An Empirical Study Of The Impact Of Tax Burden On Firm Growth

The tax burden is a hot issue in China’s current economic development,especially in times when the economy is in a difficult period,and it has received much attention in entrepreneurs and public opinion.Since the second half of 2016,the issue of “the tax burden of enterprises is too high” has become the focus of debates on topics such as “tax burden pain index” and “death tax rate”.It actually reflects the academic community’s high concern for the problems in China’s economic restructuring and transformation and upgrading.In recent years,the taxation department has thoroughly implemented the requirements for the structural reform of the supply-side reform of the Party Central Committee and the State Council,and has launched a series of tax-reduction “combination punches” to foster new economic development momentum with the tax “reduction” method,and the tax reduction effect has been continuously increased,but companies still reflect the heavy tax burden.Therefore,the article analyzes the relationship between corporate tax burden and corporate growth,and explores whether the current tax burden of Chinese enterprises is too heavy,and whether the current tax burden has hindered the growth of enterprises.The article adopts a combination of normative research and empirical analysis,and focuses on empirical analysis.Firstly,the article defines the definition of corporate tax burden,determines the scope of tax burden to be studied in the article,and divides the tax burden into small-caliber tax burden and social security burden according to the research needs of the article.Secondly,it defines the concept of corporate growth and sorts out the relevant growth theory.It defines “enterprise growth” as the “quantity” growth and the “quality” growth,namely,the operation management ability and innovation ability.Thirdly,the article uses the relevant data of the National Bureau of Statistics to analyze the current status of the enterprise tax burden to lay the foundation for the later empirical research.Finally,the paper conducts empirical research to analyze the relationship between corporate tax burden and corporate growth by using the financial statement data of GTA listed company.In the empirical part,this paper selects the panel data of A-share listed companies from2009 to 2016 as the research sample,and selects the operating income growth rate and the intangible assets logarithm to represent the two aspects of enterprise growth as the explained variables,the small-caliber tax burden and the social security burden are used as the explanatoryvariables.Using panel data regression analysis,it is found that:(1)Through the quantitative regression of the relationship between the tax burden of enterprises and the growth of “quantity”of enterprises,it is found that the two agency variables of corporate tax burden are significantly negatively correlated with the growth of “quantity” of enterprises,and the impact of the social security burden is much greater than the impact of small-caliber tax burden on it;(2)The quantitative regression between the tax burden of enterprises and the “quality” of enterprises has found that the small-caliber tax burden is significantly negatively correlated with the “quality”growth of enterprises,and the social security burden and the “quality” of the enterprise have a“U”-type relationship,which means that the current investment in human capital will increase the innovation capability of the enterprise and promote the development of the enterprise;(3)The small-caliber tax burden has a significant negative correlation with the growth of the enterprise,including the operation capability and the innovation capability,indicating that the tax that enterprise bears is relatively heavy,and the heavy tax burden should be reduced.The tax paid by the operating profit of the enterprise invades the profits of the enterprise,which not only hinders the further expansion of the enterprise,but also inhibits its R&D and innovation activities;(4)The small-caliber tax burden weakens the current social security burden to promote the innovation capability of enterprises.