减税降费能够缓解企业财务风险吗?——基于中国A股制造业分析

Can tax cut and fee reduction mitigate enterprise financial risk?——Based on the analysis of Chinese A-share manufacturing industry

基于减税降费这一事件,以2017年至2020年我国A股制造业公司为样本数据,运用多元线性回归分析、异质性检验、内生性检验以及稳健性检验,来研究减税降费对企业财务风险的影响。研究结果发现:减税降费能够有效激励制造业增加企业研发投入,并且能够有效降低企业发生财务风险的可能性;同时,研究还发现减税降费对缓解小规模制造业发生财务风险的作用更加明显。

Based on the event of tax cut and fee reduction,the impact of tax cut and fee reduction on corporate financial risk was studied through the sample data of A-share manufacturing companies in China from 2017 to 2020,and the application of multiple linear regression analysis,heterogeneity test,endogeneity test,and robustness test.The results of the study find that tax cut and fee reduction can effectively motivate the manufacturing industry to increase corporate research and development investment and effectively reduce the possibility of financial risks.Meanwhile,the more obvious effect of tax cut and fee reduction on alleviating financial crisis in small-scale manufacturing-corporations is obtained according to the results.