Study On The Impact Of Corporate Income Tax Incentives On The Total Factor Productivity Of Manufacturing Enterprises

At present,high-quality development has become the primary task of comprehensively building a socialist modern country,without a solid material and technological foundation,it is impossible to fully build a strong socialist modern country.Improving total factor productivity in the context of high-quality development has become a key task to promote the transformation of the national economic growth mode;implementing the focus of economic development on the real economy,promoting new industrialization,accelerating the construction of a strong manufacturing country and a strong quality country,and consolidating the foundation of manufacturing development are inevitable requirements.Improving the total factor productivity of manufacturing enterprises is inseparable from the macroeconomic regulation and control of the government and the active measures taken by the enterprises themselves.Tax policy is an important means for the government to regulate the economy by making camera choices,and the preferential corporate income tax policy is a tax preferential way to directly match the business income of the enterprises.In order to stimulate the development of real enterprises,accelerate the optimization of manufacturing industry structure,stimulate manufacturing enterprises to accelerate product upgrading and promote the total factor productivity of enterprises,China has implemented a variety of preferential corporate income tax policies.Whether the implementation of preferential corporate income tax policies has achieved the purpose of promoting total factor productivity is the subject of this paper.Based on the requirements of high-quality development of manufacturing enterprises,this paper focuses on the impact of preferential corporate income tax policies on total factor productivity of manufacturing enterprises through theoretical analysis and empirical test,and explores in depth the realization path as well as the differentiated realization effect of enterprises,so as to provide some reference for the government to further improve the corporate income tax This paper provides some reference for the government to further improve the preferential corporate income tax policy.Firstly,this paper compares the domestic and foreign research results,and explains the related concepts of corporate income tax preferential policies,total factor productivity and the theoretical basis of government intervention and tax-based expenditure,and on this basis,analyzes the correlation between corporate income tax preferential policies and total factor productivity of manufacturing enterprises and its mechanism path and puts forward the research hypothesis;and compares the main income tax preferential policies currently applied by manufacturing enterprises and analyzes the total factor productivity of manufacturing enterprises.The research hypothesis is also proposed.Secondly,based on the data of listed manufacturing enterprises from 2010 to 2020,a fixed-effects model is constructed to test the impact of comprehensive corporate income tax preferential policies on total factor productivity of manufacturing enterprises by using the intensity of corporate income tax preferential policies as a proxy variable;robustness tests are conducted by replacing explanatory variables and lagging one-period explanatory variables;heterogeneity analysis is conducted from three aspects of property rights,regions and factor structures,respectively.Heterogeneity analysis is conducted,and mechanism tests are conducted from two perspectives of R&D investment and enterprise financialization.The following conclusions are drawn: First,the preferential corporate income tax policy has a significant positive incentive effect on the total factor productivity of manufacturing enterprises.Secondly,the preferential corporate income tax policy plays a significant role in promoting the total factor productivity of manufacturing enterprises with different property rights,and the promotion effect of preferential corporate income tax policy on total factor productivity of state-owned manufacturing enterprises is greater than that of non-state-owned enterprises.Thirdly,the preferential policies on corporate income tax have a significant positive correlation with the total factor productivity of manufacturing enterprises in both eastern and central regions,and the promotion effect of preferential policies on corporate income tax is stronger in eastern region;while the preferential policies on corporate income tax have a non-significant negative correlation with the total factor productivity of manufacturing enterprises in western region.Fourth,preferential corporate income tax policies play a significant role in promoting the total factor productivity of manufacturing enterprises with different factor structures,and the promotion effect of preferential corporate income tax policies on total factor productivity of labor-intensive enterprises is better than that of technology-intensive enterprises,while the effect of capital-intensive enterprises is slightly worse.Fifth,R&D investment and financialization level of enterprises play a mechanism role in the process of corporate income tax preferential policy promoting total factor productivity of manufacturing enterprises,i.e.,corporate income tax preferential policy promotes total factor productivity improvement by promoting R&D investment and inhibiting financialization of enterprises in manufacturing enterprises.Finally,based on the above theoretical and empirical analysis,countermeasures are proposed on how to implement preferential corporate income tax policies to effectively promote the improvement of total factor productivity: the government should increase the strength of preferential corporate income tax policies,enhance the relevance and flexibility of preferential income tax policies,innovate the preferential income tax policy system,and strengthen the supervision of preferential income tax policies afterwards;enterprises should fully grasp the preferential income tax policies and Optimize resource allocation reasonably.