Research On The Impact Of Listed Companies’ Tax Burden On Technological Innovation Under The Background Of Tax Cut And Fee Reduction

Since the 19 th National Congress of the Communist Party of China,the Chinese government has successively introduced a series of large-scale and wide-ranging tax reduction policies,which have played an important role in reducing the tax burden of market players,encouraging innovation of large and medium-sized enterprises,and promoting the transformation and upgrading of the economic structure.The core of various tax reduction policies is to promote innovation by reducing the level of corporate burden.Based on the data of my country’s A-share listed companies from 2008 to 2019,this paper discusses and examines the impact of tax burden on technological innovation.The following conclusions are obtained:First,lower tax burdens have a positive impact on corporate innovation.Second,financing constraints play a partial intermediary role between tax burden and firm innovation.The reduction of tax burden can increase the internal cash flow of enterprises,reduce the crowding of funds by rent-seeking,and improve the after-tax rate of return of low enterprises,which can alleviate the financing constraints faced by enterprises and promote enterprise innovation.In addition,market competition has a moderating effect on the latter half of the path of "tax burden → financing constraints → technological innovation".Enterprise innovation is affected by its own innovation ability and willingness.Market competition is an important factor affecting enterprises’ willingness to innovate.The more intense the market competition,the better the effect of easing financing constraints on innovation.Therefore,this paper proposes that tax reduction and fee reduction should be promoted,and it should be truly implemented,so as to truly reduce the burden on enterprises and improve their innovation ability.At the same time,the government also needs to promote the implementation of supporting policies such as intellectual property pledge financing and fostering a favorable market competition environment,so as to stimulate market vitality and increase enterprises’ willingness to innovate.