| For a long time,investment has been an important engine of our high-speed economic growth.Enterprises are the micro-foundation of our Socialist market economy,therefore,maintaining the stable and effective growth of enterprise investment is an important force to ensure the normal operation of our economy and promote the development of economic society.However,the corporate tax burden attached to corporate investment touches the “Pain point” of most corporate investment development.For our country,more than 90% of the tax revenue is directly provided by enterprises,especially at the stage when the economy is facing downward pressure,the enterprise development investment faces unprecedented risks and challenges,this could lead to a further increase in the sensitivity of corporate investment to the tax burden,leading to a loss of confidence in investment.Therefore,the main research idea of this paper is to explore the relationship between tax burden and enterprise investment,and probes into how the total tax burden and different kinds of tax burden affect enterprise investment expenditure,on the basis of this,the paper further analyses the scale of enterprise assets and the nature of enterprise property rights,and discusses whether there are differences in the relationship between the two under different circumstances.On the basis of literature review,this paper combs the influencing factors and action paths of tax burden on investment expenditure from three angles of capital cost,cash flow and market price.From the perspective of capital cost,the increase of tax burden will increase the cost of investment capital and further restrain the investment expenditure of enterprises.On the other hand,enterprises can also make good use of the preferential effect of relevant policies to carry out reasonable tax planning in advance,to a certain extent,can ease the corporate income tax burden on the inhibition of corporate investment.From the perspective of cash flow,as a cost expenditure,corporate tax burden will affect the cash flow for investment.As far as enterprise income tax is concerned,enterprise income tax will directly affect the current profits of the enterprise and directly affect the current cash flow;as far as value-added tax is concerned,on the one hand,the income tax of the enterprise when purchasing fixed assets can be totally deducted in the current period,increasing the cash flow of the current period;on the other hand,because the reduction of the original value and depreciation of fixed assets will affect the taxable income of the enterprise,this,in turn,reduces cash flow.From the market price point of view,the government’s tax collection behavior will break the original production equilibrium point,so that enterprises change production and management strategy,commodity producers will judge the amount of tax burden products need to bear to choose the input of product supply,mainly reflected in the value-added tax on the tax burden transfer.In conclusion,based on the cost of investment capital,cash flow and market price,the corporate tax burden will affect the willingness of enterprises to invest,and the paths and effects of different taxes are different.Therefore,this paper selects the data of listed manufacturing enterprises from 2009 to 2019,and tests the four hypotheses in the econometric model by controlling the individual effect and time effect of enterprises.The research process mainly includes the following aspects: the 11-year data were used to test the main hypothesis by the baseline regression,the robust test is carried out by lagging the explanatory variables one year and three years respectively.Then,according to the heterogeneity of assets scale and property right,the design model tests the heterogeneity,and analyzes whether there are differences in the relationship between tax burden and enterprise investment under different circumstances.The empirical results show that there is a significant negative correlation between corporate tax burden and corporate willingness to invest,and valueadded tax has a stronger inhibitory effect on corporate investment than corporate income tax.The empirical results show that the tax burden significantly inhibits the investment of small-scale enterprises and non-state-owned enterprises.Finally,from the perspective of the research results,this paper puts forward relevant policy suggestions to the government and enterprises respectively: for the government,the tax system should continue to implement tax reduction and fee reduction policy,we should reduce the tax burden and comprehensive cost of enterprises,increase the support to enterprises investment,combine the universality and difference in tax policy,and give preferential tax policy to small and medium-sized enterprises and manufacturing enterprises Tax Collection and management needs to be further optimized,continue to increase the “Deregulation and service” efforts to improve the government’s precision level of service.For Enterprises,it is necessary to find the national industry-oriented,adapt to the changes in tax policy,at the same time,accurately formulate the investment objectives of enterprises,do a good job in advance tax planning,and strengthen internal risk control.Only by improving the efficiency of their own investment,enterprises can better achieve their own development goals. |
