimulate the development of smes is analyzed and elaborated.This thesis explains the mechanism of preferential enterprise income tax policy to stimulate the development of small and medium-sized enterprises from the perspective of profitability,operating ability,innovation ability and debt repayment ability,summarizes the present situation of the development of small and medium-sized enterprises in our country and the present situation of the preferential enterprise income tax policies,and points out the main problems existing in the preferential policy of income tax for small and medium-sized enterprises: Lack of systematic and stable income tax preferential policies;Lack of targeted preferential policies for income tax;Less indirect income tax benefits;The scope of income tax benefits is narrow.In terms of empirical analysis,660 listed smes are selected as samples from the GEM of Wind database.Two-way fixed effect model is used to conduct regression analysis on the data of the sample enterprises from 2016 to 2021,and the following conclusions are drawn:(1)The preferential policy of enterprise income tax has incentive effect on the development of smes;(2)The preferential policy of enterprise income tax has incentive effect on R&D investment of smes;(3)R&D investment plays an intermediary role in the incentive process of enterprise income tax preferential policies for the development of smes.In addition,this thesis sort out the preferential policies of small and medium-sized enterprises in the United States,Britain and Japan and draw lessons from their successful experiences,and then combine the problems of the preferential policies of small and medium-sized enterprises proposed in the theoretical part and empirical research conclusions,and put forward relevant suggestions for improving the preferential policies of small and medium-sized enterprises: Make preferential income tax policies more systematic and stable;Strengthen the orientation of income tax preferential policies,mainly to promote smes to absorb investment and financing and innovation two aspects;Increase the proportion of indirect income tax concessions;Formulate targeted preferential income tax policies;Expand the scope of income tax benefits.