| In order to deal with the impact of the financial crisis on China’s economy,the state has implemented a "four trillion" investment policy to enable China to weather the financial crisis smoothly.However,the increase in investment has caused a decrease in investment efficiency.It is urgent to transform the economic growth model,optimize government functions,and improve investment efficiency.At present,structural tax cuts and simplified administration and decentralization are two of the country’s most important policies.Both regulate the investment structure from two dimensions,the tax system and government intervention,and improve investment efficiency.To explore the difference in the impact of structural tax cuts and government intervention on the investment efficiency of different industries,it is important to analyze the interaction and impact mechanism of the two.This article takes the 23 provinces from 2008 to 2017 as the research sample,divides the total industry into agriculture,industry and service industry,and analyzes the difference in investment efficiency of the three major industries in each region with the help of the super-efficiency DEA model.Later,a spatial Dubin model was constructed to analyze the impact of structural tax cuts and government intervention on the investment efficiency of different industries,and three intermediary variables,capital deepening,capital mismatch,and industrial agglomeration,were set up to explore its impact mechanism.Finally,this paper analyzes the difference in the impact of different tax collection and management levels,and completes a robustness test based on the replacement of the weight matrix and government political intervention.This article draws the following conclusions:First of all,the effect of tax reduction is significantly different among the three industries.Second,different government interventions behave differently in different industries.At the same time,there are obvious synergies between structural tax cuts and simplified government decentralization policies,showing different results between different industries.In addition,the impact paths of structural tax cuts and government intervention are also different,and the impact paths of different industries are also different.Finally,the role of tax cuts and government intervention varies significantly between regions with different levels of tax collection and management.Based on the above conclusions,this paper suggests that the government should highlight the structural characteristics when conducting tax cuts,conduct differentiated tax control among different industries,and carefully choose intervention methods based on the characteristics of different industries to optimize government functions.In addition,policy synergy must also be fully considered,and measures must be tailored to local conditions in accordance with the policy flexibility given to each region. |
