Tax and Fee Reductions, Total Revenue and High-Quality Development of SMEs Base on Mediation Effect and Threshold Model Analysis

Under the background of high-quality development, the support of fiscal and tax polices is necessary. Taking the National Equities Exchange and Quotations of Guangdong Province listed companies from 2016 to 2021 as research objects, this paper empirically studies the impact of tax and fee reductions on the high-quality development of SMEs; taking total revenue as the mediation variable, this paper constructs the mediation effect model to analyze the mechanism of tax and fee reductions on the high-quality development of SMEs; taking total revenue as the threshold variable, this paper further explores the nonlinear relationship between tax and fee reductions and high-quality development of SMEs; taking fiscal decentralization as moderation variable, this paper constructs the moderating effect model. This study finds that tax and fee reductions are conducive to the high-quality development of SMEs; total revenue shows a significant positive mediation effect; the impact of tax and fee reductions on the high-quality development of SMEs has a double threshold effect of total revenue, with the increase of total revenue, the effect of tax and fee reductions on the high-quality development of SMEs changes from promotion to inhibition; fiscal decentralization has a positive moderation effect, there is a virtuous circle between tax and fee reductions and high-quality development.