Research On The Impact Of Tax Credit Rating System On Enterprise Innovation Investment

R&d and innovation is the primary driving force for enterprise development.However,enterprises generally face the problems of capital constraint and lack of motivation when investing in innovation.Under the background of deepening the reform of tax collection and management and promoting the construction of social credit,the tax credit rating system,as a "flexible" innovation of tax collection and management system,has attracted more and more attention of scholars.Based on the perspective of flexible collection and management,this paper explores the economic impact of tax credit rating system on enterprise innovation investment behavior.This paper follows the research logic from theory to demonstration.Firstly,starting from the system background and current situation of tax credit rating in China,this paper explores the expected Optimization Reform of tax credit rating system.Secondly,From the perspective of theoretical research,this paper analyzes the influence channels of tax credit rating system on enterprise innovation investment:financing constraint mechanism,corporate governance mechanism and corporate tax burden mechanism.This paper argues that the tax credit rating system can reduce the degree of financing constraints to alleviate enterprise innovation funding constraints,to raise the level of corporate governance to alleviate enterprise innovation investment motivation is insufficient,can reduce the tax burden on the company as a whole for facing the investment in enterprise innovation at the same time constraints and lack of motivation dilemma relief effect.Finally,using the data of A-share listed enterprises from 2015 to 2020,this paper constructs Tobit model and intermediary effect model for regression analysis.This study found that:(1)The tax credit rating system has a positive impact on the innovation investment of class a listed companies;(2)The main ways for tax credit rating system to promote enterprise innovation investment are: alleviating enterprise financing constraints,improving corporate governance level and reducing the overall tax burden of enterprises;(3)Compared with large-scale enterprises,the tax credit rating system plays a more significant role in promoting the innovation investment of small-scale enterprises;(4)Further research shows that the tax credit rating system is also positively correlated with the innovation output of enterprises.According to the above analysis and conclusion,this paper further emphasizes the tax credit rating system and compulsory the coordination effect of tax collection and administration,put forward to expand tax credit rating object scope,the tax credit rating index dynamic management and build a unified information platform and establish a tax credit rating full-time jobs such as a proposal to optimize the tax credit rating And from the government and enterprise two levels of tax credit rating results of the application of suggestions.The conclusions and suggestions of this paper are helpful for the government to reasonably anticipate the market response of the tax credit rating system under the background of the reform of "decentralization,regulation and service",and further innovate the tax collection and management methods.Meanwhile,it also causes enterprises to attach importance to tax credit management and strengthen innovation input.