关键词: 减税降费, 制造业高质量发展, 创新促进

Abstract: Although the impact of tax cuts and fee reduction on enterprises' development is an old topic in the research of fiscal and tax policy effect, each round of tax cuts and fee reduction is a policy response to specific circumstances made by the central government, so it is of practical significance to analyze the effect of policy implementation in time. Compared with the past, the policies of tax cuts and fee reduction since 2019 in China have focused on the entity economy, which are large-scale, universal and all-round. Furthermore, after the concept of high-quality economic development was proposed at the end of 2017, the connotation of “high quality” in the development of manufacturing enterprises have become clearer and clearer, and the policies of tax cuts and fee reduction have attached more importance to innovation, which is regarded as the driving force for the high-quality development of enterprises. Due to the above considerations, the article puts tax cuts and fee reduction, enterprise innovation, and high-quality development of enterprises into in the same research framework of “fiscal and tax incentives (policy tools) — enterprise innovation incentives (intermediate variable) —achieving high-quality development of manufacturing industry (policy objectives)”, and uses the survey data of 433 small and medium-sized manufacturing enterprises to explore the impact of the present tax cuts and fee reduction policy on the high-quality development of manufacturing enterprises, investigate the macro background, scale and industry heterogeneity of the impact, analyze the effect mechanism of the latest round of tax cuts and fee reduction policies on the high-quality development of manufacturing enterprises by taking enterprises' innovation input as an intermediate variable for judging whether the transmission mechanism between policy tools and policy objectives is smooth, whether there are breakpoints and blocking points, and providing empirical reference for optimizing the supply of fiscal and tax support policies. The research results show that the universal tax cuts and fee reduction have a positive impact on manufacturing enterprises' innovation, structural adjustment, transformation of mode, quality improvement, efficiency increase and energy saving. Non-high-tech manufacturing enterprises benefit more from the present policy of tax cuts and fee reduction. The incentive effect of tax cuts is more significant than that of the fee reduction. The policy of tax cuts and fee reduction plays an important role in improving the quality of the development of manufacturing enterprises mainly by affecting enterprises' innovation input. Tax cuts and fee reduction have no obvious effect on alleviating the financing difficulties of small and medium-sized manufacturing enterprises and helping enterprises realize the combination of industry and finance. Hence, to improve the positive effect of tax cuts and fee reduction on the quality of enterprises' development, the government needs to balance the relationship between the universality and precision of the policy supply. Firstly, the separate relevant policies need to be put on a unified list and a comprehensive arrangement should be made with regard to the scope, magnitude, intensity, and duration of these policies, so that preferential policy resources can be coordinated to support small and medium-sized enterprises, technology enterprises, energy conservation and emission reduction enterprises. Secondly, it is necessary to establish the system to regularly assess the effects of policies and the mechanism to rectify the deviation in policies in time, so as to promptly optimize or stop those policies that are unpopular or lack continuity or coherence. Thirdly, to alleviate the capital bottleneck for the innovation of small and medium-sized manufacturing enterprises, tax cuts and fee reduction policies should also focus on the financing service market and encourage financial institutions, guarantee institutions, re-guarantee institutions, insurance institutions to provide credit services for small and medium-sized manufacturing enterprises. Fourthly, tax and fee reduction policies should play the expectation-inducing role to guide manufacturing enterprises to form correct expectations and turn policy dividends into resource input, especially innovation input. Fifthly, the regular tax guidance mechanism should be established to help small and medium-sized manufacturing enterprises understand policies effectively and reduce compliance costs.

Key words: Tax Cuts and Fee Reduction, High-quality Development of Manufacturing Enterprises, Innovation Promotion