Research On The Impact Of Digital Upgrading Of Tax Collection And Administration On The Investment Efficiency Of Manufacturing Enterprises

The report of the 20 th National Congress of the Communist Party of China clearly pointed out: "Persist in focusing on the real economy for economic development." "As the main body of the real economy,China’s manufacturing industry will bear the important responsibility of promoting the high-quality development of China’s economy." In recent years,various places are accelerating the layout and investment of high-quality development of the manufacturing industry,but in order to build a manufacturing power through high investment,we must grasp the pace of investment and pay attention to improving investment efficiency.In this context,how to improve the investment efficiency of manufacturing enterprises has become an urgent problem to be solved.From 2013 to 2016,Chinese provinces successively promoted the implementation of the "Golden Tax Phase III" pilot work.This system uses big data technology to digitally upgrade traditional tax collection and administration methods to achieve more efficient management and monitoring.On this basis,whether the digital upgrading of tax collection and management can further affect the investment efficiency of manufacturing enterprises is a question worth exploring.This paper selects listed manufacturing enterprises from 2011 to 2018 as a sample,uses the multi-period double difference method for empirical analysis,evaluates the impact of digital upgrading of tax collection and management on the investment efficiency of manufacturing enterprises,and concludes that the digital upgrading of tax collection and management has brought significant improvement to the investment efficiency of enterprises,and alleviating the problem of corporate agency is an important mechanism to improve investment efficiency.Through heterogeneity analysis,this paper further finds that for nonstate-owned manufacturing enterprises and manufacturing enterprises with low information disclosure quality,the digital upgrading of tax collection and administration has a more significant improvement in their investment efficiency,and the phenomenon of inhibiting overinvestment is more significant than underinvestment.In order to verify the reliability of the conclusions in this paper,we used two methods: parallel trend test and placebo test to test stability.This paper expands the research content of the influencing factors of investment efficiency of manufacturing enterprises,studies the role path of digital governance of tax collection and management,clarifies the governance effect of the "Golden Tax Phase III" project,and provides a reference for tax authorities to promote digital upgrading.In addition,it also provides a theoretical and empirical basis for how to improve investment efficiency for China’s manufacturing enterprises.