Fig 1.
Total energy production in China from 2012 to 2021.
Source: China Statistical Yearbook in 2022.
Table 1.
Stability test results of each index.
Table 2.
Description of related data variables.
Fig 2.
Response of financial cost rate to the tax burden.
Fig 3.
Response of rate of capital accumulation to the tax burden.
Fig 4.
Response of cash ratio to the tax burden.
Fig 5.
Response of turnover of current assets to the tax burden.
Table 3.
Optimal lag order estimation for PVAR models.
Table 4.
Descriptive statistical results.
Table 5.
The treatment effect of high tax burden policy by trichotomy.
Table 6.
The treatment effect of medium tax burden policy by trichotomy.
Table 7.
Results of placebo test.