| The reform of the fiscal and taxation system plays a decisive role.As the largest tax in China,the reform of value-added tax(VAT)will not only bring about changes in fiscal and tax revenue,but also have a far-reaching impact on economic development.As the biggest reform of China's fiscal and tax system in recent years,the reform of transform business tax into VAT has attracted extensive attention from all walks of life since it was proposed.With the comprehensive implementation of the policy,its policy effect gradually emerges.This paper traces back to the institutional background of the reform of "replacing business tax with value-added tax",comprehensively reviews the research literature in relevant fields,and grasps the research status of existing literature.On this basis,Based on the quasi-natural experiment of VAT reform,this paper takes the investment behavior of enterprises as the entry point,uses the data of Chinese listed companies from 2010 to 2017,and use the difference-in-difference method to test the impact of the macro fiscal and tax system reform on the investment behavior of micro enterprises.The results show that :(1)The implementation of the VAT reform has significantly promoted the growth of enterprise investment scale,and the promotion of enterprise investment by the reform is mainly reflected in the growth of fixed asset investment.(2)The growth of enterprise investment is not the result of blind investment.After the reform,the value relevance of enterprise investment has significantly increased,indicating that the reform has brought about the improvement of enterprise investment efficiency.(3)Further exploring the regulating effect of the heterogeneity of property rights on the investment behavior of enterprises,it is found that the implementation of the policy has a stronger promoting effect on the investment of non-state-owned enterprises,but there is no significant difference between state-owned enterprises and non-state-owned enterprises in the improvement of investment efficiency.(4)Extensive studies have found that the implementation of the tax policy has played a significant role in promoting the investment of enterprises with high financing constraints,high growth and in regions with low tax administration.(5)The robustness of the research conclusions in this paper was tested,and the test results were consistent with the main regression results and theoretical predictions,indicating that the conclusions in this paper were reliable.The innovation points of this paper are as follows :(1)In the perspective of research,this paper pays more attention to the comprehensiveness and integrity of the VAT deduction chain.Different from the previous study on the impact of the reform from the perspective of local regions or fields,this paper further expands the research scope,so that the research conclusion can better reflect the policy effect.(2)In terms of research content,the research not only focuses on the change of investment scale caused by reform,but also examines the impact of reform on the relevance of enterprise investment value,thus better reflecting the policy objectives.(3)Examine the impact of enterprise heterogeneity on enterprise investment behavior from the perspective of property rights,financing constraints and corporate growth,examines the differences in investment decisions of enterprises with different natures under the same reform background,enriches relevant research literature.The research of this paper has certain theoretical significance and practical enlightenment.In terms of theory,this paper provides empirical evidence that tax influences investment and enriches the literature that macro tax policies influence micro enterprise behavior.On the practical level,the paper examines the implementation effect of the policy of transform business tax into value-added tax,which not only provides a reference for enterprise management practice,but also provides a basis for the formulation of government tax policy. |
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