Tax Incentive,Tax Collection And Management And Enterprise Investment Efficiency

Since the supply-side structural reform,words such as "zombie enterprises","overcapacity" and "declining investment growth" have emerged frequently,becoming hot issues of social concern.Considering enterprises are the main supply side of the society,these phenomena actually reflect the inefficiency of enterprise supply and,more specifically,the inefficiency of enterprise investment.For enterprises,investment is the direct source of profit growth,and the efficiency of investment will affect the growth and development of enterprises.Therefore,improving the investment efficiency of enterprises is of great significance to both micro enterprises and macro economy,which is also one of the focuses of supply-side structural reform.Among many factors that affect the efficiency of enterprise investment,the tax factor has obvious uniqueness and importance.On the one hand,"nothing in the world is certain except death and taxes",and companies are obliged to pay taxes from the beginning.In essence,tax is the share that the government continuously takes away from the operating income of enterprises for free,which is directly related to the return on investment and production and operation of enterprises.On the other hand,the tax department collects and manages the taxes and fees payable by enterprises on behalf of the state,which makes the tax department become the special "shareholder" and external supervision force of enterprises in a certain sense.Therefore,the tax department's attention on tax revenue will also affect the investment and operation of enterprises.Liu kun,minister of finance,once proposed to"strive to force enterprises to reduce excess capacity through fiscal and tax policies to address both the symptoms and root causes",which further shows that tax factors can indeed play a positive role in improving the efficiency of enterprise factors.Based on this,this article carefully examines the influence on enterprises investment efficiency of tax burden,tax reform and the tax collection administration,in an effort to clarify the tax factors,on the basis of logic,to promote and perfect the fiscal and taxation system reform and to enhance the efficiency of corporate investment to provide theoretical support and policy suggestions.In this paper,first of all,relevant literatures on tax factors affecting enterprise investment efficiency are systematically reviewed from the three dimensions of VAT burden,enterprise income tax reform and tax collection and management.Secondly,based on the data of listed companies,this paper investigates the impact of China's largest tax burden of value-added tax on the investment efficiency of enterprises,and confirms the importance and necessity of tax incentives for enterprises.On this basis,based on the data of listed companies and the corporate income tax reform in 2008,this paper discusses the effect of tax reform with the nature of tax reduction on the improvement of enterprise investment efficiency,and tests the possible effect channels and the durability of policy effects.Finally,based on the data of China's industrial enterprises and the fact that the tax collection intensity of the national and local tax bureaus is different due to the reform of income tax sharing ratio in 2002,this paper analyzes whether the change of tax department's tax collection intensity will affect the investment efficiency of enterprises.Based on the above research,conclusions were drawn as the following:First,the increase in the real tax burden of value-added tax will not only reduce the fixed asset investment of enterprises,but also lead to the inefficient state of insufficient investment,which is mainly reflected in non-state-owned enterprises,labor-intensive enterprises and enterprises with severe financing constraints.From the perspective of mechanism,insufficient investment occurs because the high VAT tax burden intensifies the capital constraint of enterprises and reduces the return on real assets of enterprises.Furthermore,when the actual tax burden of value-added tax increases,enterprise investment tends to "shift from real to virtual",and the extent and proportion of financial asset investment increases greatly,which damages the development of enterprises' main business.In addition,compared with the nominal rate of value-added tax,the design of the tax system with multiple VAT rates is the key to increase the tax burden of enterprises.The tax rate degeneracy reform is conducive to stimulating the investment in fixed assets of enterprises and alleviating the degree of underinvestment.Second,the enterprise income tax reform with the nature of tax reduction can effectively alleviate the degree of inefficient investment of enterprises,mainly because the income tax reduction can reduce the degree of financing constraints faced by enterprises and reduce their tax evasion.However,the positive effect of tax cuts on the efficiency of corporate investment exists only in non-state enterprises,capital-intensive enterprises,companies with better corporate governance and companies that are less dependent on external financing.In addition,quantile regression found that tax incentives did not play a significant role when the level of inefficient investment was low and too high.What's more,influenced by the financial crisis,the impact of income tax reform on the investment efficiency of enterprises has a certain time lag,but its impact will gradually increase with the passage of time.Thirdly,the weakening of tax collection and management intensity of tax authorities will reduce the investment efficiency of enterprises.The main reason is that mandatory tax collection and management has the effect of corporate governance,while the relaxation of tax collection and management increases the principal-agent cost within enterprises,which leads to the decline of investment efficiency.It is found by sample regression that the investment efficiency of non-state-owned enterprises,enterprises located in regions with poor institutional environment and enterprises in the upturn of economic cycle are more sensitive to tax collection and management activities.However,different from the mandatory tax collection and management activities from the tax authorities,the analysis of tax credit rating disclosure as a natural experiment to describe the flexible tax collection and management shows that the flexible tax collection and management is conducive to improving the investment efficiency of enterprises.