Research On The Impact Of The Income Tax Reform On Investment

In 2008 our country carried out the reform of corporate income tax and promulgated the new income tax law. The new tax law has manifested the "four unifications". The domestic enterprise and the foreign enterprise are suitable a unified enterprise income tax law. The unified enterprise income tax rate is 25%. The tax unifies preferential tax policies for the establishment of "industry-based preferential, regional preferential supplement". The new tax law reform content more, vigorously, be sure to macro economic and microeconomic more profound impact on, one of which is the impact on enterprises investment.This paper studies the impacts of the income tax reform on the business investment. Using the current internationally advanced economic theory to invest the enterprise's influence has the tremendous change when our country obtained tax system. It may enrich the influence empirical study which is relatively weak. It plays the reference consultation role for the control section decision-making.This paper uses the method which the fundamental research and the empirical analysis, the qualitative analysis and the quantitative analysis unify. In 2008 the enterprise income tax reform brings the capital cost change as well as the investment cost change to our country. It carries on the quantitative analysis and the empirical study with emphasis. Because the year of 2008 is the first year of the corporate income tax reform carried on, domestic literature very little use real diagnosis method to study the influence of the income tax reform on investment. This paper utilizes the empirical study and profits from US in 1986 when the enterprise income tax reform the utilization model. It carries on the analysis to our country's situation, because simultaneously the domestic income tax reform has its particularity. This article makes the adjustment slightly to this model and divides the sample to conduct the research separately. It obtains the different real diagnosis result. And it will make the reference for present's policy formulation.The empirical study discoveries that the capital cost is still the trend of escalation. But after rejection of the price influence, it reduces obviously compared to 2007. According to the income tax rate drops the enterprise divides into two samples. We discover that in the sample of the income tax rate rising, the enterprise capital cost rises. And it leads the enterprise investment cost dropping. In the sample of the income tax rate dropping, the enterprise capital cost reduces obviously compared to 2007. But the capital cost's drop has not promoted the enterprise investment. Finally this paper utilizes the multiple regression linear equation, similarly has proven the above conclusion.