The Study Of Effection Of Tax Burden On The Enterprise Investment Behavior

Since China implemented the tax reform oriented by "structural tax reduction",the value-added tax system has been increasingly optimized,the tax rate levels have been continuously reduced,and the deduction chain has been gradually improved.The enterprise income tax system is improving day by day,the tax preferential treatment strength unceasingly increases.However,the effect of tax reform is not fully recognized.In recent years,the "pain of tax burden" of enterprises represented by manufacturing industry has been highlighted,and the trend of "cliff-like decline","shift from real to virtual" and "international shift" of enterprise investment has been shown.At present,the tax burden of China's real economy has attracted extensive attention from the society.The core issues focus on the measurement of macro tax burden and micro tax burden,as well as the determination of the reasons for the increase of enterprises' "tax burden sense".Based on this background,the relevant scholars proposed tax effect "deadweight loss","tax" for the enterprise increase and business investment "bluff type slide","take off the real to virtual","international transfer" relevance theory explanation,that higher taxes from the enterprise net profit,thereby inhibiting the enterprise investment,the theoretical and practical circles caused tax big discussion about the tax burden.Is there a tax deadweight loss effect? What are the causes of the tax burden pain in manufacturing industry? Is there something wrong with the tax cuts or with manufacturing itself? Whether the tax bearing factor is the leading factor for the "cliff-like decline","the shift from the real to the virtual",and "the international transfer" of enterprise investment,the logical origin of the above problems should start from the influence mechanism of tax burden on enterprise investment behavior,which is also the basic point,key point and difficulty of this paper's theoretical and empirical research.This chapter systematically defines the basic concept,general relationship,measurement index and method of enterprise investment behavior from the tax and fee burden,which lays a solid theoretical foundation for further influence mechanism analysis and empirical research.Firstly,the basic concepts of tax burden and enterprise investment behavior are defined to open the logical starting point of this paper.Secondly,theoretical analysis of tax burden on enterprise investment behavior economic effect;Finally,from the macro and micro level to build the enterprise tax burden and enterprise investment behavior measurement index,this paper describes the current situation of tax burden and enterprise investment behavior measurement method.The research results are summarized as follows: from the perspective of tax burden,the tax burden of Chinese enterprises is not heavy,but the expense burden is heavy.In general,China's macro tax burden(medium caliber)was 25.69% in 2016,of which social insurance premium was negative 6.80%,value-added tax was 7.13%,and corporate income tax was 3.91%.For manufacturing industry,the comprehensive tax burden of manufacturing industry was 5.86% in 2016,among which the comprehensive tax burden rate of state-owned enterprises was 4.2% and that of private enterprises was 8.8%.The comprehensive tax burden of private enterprises was significantly higher than that of stateowned enterprises,and there was no "death tax rate".From the perspective of investment,from 2008 to 2017,the industrial investment of China's manufacturing enterprises declined,while the financial investment increased.In terms of the correlation between tax burden and enterprise investment,there is a significant correlation between the overall perspective and the manufacturing perspective,while there is no significant correlation between the Chinese and American tax burden differences.The empirical study on the static and dynamic mechanism of tax burden on enterprise investment behavior shows that: first,investment income is the logical starting point of enterprise investment behavior choice,while tax burden is an exogenous impact of this cycle path.Second,the choice of enterprise investment behavior is not only affected by the tax involved in the behavior,the implementation of any tax will affect the enterprise investment behavior,is the process of mutual influence within the system.That is to say,the comprehensive tax burden rate not only affects enterprises' industrial investment,but also affects financial investment.Similarly,the income tax rate is also the same;Third,the reduction of the comprehensive tax rate will strengthen the tendency of capital to choose financial investment.The inhibiting effect of comprehensive tax bearing rate on financial investment behavior of enterprises is higher than that of industrial investment behavior.When the comprehensive tax burden rate of enterprises is reduced,the incentive effect on financial investment behavior is higher than that on industrial investment behavior,which will enhance the capital flow into the capital market for financial investment preference,and may aggravate the "de-real to virtual" of enterprise investment behavior.Fourth,reducing the tax burden of corporate income tax is the best way to encourage investment from "empty to real".The inhibiting effect of corporate income tax burden rate on corporate investment behavior is higher than that on financial investment behavior.When the tax burden rate of enterprise income tax is reduced,the incentive effect on industrial investment behavior is higher than that on financial investment behavior.The incentive effect of reducing the corporate income tax burden rate on the industrial investment behavior is greater than the financial investment behavior,which is conducive to the capital flow into the real economy market,and can improve the current enterprise investment behavior to some extent.Fifth,the cash flow and the return on equity are the main reasons for the "de-substantiation" of enterprises and the "decline of private investment".The positive incentive effect of cash flow on corporate investment behavior and financial investment behavior is much greater than the negative inhibitory effect of tax burden(comprehensive tax burden or corporate income tax burden).That is,even if enterprises have abundant cash flow,they do not invest in the industrial field,but choose to invest in the financial field.This behavior is characterized by both private enterprises and state-owned enterprises,but private enterprises are more significant.In addition,from the perspective of roe,no matter what tax burden,its positive impact on corporate financial investment is far greater than that on corporate industrial investment,and its impact on private enterprises is greater than that on state-owned enterprises.Based on the fact that the return on equity of financial investment is higher than that of industrial investment,it can be interpreted that private enterprises abandon industrial investment and turn to financial investment instead of real investment.From the perspective of income tax burden,the influence of cash flow on the investment of private enterprises is greater than that on the investment of fixed assets of state-owned enterprises.At the same time,from the perspective of income tax burden and comprehensive tax burden,the influence of roe on fixed assets investment of private enterprises is greater than that of state-owned enterprises.And the influence of cash flow is larger than that of return on equity.Sixth,the enterprise's high-quality operating capacity does not stimulate the entrepreneurs to further expand the power of reproduction,that is,with the increase of sales growth rate,the enterprise's industrial investment has declined.Based on the above empirical results,this paper based on the developed countries "reducing tax burden,promote investment" goal-directed,explore its tax reform history and the latest trends,summarizes the developed economies to promote enterprise investment of the general law of tax system optimization,in order to solve China's "decline in private investment in","manufacturing firm to the virtual","enterprise multinational investment transfer",etc.On the basis of China's specific national conditions of promoting enterprise investment and optimizing business environment,this paper puts forward policy Suggestions on reducing enterprises' "tax sense" and stimulating enterprises' investment.Second,we should establish a long-term mechanism for reducing taxes and fees,further standardize and integrate the indirect tax system,further improve and perfect the income tax system,and reduce the burden of social insurance premiums for enterprises.Third,deepen the reform of supporting system and reduce the comprehensive operation cost;Fourth,the enterprise itself to strengthen the weak,improve the micro main tax burden transfer.