Do fiscal and tax policies promote the performance of equipment manufacturing enterprises?

Abstract

Based on panel data from A-share listed equipment manufacturing enterprises from 2008 to 2022, this paper systematically analyzes the impact of fiscal and tax policies on the performance of equipment manufacturing companies. It also explores the mediating role of dynamic capabilities and their heterogeneous characteristics. The research findings indicate that fiscal and tax policies significantly enhance the performance of equipment manufacturing enterprises. This positive effect is manifested not only in direct effects but also in the indirect promotion of performance development through the enhancement of enterprises' dynamic capabilities. As a mediating variable, dynamic capabilities effectively connect fiscal and tax policies with corporate performance through improvements in absorptive capacity, adaptive capacity, and innovative capacity. Furthermore, the study reveals that the mediating effect of dynamic capabilities exhibits significant heterogeneity across different types of enterprises. Specifically, high-tech enterprises benefit more from fiscal and tax policies through dynamic capabilities compared to non-high-tech enterprises; additionally, there are notable differences in the influence paths of dynamic capabilities between labor-intensive and capital-intensive enterprises. This research not only highlights the important role of fiscal and tax policies in the equipment manufacturing industry but also provides theoretical support and practical guidance for different types of enterprises in policy formulation and capability building.