| Enterprise income tax is a very important category. It is not only an important part of government revenue, but also a major cost of enterprise production and management activities. In order to encourage enterprises to develop technology and reduce operating costs, China reduced the corporate income tax rate in 2008, based on a series of tax incentives. Software and information technology services companies generally enjoy the tax incentives of software industry, or high-tech industry. In terms of training fees, the software category of business is to enjoy all the concessions can be deducted.These preferential policies to some extent reduce the investment costs of enterprises.With the reduction of the cost, whether the enterprise’s investment efficiency is improved? It is the focus of this article.On the basis of theoretical analysis, we analyze the principle of the tax burden on the investment efficiency. On the one hand, the enterprise investment behavior is related to the manager’s decision-making style. On the other hand, we believe that if the enterprise does not understand the policy system, and the financial and internal control work is not perfect, it may be in the process of accounting. If the financial staff did not grasp the tax incentives, it is also possible to overestimate the investment costs,the loss of investment enthusiasm, missed the ability to invest in the project.By analyzing the mechanism of the two behaviors, we can put forward the hypothesis of the empirical model. For this result, this paper summarizes the problems existing in the actual operation of the company, and puts forward the corresponding improvement suggestions. This paper selects 2010--2014 panel data of Listed Companies, the Shanghai and Shenzhen A-share software and information technology services industry as samples, calculation of each company’s annual enterprise income tax burden level, Richardson’s Investment Efficiency model are adopted to measure the efficiency of corporate investment, the level of funding and management cost rate,capital occupied by major shareholders, business cycle as control variables to establish regression model of the actual tax level and non-efficiency investment degree between,the results. Empirical analysis of this paper shows that the non-efficiency investment level and the enterprise’s tax burden are negative correlation. So, reduce the tax burdenof the enterprise, can significantly reduce the non-efficiency investment level, so that the enterprise’s investment scale is more stable, improve the enterprise’s investment efficiency.For this result, this paper summarizes the problems existing in the actual operation of the company, and puts forward the corresponding improvement suggestions. From the government point of view, some of the existing policies on the enterprise is not attractive enough, the scope has some limitations, so the government can increase the amount of research and development expenses, and expand the scope of fixed assets, improve the tax service quality and other ways to improve the existing tax incentives.With the application of information technology and the integration of the business,the software is becoming an important tool in the field of economy and society. Based on the integration of service functions such as personal computing, communication and entertainment, mobile intelligent terminal, the integration of communication, content,computing and other services, the integration of software and hardware, for the software and information technology service industry has brought tremendous business innovation space. Software and information technology service industry has great technical content, high content and high returns, and it has great development prospects. If we can make reasonable use of preferential policies, improve the utilization of funds, not only can help enterprises themselves, but also more effectively use social resources, promote technological progress and industry development. |
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