摘
要
摘要
大规模减税降费政策是国务院为促进供给侧结构性改革所采取的一项积极的财政
政策，该政策的推行可以降低市场主体的负担和激发市场的经济活力。本文以我国 277
家中小制造企业 2016-2020年的数据作为研究样本，首先，运用双重差分方法研究了大
规模减税降费政策的效用；然后，运用多元回归分析探讨了大规模减税降费政策的实施
对企业创新投入的影响；最后，研究企业外部融资在大规模减税降费政策与企业创新投
入之间的中介效应。
首先，介绍了本文的研究背景及意义，总结了国内外研究大规模减税降费政策与企
业创新投入、外部融资对两者关系影响的相关文献，阐述了本文的研究思路和方法。其
次，对中小制造企业、大规模减税降费政策、外部融资、创新投入等概念进行界定；根
据凯恩斯学派减税理论、拉弗曲线理论和信号传递理论阐述了大规模减税降费对企业创
新投入的作用过程，分析外部融资可能对该过程所产生的影响；并在此基础上，根据中
小制造企业的实际情况给出了本文的研究假设；利用双重差分模型检验大规模减税降费
政策的效用，利用固定效应回归模型检验大规模减税降费政策对企业创新投入的影响，
检验外部融资的中介效应，并讨论实证结果。最后，根据本文的研究结论，对优化大规
模减税降费政策提出对策和建议。
本文研究结论显示：大规模减税降费政策的实施能够有效减轻中小制造企业的税费
负担，即大规模减税降费政策的实施力度越大，中小制造企业的所得税税负、流转税税
负和社保负担越能减轻；大规模减税降费政策确实通过影响所得税税负、流转税税负和
社保负担，进而影响中小制造企业的创新投入；外部融资在大规模减税降费和中小制造
企业创新投入之间发挥部分中介作用，即大规模减税降费政策的实施会影响中小制造企
业的外部融资，从而影响其创新投入。最终，本文基于研究结论，提出可以进一步减轻
中小制造企业的税费负担和优化税费结构的政策建议，并指出本文研究中的局限性及今
后未来研究中可以改进的地方。
关键词：大规模减税降费政策；外部融资；创新投入强度；中小制造企业；双重差
分方法（DID）
I
Abstract
Abstract
The large-scale tax and fee reduction policy is an active fiscal policy adopted by The State
Council to promote the supply-side structural reform. The implementation of this policy can
reduce the burden of market subjects and stimulate the economic vitality of the market. This
paper takes the data of 277 small and medium-sized manufacturing enterprises in China from
2016 to 2020 as the research sample. First, the DID is used to study the effectiveness of large-
scale tax and fee reduction policy. Then, multiple regression analysis is used to explore the
impact of large-scale tax and fee reduction policy on enterprise innovation input. Finally, the
mediating effect of external financing on the large-scale tax and fee reduction policy and
enterprise innovation investment is studied.
First of all, this paper introduces the research background and significance of this paper,
summarizes the domestic and foreign literature on the impact of large-scale tax and fee
reduction policy on enterprise innovation investment and external financing, and expounds the
research ideas and methods of this paper. Secondly, the concepts of small and medium-sized
manufacturing enterprises,large-scale taxand feereduction policy, externalfinancing,
innovation investment and so on are defined. Based on Keynesian tax reduction theory, Laffer
curve theory and signal transmission theory, this paper expounds the effect process of large-
scale tax and fee reduction policy on enterprise innovation input, and analyzes the possible
influence of external financing on this process. On this basis, the research hypothesis is given
according to the actual situation of small and medium-sized manufacturing enterprises. The
effect of large-scale tax and fee reduction policy was tested by using DID, the influence of
large-scale tax and fee reduction policy on enterprise innovation input was tested by using fixed
effect regression model, and the mediating effect of external financing was tested, and the
empirical results were discussed. Finally, according to the research conclusions of this paper,
put forward countermeasures and suggestions for optimizing large-scale tax and fee reduction
policy.
The conclusions of this paper show that the implementation of large-scale tax and fee
reductionpolicycaneffectively reducethetaxburdenofsmalland medium-sized
manufacturing enterprises, namely, the implementation of large-scale tax and fee reduction
policy, the income tax burden, turnover tax burden, social security burden of small and medium-
sized manufacturing enterprises can be reduced more; large-scale tax and fee reduction policy
do affect the innovation input of small and medium-sizedmanufacturing enterprises by
II
Abstract
affecting the income tax burden, turnover tax burden and social security burden. External
financing plays a partial intermediary role between large-scale tax and fee reduction policy and
innovation input of smes, that is, the implementation of large-scale tax and fee reduction policy
will affect the external financing of smes, thus affecting their innovation input. Finally, based
on the research conclusions, this paper puts forward policy suggestions to further reduce the tax
burden of smes and optimize the tax structure, and points out the limitations of this study and
the areas that can be improved in future research.
Keywords: Large-scale Tax and Fee Reduction Policy; External Financing; Innovation
InputIntensity;SmallandMedium-sizedManufacturingEnterprises;Differences-in-
Differences (DID)
III