The Influence Of Tax Policy On Fixed Assets Investment Of Enterprises

Investment is an important driving-force to economic growth,it is the starting point and the center of the whole economic activities.Investment of fixed assets is an important part of the total capital formation.It is the key to increase the volume of investment capital of each micro-economy.The accumulation of enterprise investment determines the enterprise's value,the impact of investment scale and structure of the rise and fall of the enterprise.So,the reasonable fixed assets investment is a prerequisite for the success of an enterprise,is the enterprise need to get a good development.The limited social resource allocation because of the enterprise investment decision-making,the government use fiscal and monetary policy regulation of fixed asset investment enterprises,but compared to the monetary policy and fiscal policy,tax policy adjustment means more diverse,and the effect of heating and more so as not to cause severe changes in the macro-economy.For example,at the beginning of 90 s by the government to levy tax on fixed assets investment to curb excessive investment,to guide the direction of investment,and in 2000 the situation of insufficient aggregate demand,and through the suspend tax on fixed assets investment to stimulate investment in capital construction and renovation of enterprise technology and equipment,and promote the growth of investment.So,what is the effect of tax policy on investment in fixed assets of enterprises,and the tax policy in the extent of the actual Has an important practical significance to research the influence the investment behavior of the fixed assets of the enterprise.At present,the domestic research on fixed assets investment tax affects the enterprise is still in its infancy,as the analysis method,the study is also rarely use marginal effective tax rate.In view of this,this paper will use the influence of the mainstream analysis theory and model of deep and quantitative constantly examining tax the policy of investment in fixed assets of enterprises.This paper aims to analyze the influence of tax policy on investment in fixed assets of enterprises in our country,taking into account the scale of investment in fixed assets of enterprises is obviously the industry influence,if not control industry,using sample data illustrate the impact of tax policy on fixed assets investment is not so obvious.And because since 2012,Shanghai took the lead on some industry business tax VAT pilot,industries and regions affected by each year continues to expand.Therefore,in order to eliminate the influence of "replacing business tax with value-added tax(VAT)" tax policy reform and improve the fitting degree of the model,a more accurate analysis of the impact of tax policies on fixed assets investment of Chinese enterprises,this paper listed on the Shanghai and Shenzhen exchange all the A shares of manufacturing enterprise 2007-2015 data as the research object,choose to use the marginal effective tax rate as a measure of the tax policy on enterprise fixed assets investment The extent of the impact of capital index,and considering the corporate income tax rate,the tax structure combined with the characteristics of China's rate of depreciation of fixed assets,the applicable VAT rate of four factors,the first calculation of the Sample Firms' s investment in fixed assets marginal effective tax rate,then the marginal effective tax rate on behalf of tax factors,levels and bear by the construction of taxation--quantitative panel data econometric model of fixed assets investment analysis of new investment tax real impact on business investment in fixed assets.In this paper,the distinction between the different categories of assets,fixed assets and construction machinery equipment fixed assets.The results show that: firstly,the overall tax policy in China to restrain the investment of enterprise fixed assets expenditure;secondly,the marginal effective tax rate of two kinds of assets have a common trend,in 2008 2009,the Sample Firms has marginal effective tax rate a sharp reduction have weakened the inhibitory effect of tax on investment of fixed assets of enterprises to a certain extent,the changes of the main distribution in 2008 enterprise income tax rate changes caused by the reform of the corporate income tax before the enterprise income tax rate is mainly distributed in the preferential tax rate of 15% and the statutory tax rate of 33%,and after the reform are mainly distributed in the the preferential tax rate of 15% and 25% of the statutory tax rate,tax rate lower marginal effective tax rate of enterprises.But there is still a significant reduction in 2009,the main line of value-added Tax by the general taxpayer to allow the purchase of fixed assets of input VAT deduction,reducing the VAT,the corresponding reduced marginal effective tax rate.But this phenomenon will disappear after a period of time,and maintain in a relatively low level,indicating that the implementation of tax policy is to reduce.Enterprise marginal effective tax rate,and with the passage of time still has effect.And the marginal effective tax rate of China's machinery and equipment has been higher than that of the building,which is mainly caused by the difference of tax depreciation policy for the two types of assets in the tax law,the two depreciation is different,resulting in the present value of depreciation is not the same.Finally,the study found that affect the marginal effective tax rate for manufacturing listed company's fixed assets investment increased significantly,each marginal effective tax rate in a unit,the fixed assets investment rate 4.6680 units will be reduced;At the same time,the company's profitability,the size of the company are playing a role in promoting investment in fixed assets,while the company's debt level,the impact of internal cash flow on fixed assets is not significant.In determining the direction and extent of current tax policy on the investment of enterprise fixed assets and the effect of different categories of fixed assets investment marginal effective tax rate distribution,on China's use of tax to promote investment and puts forward relevant policy suggestions.