The Research On The Impact Of Tax And Fee Reduction On The Innovaton Of Manufacturing Enterprises

Innovation is an important force in promoting high-quality economic development and building a new pattern of development,while enterprises are an important subject of scientific and technological innovation and the role of the country in implementing the innovation-driven development strategy.Manufacturing industry is an important foundation and support for economic development,and an important engine of national economic development.The innovation ability of manufacturing industry is an important embodiment of national competitiveness and comprehensive national strength.Although China is the world’s largest manufacturing country,the development level of China’s manufacturing industry is still different from the advanced countries.Tax is an important starting point for the government to optimize resource allocation and encourage enterprises to scientific and technological innovation.Scientific and reasonable tax policy is conducive to reducing the cost of enterprises’ scientific and technological innovation.In recent years,China has been reducing the tax burden of enterprises by increasing tax reduction and fee reduction.Therefore,it is of great significance to study the impact of tax reduction and fee reduction on the innovation of manufacturing enterprises for the formulation of national policies,the transformation and upgrading of the manufacturing industry,the promotion of supply-side structural reform and high-quality economic development.The innovation of this paper is to discuss the influence of total tax burden,turnover tax burden and income tax burden on the innovation of manufacturing enterprises,and explore the mechanism of financing constraint between the two.This paper first discusses the relationship between tax reduction and fee reduction and enterprise innovation,based on the theory of endogenous growth theory,signal theory,market failure theory and supply-side tax reduction theory,and puts forward the hypothesis of this paper.Subsequently,the current situation of tax reduction and fee reduction and enterprise innovation in China’s manufacturing industry is analyzed from the macro and micro level,which lays the way for the empirical analysis.The empirical analysis of this paper takes the Shanghai and Shenzhen A-share manufacturing listed companies in the CSMAR database from 2012 to 2021 as a sample,selects their basic financial data,and the innovation patent data comes from the CNRDS database,constructs a fixed-effect model,and studies the impact of tax reduction and fee reduction on the innovation of manufacturing enterprises.In addition,this paper analyzes the mechanism between tax reduction and fee reduction and enterprise innovation,and finally analyzes the heterogeneity according to the region of the enterprise,the nature of property rights and the size of the enterprise.The empirical results show that:(1)tax reduction and fee reduction can significantly promote enterprise innovation,that is,the lower the tax burden of enterprises,the higher the level of enterprise innovation.(2)It is further found that different tax burdens will have different effects on enterprise innovation.The reduction of turnover tax and income tax burden can promote enterprise innovation,and the reduction of turnover tax burden has a more significant impact on enterprise innovation.(3)From the mechanism analysis,it is found that tax reduction and fee reduction can promote enterprise innovation by alleviating internal and external financing constraints,and compared with external financing constraints,internal financing constraints play a greater intermediary role between tax reduction and fee reduction and enterprise innovation.(4)The relationship between tax reduction and fee reduction,turnover tax burden and income tax burden and enterprise innovation is different in terms of property rights nature,region and enterprise size.Finally,based on the research conclusions and current situation analysis,corresponding policy suggestions are put forward for optimizing the tax and fee reduction policies to promote the innovation of manufacturing enterprises:(1)unswervingly implement the tax and fee reduction policies in place to benefit more market entities.(2)Continue to improve preferential policies for turnover tax and optimize income tax tax policies.(3)Specific analysis of specific problems,and implement targeted preferential tax policies.(4)Deepen the reform of the financial system and ease the constraints on corporate financing.(5)Multi-party cooperation to ensure the implementation of tax and fee cuts.