Research On The Impact Of Income Tax Preference On Enterprise Annuity Investment Decision

In recent years,China's population aging phenomenon is more serious,and the state's fiscal expenditure on basic old-age insurance has also increased year by year.At present,the enterprise annuity is defined as the “second pillar” of China's pension insurance system 2.Its special status and the heavy old-age pension pressure undertaken by the state finances force the country to vigorously develop enterprise annuities.At present,China's series of fiscal and taxation policies are encouraging enterprises and employees to voluntarily establish an annuity plan according to actual conditions,while reducing the cost of annuity input.The enterprise annuity has also been developed to some extent.This paper starts with the necessity and incentive effect of the enterprise annuity tax policy,and analyzes the role of the annuity tax preferential policy from the perspective of the needs of the state,the enterprise and the individual,and the impact of the existence of the tax preferential policy on the enterprise and individual annuity decision.At the same time,this paper also sorts out the development process of annuity tax policy and evaluates the development status.It finds that the scale of annuity development has expanded,and various tax policies are also being improved and unified.However,in the course of development,there is also the problem of the popularity of the annuity and the low coverage rate,and the problem of the imbalance between the development of annuities in various regions and industries is highlighted.The research focus of this paper is on the payment link of annuity.By referring to the annuity decision model established by other scholars,the paper studies the impact of income tax incentives on enterprise annuity decision-making and analyzes other factors affecting enterprise annuity decision-making.In this paper,we select 524 A-share listed companies' 2012-2016 annuity payment data,and use the panel Tobit model and fixed-effects model to measure the regression.The empirical results show that the tax incentives can attract enterprises to establish and invest annuity to a certain extent.The actual income tax rate can also significantly affect the annuity decision,that is,whether to pay an annuity.Companies with more tax burdens will choose an annuity plan to obtain tax dividends to maximize corporate value.The study also found that the amount of annuity input of two types of enterprises(state-owned enterprises,manufacturing)will be affected by the actual income tax rate,while the amount of annuity input of other enterprises is weakly affected by the actual income tax rate.And from the current composition of enterprises participating in the annuity plan,a large proportion is also a state-owned enterprise.In short,the annuity tax incentives are more effective for the incentives of state-owned enterprises.In addition,according to the analysis of the enterprise annuity decision model,the size of the enterprise,the level of human capital,the preferences of executives,the number of shares held,and the type of industry all significantly affect the annuity investment.Through the combination of theoretical research and empirical results,this paper can analyze the implementation of current tax incentives,but it also reflects the insufficient effect of long-term incentives,and the enthusiasm of enterprises has not been fully mobilized.Failure to co-ordinate issues of fairness and efficiency.Finally,this paper puts forward relevant suggestions for improvement based on existing problems.