| As China’s economy has entered a mature period,the demographic dividend and resource dividend have gradually faded,and the rate of return of China’s real economy has dropped significantly;In sharp contrast,which is dominated by negative income such as financial investment and investment with financial attributes(such as real estate investment),is developing rapidly,and the rate of return is rising.As a result,a large amount of industrial capital has poured into the virtual economy industry with more attractive yield,which directly leads to a strong "siphon effect" of virtual economy on capital.The proportion of virtual economy in GDP is increasing,and the macroeconomy has shown a trend of "de reality to virtual".On the micro level,the proportion of investment in real business in the investment structure of non-financial enterprises is gradually decreasing,The proportion of investment in financial investment and financial assets with financial attributes has gradually increased,that is,the level of financialization of non-financial enterprises has been deepening.At the same time,since the 2008 Central Economic Work Conference proposed structural tax reduction,"tax reduction and fee reduction" has become the focus of all circles.As a key part of the supply side structural reform,"reducing taxes and fees" is an important way to promote the high-quality development of China’s economy,which plays a key role in reducing the cost of the real economy,enabling the innovation of real enterprises,and stimulating market vitality.However,in the context of the rapid development of the virtual economy and the continuous downturn of the real economy,has the "visible hand" of reducing taxes and fees really played a role in curbing the financialization of real enterprises? This issue needs further study.Based on this background,the theoretical analysis part of this paper is based on the financial constraint theory,the capital profit seeking theory,and the government intervention theory.On the basis of existing research,it analyzes the possible impact of tax and fee reduction on the level of enterprise financialization,and explores their mechanism role between tax and fee reduction and enterprise financialization from the perspective of financing constraint and innovation investment,and also combines the characteristics of enterprises themselves,This paper further explores the possible heterogeneous effects of factors such as the nature of enterprise ownership and the stage of its life cycle,and puts forward four hypotheses.In the empirical test part,this paper takes the data of non-financial A-share listed companies in China from 2008 to 2020 as the main sample,and tests it by building a two factor fixed effect model.The empirical results show that:(1)tax and fee reduction can significantly inhibit the financial level of real enterprises,and this conclusion is robust;(2)The mechanism test results show that the impact of tax and fee reduction on enterprise financialization is mainly achieved by easing the financing constraints of enterprises and guiding enterprises to invest in innovation;(3)The results of group regression analysis show that tax reduction and fee reduction have a greater inhibition on the level of financing of non-state-owned enterprises,and only on the enterprises in the growth and maturity stages.The results of this study confirm the positive impact of tax and fee reduction on China’s macroeconomic policy to reverse the economy from reality to emptiness.Based on the conclusion,this papar design the following advice:(1)increase the efforts to reduce taxes and fees,and reduce the rigid cost of enterprise entity investment;(2)Optimize the tax system structure and reduce the capital occupation of indirect taxes on enterprises;(3)We will continue to give play to the role of tax and fee cuts in guiding innovation investment and foster new drivers of economic development;(4)We will refine tax policies and implement differentiated tax and fee reductions. |
PDF Full Text Request