Intensity Of Tax Collection And Administration,Deduction Of R&D Expenses And Total Factor Productivity Of Enterprises

In order to achieve high-quality economic development and promote sustainable economic growth,a key issue that needs to be addressed in China at this stage is how to improve total factor productivity.As the main part of the market,enterprises play a significant role in improving quality and efficiency,so it is crucial to improve their total factor productivity.To this end,our government has gradually introduced and improved a number of tax preferential policies,among which the policy of adding deduction for R&D expenses has significantly promoted the transformation of economic growth and improved the economic efficiency of enterprises.Then,the following four questions need to be addressed in this paper: whether this policy affects the total factor productivity of enterprises;whether there is a transmission effect between technological progress,resource allocation efficiency and organizational governance level;whether the external environmental factor of tax collection intensity has a moderating effect on the relationship between the two;and whether the incentive effect of this policy is influenced by enterprise heterogeneity.The answers to these questions are crucial for improving the total factor productivity of microeconomic agents and further promoting high-quality macroeconomic development,but little literature has explored these questions in depth and detail.Based on the importance of R&D expense deduction in enhancing total factor productivity of enterprises and promoting high-quality macroeconomic development,this paper selects Shanghai and Shenzhen A-share listed companies during 2007-2020 as research samples,and conducts theoretical analysis and empirical tests on the relationship among R&D expense deduction,total factor productivity of enterprises,and tax collection intensity.First,in order to comprehensively evaluate the implementation effect of this policy,this paper constructs a comprehensive index to measure multi-dimensionally,analyzes the effect of this policy on total factor productivity of enterprises based on market failure theory and tax incentive theory,and further explores the difference of this effect under enterprise heterogeneity(life cycle,factor intensity,and marketization degree);second,based on economic growth theory,resource allocation theory and resource base theory,the mechanism of this policy is analyzed from three paths: technological progress,resource allocation efficiency and level of enterprise organization governance;finally,based on governance theory and rent-seeking theory,the moderating effect of this policy on the relationship is analyzed from the perspective of tax collection intensity.The research results show that:(1)the policy can effectively promote the improvement of total factor productivity of enterprises.Under the heterogeneity of enterprise life cycle,the policy has a significant effect on the total factor productivity of enterprises in the mature stage;under the heterogeneity of factor intensity,for technology-intensive enterprises,the policy has a more obvious effect on the total factor productivity of enterprises,indicating that the tax reduction effect of the policy can indeed improve the technology level of enterprises;under the heterogeneity of marketization degree,enterprises in regions with lower marketization index have a more significant effect on the total factor productivity of enterprises.In the heterogeneity of marketization degree,the promotion effect of the policy on total factor productivity is more significant for enterprises in regions with lower marketization index.(2)The policy can promote the total factor productivity of enterprises by promoting technological progress,resource allocation efficiency and organizational governance.(3)The intensity of tax administration negatively adjusts the promotion effect of this policy on the total factor productivity of enterprises.In other words,the higher the intensity of tax administration,the weaker the policy’s contribution to the total factor productivity of enterprises.