| Abstract | Most studies have attributed the dilemma of manufacturing enterprises to either the rising labor cost, or the macro tax burden. Based on the panel data of listed companies in the SME board, this paper constructs a multi-level factor model, comprehensively analyzes the marginal effect of micro-firm resource allocation under different ownerships and different industries of different operating states. Furthermore, both dynamic effects of common macro-factor and medium-term industry factors have been speculated. The results show that, for enterprises of poor operating state, labor cost is indeed the main restricting factor. And the enterprise performance can be improved through "Machine substitutions" and technical innovation. However, the constraint of enterprises with better operating states derives from the macro-environment factor, and labor cost is not the factor that causes difficulties. The dynamic trend of common macro-economic factor presents a typical "L" type, and the break point position is in 2010, which is consistent with the overall dynamic variation of macro tax burden, and is almost the same with the short-term fluctuations of actual tax burden on enterprises. Thus, the survival of private manufacturing enterprises mainly relies on technological upgrading, but to being stronger is more dependent on the government to reduce tax burden. Bootstrap block self-help counterfactual contrast simulation experiment verifies the robustness of the model and the conclusion of this paper. |