Research on the Impact of Tax Structure Changes on Corporate Investment Behavior Based on the Perspective of Tax Burden Shifting

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Journal of Central University of Finance & Economics ›› 2023, Vol. 0 ›› Issue (2) : 17-29.

XIAO Ye, LIU Xiao-bing

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Abstract

Under the background of economic transformation and development, “stable investment” of enterprises is of great significance to ensure stable and healthy economic development.Based on the perspective of tax burden transfer, this paper studies the impact of tax structure change on fixed assets investment behavior of enterprises and its mechanism by taking Shanghai and Shenzhen A-share non-financial listed companies from 2008 to 2016 as research samples.It is found that increasing the proportion of indirect tax has no significant impact on the fixed assets investment of enterprises, while increasing the proportion of direct tax has significantly promoted the fixed assets investment of enterprises.Further heterogeneity analysis shows that the effect of increasing the proportion of direct tax on fixed assets investment of enterprises mainly comes from large enterprises, state-owned enterprises and enterprises with low financing constraints.The results of the mechanism analysis show that the increase of the proportion of direct tax not only reduces the cash flow level of enterprises, but also promotes the growth of the investment level of fixed assets by increasing the debt financing of enterprises.This study provides a microscopic explanation for the rapid decline in the growth rate of fixed assets investment in recent years, and provides a reference for formulating policies that are helpful for enterprises to achieve the goal of “stable investment”.

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Tax system structure / Investment in fixed assets / Indirect tax / Direct tax

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XIAO Ye, LIU Xiao-bing. Research on the Impact of Tax Structure Changes on Corporate Investment Behavior Based on the Perspective of Tax Burden Shifting[J]. Journal of Central University of Finance & Economics, 2023, 0(2): 17-29

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