| In recent years,economic situation of development is well in China.After the strategic adjustment of China’s economic development,the problems of manufacturing industry have gradually exposed.From 2014 to 2019,China’s manufacturing PMI index is higher than 49 percent,and the average level fluctuates up and down by 50 percent.The national policy is an important reason for the fluctuation of manufacturing PMI index in addition to the micro reasons of enterprises.The tax and fee reduction policy issued at the 18 th National Congress of the CPC is a good measure for the transformation of manufacturing industry.We will implement the policy of tax and fee reduction,then further improve the detailed measures,and provide a good environment for the development of the manufacturing industry.From 2008 to 2018,the tax revenue of the second industry accounts for more than 40 percent of the national tax revenue,and the tax revenue of the manufacturing industry accounts for about 70 percent of the tax revenue in the second industry.Meanwhile,the tax revenue of the machinery manufacturing industry accounts for between 24 percent and 29 percent of the tax revenue of the manufacturing industry,which accounts for the highest proportion.while the tax revenue of the machinery manufacturing industry accounts for about 25 percent of the income tax burden of the machinery manufacturing industry.Meanwhile,the income tax burden of machinery manufacturing industry is heavier than that of other manufacturing industry segments.In this context,according to the theory of enterprises’ life-cycle,the corporate life-cycle of listed companies from 2015 to 2017 with reference to cash flow portfolio from2014 to2018 are divided,the actual income tax rate ETRS of Listed Companies in the machinery manufacturing industry calculated and analyzed.Meanwhile,the impact differences of the same factors in different life cycles are analyzed.The innovation of the paper is to study the actual income tax burden of manufacturing industry from the perspective of enterprise life-cycle.Finally,it makes regression analysis on the differences of effect factors in different life-cycle stages.This paper is divided into six parts.The first part is the introduction,then the research background,significance,literature review and research ideas are introduced.The second part is to introduce the theoretical basis of this paper,and two research hypotheses are put forward: H1 is when the machinery manufacturing enterprises step into different life-cycle stages,and the actual income tax burden is different,H2 is the factors that affect the actual income tax burden in different-cycle stages.The third part is to make statistics on the tax burden of the secondary industry,manufacturing industry and machinery manufacturing industry based on the national standard.The fourth part is to use the financial data disclosed by enterprises to calculate and analyze the actual income tax burden(ETRS)of machinery manufacturing industry.The fifth part is to carry out three multiple regression analysis based on the fourth part to verify H2.Suggestions are put forward by the last part based on the research results of the fourth and fifth parts.According to calculation and empirical analysis,we find that the average actual income tax rate of listed companies in the machinery manufacturing industry is 25 percent lower than the statutory tax rate of the industry.But the tax burden of machinery manufacturing industry is heavier than that of other industries in the secondary industry.Combined with life-cycle theory,it is found that the actual income tax burden of listed companies in the machinery manufacturing industry is the heaviest in the recession period.It is found that the tax burden of state-owned holding machinery manufacturing industry and non-state-owned holding enterprises in different stages is different,and the tax burden of different regions is also different.The effect factors of income tax burden of machinery manufacturing industry are different in different stages.Combined with the above findings,policy recommendations are raised by this paper from the perspective of government,enterprises and third-party support.From the perspective of government,increasing tax incentives for enterprise research and development is necessary.Relevant tax relief policies can be used for product research and development independently conducted by enterprises.Secondly,local governments are able to consider halving the preferential policies for small and micro enterprises as a long-term preferential policy.Thirdly,the state may appropriately expand the scope of items allowed to be deducted before tax in the cost of machinery manufacturing enterprises.Fourth,continuing to improve the tax reform fee.Finally,integrating and simplifying the existing management mechanism,appropriately relaxing the access conditions for mechanical manufacturing enterprises to develop service industry,and reducing unnecessary administrative processes.From the perspective of the enterprise itself,firstly,if the enterprise has an aim to improve its competitiveness and anti risk ability,the most important thing is to enhance its independent research and increase its investment.Secondly,strengthening the interaction and integration between the machinery manufacturing industry and the service industry,and building the "Internet" platform.Thirdly,the mechanical manufacturing enterprises must adjust the corresponding organizational functions,promote the quality management system,and improve the quality management level.From the perspective of financial support,financial institutions are supposed to accelerate the improvement of diversified financial service system and promote the innovation of financial products;then give full play to the function of capital market and encourage the support for seed stage and start-up enterprises;the last one is to play the role of insurance market and encourage insurance companies to launch targeted insurance products. |
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