Research On The Effect Of Tax And Fee Reduction On Stable Expectation Of Enterprises

At present,the downward pressure on China’s macro economy continues to increase,the external environment is complex and severe,and the uncertainty is obviously increased."Stabilizing expectations" has become an important focus of China’s economic work.Tax reduction and fee reduction is an important policy choice to "stabilize expectations".Whether it is the structural tax reduction implemented in 2008,the substantial tax reduction and fee reduction proposed after 2016,or the combined tax reduction and fee reduction proposed in 2021,one of its important goals is to stabilize expectations.Therefore,it is of great theoretical significance and practical value to study the stable expected effect of tax reduction and fee reduction for further optimizing China’s tax reduction and fee reduction policies and effectively promoting high-quality economic development.Under this background,based on tax incentive theory,expected effect theory and prospect theory,this paper analyzes the influence mechanism of tax reduction and fee reduction on enterprise’s stable expectation in theory.Then,taking the financial data of A-share listed companies as samples,a multiple regression model is constructed to empirically test the stable expectation effect of tax reduction and fee reduction.The results show that:(1)there is a significant positive correlation between the total tax burden and income tax burden of enterprises and the change rate of leverage ratio,that is,the lower the total tax burden and income tax burden,the more favorable it is to stabilize enterprise expectations;(2)The burden of turnover tax and social security fee has a negative effect on the expected stability of enterprises,that is,the reduction of turnover tax and social security fee has no obvious effect on the expected stability of enterprises;(3)The impact of tax reduction and fee reduction on enterprise expectations is significantly heterogeneous among enterprises with different property rights.Compared with state-owned enterprises,the reduction of total tax burden and income tax reduction of non-state-owned enterprises have a greater stable expectation effect.Based on the above conclusions,this paper puts forward the following policy suggestions:(1)Optimize the combination of tax reduction and fee reduction policies and deepen the tax reform;(2)Formulate a clear and stable tax policy and strengthen the government’s policy expectation orientation;(3)Strengthen the communication between government and enterprises to promote the fair development of enterprises with different property rights.