Analysis Of The Impact Of The "Business Tax Replaced With VAT Reform" Policy On The Scale And Efficiency Of Enterprise Investment

As a specific measure of structural tax reduction,"Business Tax Replaced with VAT Reform" has been showing its tax reduction effect since the pilot implementation.At the same time,"Business Tax Replaced with VAT Reform" policy is also an important measure for supply-side reform.Therefore,the pilot implementation of "Business Tax Replaced with VAT Reform" policy is not only to reduce corporate tax burden,but also to promote supply-side reform through structural tax cuts,optimized configuration of resources.As a macroeconomic policy,"Business Tax Replaced with VAT Reform" is used to regulate the micro-subject of enterprises,so as to achieve macroeconomic regulation and control.Therefore,analyzing the impact of "Business Tax Replaced with VAT Reform" policy on the scale and efficiency of corporate investment,it is possible to analyze the effect of its implementation policy in depth.In order to analyze the impact of "Business Tax Replaced with VAT Reform" policy on the scale and efficiency of enterprise investment,this paper uses the more common policy analysis method at the present stage Difference-in-differences model,selects the data samples from 2009 to 2015,and divides the enterprise into experimental groups.Firstly,based on the theoretical basis of this paper,the paper analyzes the impact of the "Business Tax Replaced with VAT Reform" policy on the scale and efficiency of enterprise investment.Secondly,based on the theoretical analysis,research hypothesis and difference-in-differences model,is used to empirically analyze the research content.In the empirical analysis,the paper first analyzes the impact of "Business Tax Replaced with VAT Reform" policy on the scale of investment and investment efficiency,and further analyzes the different impacts of policies on investment efficiency on the basis of dividing enterprises into over-investment and under-investment,thus obtaining "Business Tax Replaced with VAT Reform" affects the path of investment efficiency.Secondly,it analyzes the impact of "Business Tax Replaced with VAT Reform" policy on investment efficiency under different levels of financing constraints and corporate control.Through the content of the empirical analysis part,it analyzes its impact on the scale and efficiency of enterprise investment.Through theoretical analysis and empirical analysis,it can be found that "Business Tax Replaced with VAT Reform" policy has an impact on the investment behavior of enterprises.First of all,"Business Tax Replaced with VAT Reform" has a positive effect on the scale of investment in enterprises.On this basis,it further analyzes the impact of "Business Tax Replaced with VAT Reform" on the investment efficiency of enterprises.It is found that the implementation of "Business Tax Replaced with VAT Reform" policy has improved the non-efficiency investment of enterprises and reduced the investment efficiency of enterprises.According to the empirical results of "Business Tax Replaced with VAT Reform" policy on the scale of investment and investment efficiency,it can be analyzed that although "Business Tax Replaced with VAT Reform" policy has improved the investment level of enterprises,it has not improved the investment efficiency of enterprises.Secondly,in response to this problem,the company is further divided into over-investment and under-investment,and analyzes the reasons why "Business Tax Replaced with VAT Reform" affects the level and efficiency of investment.The empirical finding "Business Tax Replaced with VAT Reform" policy has a more significant effect on over-invested enterprises,mainly reflected in the fact that "Business Tax Replaced with VAT Reform" policy has increased the investment level of enterprises,but most of the increased investment is concentrated in over-investment enterprises.Over-investment and under-investment are all inefficient investments,so over-investment companies further increase investment,leading to an increase in non-efficiency investment.Finally,through the analysis of the theory,it is known that the difference between financing constraints and control rights will affect the effect of the "Business Tax Replaced with VAT Reform" policy on the scale and efficiency of corporate investment.Under the different levels of financing constraints and control,the impact of "Business Tax Replaced with VAT Reform" policy on the investment efficiency of enterprises.The empirical results show that "Business Tax Replaced with VAT Reform" policy has a more significant effect on the low financing constraint group and the non-state enterprise group.The main reason for this result is that,for the low-financing constraint group,it is easy to show excessive investment."Business Tax Replaced with VAT Reform" policy has promoted the investment level of this part of the enterprise,resulting in the increase of non-efficiency investment.For non-state-owned enterprises,state-owned enterprises have to bear more policy tasks because of different control rights,while non-state-owned enterprises are mainly based on maximizing corporate profits,which leads to a big difference in enterprise decision-making.The implementation of "Business Tax Replaced with VAT Reform" has increased the level of investment of enterprises and has an impact on the investment efficiency of enterprises.However,the influence of non-state-owned enterprises is more significant.