How Fiscal Policies Influence Enterprise Financing in China: A Financial Ecological Environment Perspective

The development of the real economy is closely related to financing efficiency. In China, government subsidies and tax and fee reductions are regular fiscal policies in China. This paper applies factor analysis method and fixed effects model(FEM) to verify the impact of government subsidies and tax incentives on enterprise financing efficiency. Through descriptive statistics and correlation analysis, it can be found that: (1) The level of financing efficiency of non-state-owned enterprises is higher than that of state-owned enterprises, but the difference is significantly larger than that of state-owned enterprises. (2) Government subsidies and tax incentives can improve the financing efficiency of enterprises, and the quality of financial ecological environment can improve the degree of positive impact. (3) The nature of property rights has a negative effect on the impact of government subsidies on corporate financing efficiency, and the quality of financial ecological environment can weaken this negative effect. This paper also puts forward some suggestions. For the government: (1) Pay attention to the fairness and efficiency of fiscal policies; (2) Guide state-owned enterprises to establish a sound incentive mechanism; (3) Promote the construction of regional financial ecological environment; (4) Establish a market information platform. For enterprises: (1) Improve the ability of independent management; (2) Actively improve the internal incentive mechanism; (3) Attaches great importance to the construction of enterprise credit level.