Research On The Impact Of Replacing Business Tax With Value Added Tax On Producer Services And Manufacturing Industry

China began to carry out the pilot reform of sales tax reform value-added tax in 2012,referred to as the "business reform and increase" policy reform.The implementation of "business reform and increase" has changed the taxable goods or services originally paid in the pilot to vat on value-added tax.Therefore,the biggest feature of the increase is to improve the VAT deduction chain,so that the manufacturing industry to purchase intermediate services of the original related business tax costs into VAT credit,and thus effectively avoid the problem of double taxation of some enterprises,to promote China's tax system and industrial development to form a better virtuous circle.From the policy trial to the full implementation stage,the policy of "business reform and increase" has had a greater policy impact on manufacturing enterprises and productive service enterprises within the scope of the pilot,mainly in the form of a direct reduction of the tax burden costs of enterprises involved in the original business taxable items,as well as indirectly reducing the market price of the original sales taxable goods or services,optimizing market signals.These realistic impacts may directly affect the business environment and production and operation decision-making,on the one hand,the tax burden of enterprises has been a key factor to inhibit the free development of enterprises,"reform and increase" policy tax reduction effect can greatly alleviate the tax burden of enterprises,expand the free capital space of enterprises,enhance the feasibility and flexibility of business decision-making.On the other hand,the perfect deduction chain has generated the driving force of industrial division of labor,under the condition that the relevant taxable items can be deducted,some manufacturing enterprises will continue to operate in a mixed way will be very inefficient.Therefore,whether it is for manufacturing enterprises and productive service enterprises,the business involved in sales tax after the re-introduction of value-added tax,both types of enterprise development has a broad and worthy of in-depth discussion of the impact.This paper focuses on the innovation and transformation perspective of enterprises,based on the theory of innovation and transformation development of productive service enterprises and manufacturing enterprises,starting from the tax reduction effect of the reform and growth policy,combining the theory of interaction between manufacturing enterprises and productive service enterprises,and analyzing in depth the effects and intermediate mechanisms of the policy on the development of productive service industries and manufacturing enterprises.In particular,this paper selects all listed companies in productive service industry and manufacturing industry from 2010 to 2018 as quasi-natural experimental objects,and uses DID model,PSM-DID model and intermediary effect model to verify the impact of "business reform and increase" on innovation and transformation and upgrading of productive service industry and manufacturing enterprises,and further explores its transmission mechanism.The main conclusions of this paper are as follows.In terms of enterprise innovation,the empirical results of this paper show that the impact of the reform and increase policy on the innovation of productive service enterprises and manufacturing enterprises is larger.For productive service enterprises,the implementation of the policy of business reform and increase has effectively promoted the expansion of independent research and development expenditure of enterprises in the industry,as shown by the fact that after the implementation of the policy,the proportion of research and development expenditure of enterprises in the pilot scope of the reform policy increased significantly by 0.72%,the proportion of intangible assets increased by 0.14% and the proportion of goodwill increased by 0.21%.The results show that the policy of camp reform and increase effectively improves the scale of independent research and development expenditure and technological research and development achievements in productive service industries.Compared with the productive service enterprises,the policy of increase in business reform has no significant impact on the scale of independent research and development of manufacturing enterprises,and from the empirical results,there is no significant difference between the proportion of research and development expenditure and the proportion of goodwill of manufacturing enterprises affected by the policy of reform and growth compared with other manufacturing enterprises,but the proportion of intangible assets in the proportion of manufacturing enterprises within the scope of the policy increase has increased significantly by 4.02%.In the absence of a significant expansion of the scale of independent research and development expenditure,the significant increase in intangible assets can certainly not only be derived from the technological achievements formed by independent research and development,from the analysis of the tax reduction effect of the reform and expansion policy,the outsourcing of manufacturing production technology services can produce a larger tax credit scale through the form of outsourcing technical services,and can quickly improve the level of production technology while avoiding the cyclical risks and uncertainty risks of independent research and development.Therefore,the impact of the policy on the innovation and development of manufacturing enterprises is to effectively expand the scale of manufacturing enterprises to produce information technology and production service technology,and has no impact on the independent research and development of manufacturing enterprises.After a series of robustness tests on the basic conclusions based on PSM-DID method and tail regression method,the above basic research conclusions are still very stable.In the analysis of the intermediate mechanism mechanism affecting the innovation of enterprises,the empirical results based on the intermediary model show that the reform and expansion policy expands the scale of independent research and development expenditure and service purchase by reducing the tax cost of enterprises and improving the profit margin of enterprises.First of all,because of the tax reduction effect and the interconnection of industries,the policy of "reform and increase" can effectively reduce the tax burden of productive service enterprises and manufacturing enterprises and increase the profit margin of enterprises,and the tax reduction effect on manufacturing industry is stronger than that of productive service industries.Secondly,the reduction of corporate tax burden and the increase of profits have effectively increased the free capital of enterprises,thus stimulating the innovation and development of enterprises,which is reflected in the strengthening of independent research and development efforts by productive service enterprises,and the expansion of the scale of production technology purchase by manufacturing enterprises.That is,tax cuts and profit expansion are the intermediate mechanisms that affect the innovation and development of enterprises.In the lag analysis of the impact of "business reform and increase" on enterprise innovation,this paper takes the end of 2012 as the policy time demarcation point,at which time the policy of camp reform and increase basically completes the pilot implementation,after fully taking into account the lag effect of the policy of business reform and increase,the lag effect of the policy of enterprise innovation is examined under the lag model,and the results of the test show that there is a big difference between productive service industry and manufacturing industry.For productive service enterprises,there is a obvious lag effect on the impact of the policy of business reform and increase on enterprise innovation,which is reflected in the decision-making lag in increasing the proportion of research and development expenditure and the cycle lag in forming independent research and development achievements,while there is no significant policy lag effect in terms of goodwill.For manufacturing enterprises,the policy of business reform and increase has no lag effect on the innovation of manufacturing enterprises.In terms of enterprise transformation and upgrading,the empirical results of this paper show that both the policy of business reform and increase can promote the transformation and upgrading of productive service enterprises and manufacturing enterprises,which shows that the labor productivity and capital productivity of two types of enterprises within the scope of the policy have improved significantly after the implementation of the policy.For productive service enterprises affected by the policy,labor productivity increased significantly by 0.505 percent,capital productivity increased significantly by 0.779 percent,and the increase in capital productivity of productive service industries was greater than the increase in labor productivity.For manufacturing enterprises,labor productivity increased significantly by 0.623 percent,capital productivity increased significantly by 0.406 percent,and the effect of the reform and increase policy on the labor productivity of manufacturing enterprises was greater than that of capital productivity,indicating that there are some differences between the two types of enterprises in terms of transformation and upgrading.In order to eliminate the bias of capital substitution labor to interfere with the conclusion of this paper,on this basis,it is further examined whether there is an alternative factor that the policy of capital reform and increase affects the capital deepening of enterprises leading to high labor productivity.The test results show that for enterprises in both types of industries,the policy of reform and increase does not affect the bias of capital substitution labor in both types of enterprises,and the increase of labor productivity of enterprises is based entirely on the result of the improvement of output efficiency.P,that is,"business reform and increase" effectively promoted the transformation and upgrading of manufacturing enterprises and productive service enterprises,which showed that the labor productivity and capital productivity of the two types of enterprises were significantly improved without capital deepening.After a series of robustness tests based on PSM-DID method,tail regression,counter-facts and placebo test,the basic conclusions are still very stable.In the mechanism test of the transformation of enterprises influenced by the policy of business reform and increase,the empirical conclusion of this paper reflects that the influence of the policy of business reform and increase on enterprise innovation is the mechanism path leading to the improvement of enterprise productivity,and the policy of increase of business is promoted by the policy of industrial reform and increase,which further promotes the improvement of labor productivity of enterprises in the productive service industry,and also promotes the improvement of labor productivity of manufacturing enterprises by promoting the purchase of technology by manufacturing enterprises.The results of the mechanism test also show that the change of enterprise innovation is only an intermediary factor in promoting the transformation of enterprises,and the reform and growth policy also promotes the improvement of enterprise productivity through other means,which may be due to the increase of productivity caused by some uncontested changes in enterprise management and production structure.In the lag analysis of the impact of "business reform and increase" on the transformation of enterprises,this paper also demarcation point at the end of 2012,in the lag model to examine the lag effect of the reform and increase policy on the transformation and development of enterprises,the results of the test show that there is a big difference between productive service industry and manufacturing industry.For productive service enterprises,"reform and increase" also has a significant lag effect in improving the labor productivity and capital productivity of productive service enterprises,and there is a clear synchronization between the lag of independent research and development innovation and the lag of enterprise transformation,which shows that technological independent research and development innovation is an important way to transform and upgrade productive service enterprises.For manufacturing enterprises,there is no lag in the transformation and development of manufacturing enterprises,under the lagging model,the policy effect on enterprise productivity even shows negative impact,indicating that the impact of the policy on manufacturing enterprises mainly occurs in the current period,that is,after the implementation of the policy,manufacturing enterprises within the scope of the impact will immediately expand the scale of production technology purchase,and then immediately benefit from the increase in productivity brought about by technological upgrading and offset the cost of tax reduction.Therefore,based on the above research conclusions,this paper puts forward the following policy recommendations: government level: improve the fiscal and taxation system,effectively play the role of tax policy incentives and regulation.We will strengthen the guidance of industrial policies and promote industrial transformation,upgrading and development.Enterprise level: to upgrade the level of technology,pay attention to innovation-driven,diversified innovation strategy.The main and auxiliary separation,to achieve the deepening of division of labor,enhance inter-industry cooperation.