Study On The Impact Of Preferential Corporate Income Tax Policies On The Growth Of Small And Medium-sized Enterprises

Small and medium-sized enterprises are the important part of China’s national economy and play an increasingly important role in promoting employment and innovative output.However,compared with large enterprises,small and medium-sized enterprises are limited by their own asset scale,competitive position,operating conditions and financing environment,so their survival and development cannot be effectively guaranteed.Especially with the outbreak of COVID-19 at the end of 2019,the survival and development dilemma faced by small and medium-sized enterprises have become more severe.Tax policy is one of the most direct and powerful tools for the state to promote the growth and development of small and medium-sized enterprises.Therefore,this paper will study how much the implementation of preferential income tax policies will have on the growth and development of small and medium-sized enterprises,and provide a certain reference for the state to improve the tax policy to support small and medium-sized enterprises,so as to promote the healthy development of small and medium-sized enterprises.Based on the theory of capital user cost and endogenous economic growth,this paper analyzes the mechanism of preferential corporate income tax policies affecting the growth of small and medium-sized enterprises,and sorts out the growth status and existing problems of small and medium-sized enterprises on the ChiNext board,and the current preferential income tax policies for small and medium-sized enterprises.Then this paper selects the 2013-2020 data of 69 listed companies on the ChiNext board that meet the criteria for the classification of small and medium-sized enterprises,first adopts the factor analysis method to comprehensively evaluate the growth of enterprises,and then conducts empirical analysis,the sample enterprises were divided into manufacturing and service enterprises,high financing cost and low financing cost enterprises according to industry differences and financing cost differences.Based on the empirical results,this paper draws the following conclusions:(1)the preferential corporate income tax policy has a significant positive correlation with the growth of small and medium-sized enterprises;(2)there are industry differences in the promotion effect of corporate income tax preferences on the growth of small and mediumsized enterprises;(3)Compared with enterprises with low financing costs,the preferential effect of corporate income tax incentives on the growth of enterprises with high financing costs is more significant.Finally,this paper puts forward the following policy suggestions:optimize the enterprise income tax reduction policy for small and medium-sized enterprises;adopt differentiated preferential tax policies according to the characteristics of the small and medium-sized enterprise industry;optimize collection and management and tax payment services,and effectively reduce the tax burden of small and medium-sized enterprises.