In recent years, major events such as trade frictions between China and the US and the outbreak of COVID-19 have increased economic uncertainties and impacted corporate financing accordingly. To this end, our government implements active tax and fee reduction policies to stimulate the development of enterprises, especially manufacturing enterprises. Tax reduction and fee reduction can have an impact on the financing constraints of enterprises by reducing the burden of capital use. Therefore, it is an important practical issue to discuss whether tax and fee reduction policies can effectively alleviate the insufficient financing constraints faced by manufacturing enterprises in a highly uncertain environment. Therefore, based on the data of a-share listed manufacturing enterprises from 2011 to 2020, this paper will discuss the relationship between tax and fee reduction policies and financing constraints and analyze their possible influence channels, thus providing a basis for the formulation of relevant policies.

Siyi Li, Yili Yang, Wenbin Huang. Tax Cuts and Fee Reductions and Corporate Financing Constraints: Incentive or Restraint? -- Data of a-share listed manufacturing companies from 2011 to 2020. Academic Journal of Business & Management (2022) Vol. 4, Issue 5: 93-100. https://doi.org/10.25236/AJBM.2022.040519.

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