A Study On The Incentive Effect Of Preferential Tax Policy On The Development Of High-end Equipment Manufacturing Industry

The development of high-end equipment manufacturing industry not only promotes the transformation and upgrading of traditional industries,but also supports the development and expansion of other strategic emerging industries.At present,in the development process of China's high-end equipment manufacturing industry,there are still some problems,such as low industrial profit margin,insufficient independent innovation ability,difficulty in enterprise financing and shortage of high-skilled talents.As high-end equipment manufacturing industry is a typical industry with high investment,high risk and positive externality,it is difficult to break through the development bottleneck only by relying on the market mechanism.Therefore,effective government intervention is needed.The preferential tax policy is one of the important means for the government to intervene the economy.Theoretically analyzed,it is feasible for the government to use preferential tax policies to stimulate the development of the industry.However,it is still unknown whether China's preferential tax policies have an incentive effect on the development of high-end equipment manufacturing.This is not conducive to the judgment of whether the preferential tax policy has reached the set goal,and it is difficult to give full play to the regulatory and guiding role of the preferential tax policy.Therefore,it is necessary to study the incentive effect of tax incentives on the development of high-end equipment manufacturing industry.This paper focuses on the incentive effect of tax incentives on the development of high-end equipmnent manufacturing industry.First of all,based on the existing literature,this paper defines the main related concepts,and analyzes the theoretical basis of the full text.Then,the status quo of tax preferential policies in China is sorted out.And this paper analyzes some problems of tax preferential policies in high-end equipment manufacturing.It mainly includes insufficient motivation,unscientific motivation and unreasonable motivation content.Secondly,based on the existing theoretical research,guided by the preferential tax policy objectives in China,from the theoretical analysis of the preferential tax policy not only have direct incentive effect on this industry,but also by influencing the scientific research investment,talent investment and corporate finance have indirect incentive effect on this industry;Again,the measurement model is established on the basis of theoretical analysis to high-end equipment manufacturing in 68 listed companies during 2014-2018 financial data as the research sample,and reached the conclusion that the preferential tax policies for high-end equipment manufacturing industry development have significant positive incentive effect,and preferential tax policies for high-end equipment manufacturing industry is the effect of the direct and indirect incentives;Finally,based on the existing problems of the current tax incentive policies and the conclusions of the empirical study,scientific and reasonable Suggestions are provided for the formulation and improvement of the tax incentive policies to stimulate the development of high-end equipment manufacturing industry in China,including increasing the incentive intensity,changing the incentive mode and improving the incentive content.