Research On Investment Behavior Of Different Property Right Enterprises Under The Background Of VAT Transformation

For an enterprise,investment has the function of allocating resources,and the rationality of investment decision is closely related to the value of the enterprise.As for our country's enterprise investment,the nature of property right as a special variable has an impact on the investment of enterprises.In January 1,2009,the policy of VAT transformation was implemented and promoted nationwide.Existing research has shown that VAT reform has stimulated corporate investment.Because there are certain differences in the degree of reflection on the external macro environment of enterprises with different property rights,this paper argues that the VAT transformation has a different role in promoting enterprise investment with different property rights.In this paper,a sample of A-Share Listed Companies in manufacturing industry is used to study the differences in investment behavior of enterprises with different property rights in the face of VAT transformation,referring to the domestic and foreign literature related to tax reform,property rights and enterprise investment.First of all,this paper introduces the background,significance and main research content of this paper,reviews and reviews literature research at home and abroad,and expounds the relevant concepts and theoretical basis of this article.Then,it describes the investment development of Chinese enterprises under the background of VAT transformation,and finds that the amount of investment in China's enterprises has been increasing year by year,and the fixed assets investment of non-state-owned enterprises has exceeded the state-owned enterprises in 2010.Then it analyzes the effect of VAT transformation on enterprise tax burden,investment cost and cash flow of fixed assets from a theoretical point of view.The results show that the tax reform can reduce the overall tax burden of the enterprise,reduce the investment cost of the enterprise,promote the increase of cash flow of the operating activities,and stimulate the investment of the enterprise,on the basis of this,further elaborate Under the background of VAT transformation,the investment behavior between state-owned enterprises and non-state-owned enterprises is different,and it is considered that the non-state-owned enterprises are more likely to expand the scale of investment in the context of VAT transformation and analyze the influence mechanism of internal and external investment motivation by means of agency theory,financing constraint and herd effect compared to the state-owned enterprises.Therefore,the research hypothesis of the article is put forward.Finally,we select the data of 480 manufacturing listed companies from 2006 to 2016,establish a measurement model of VAT transformation,property property and enterprise investment,and use the weighted least square method to carry out regression analysis.The results showed that: first,the transformation of VAT to the investment of non-state-owned enterprises is stronger than that of state-owned enterprises.Second,the above differences are shared by the financing constraints and the agency costs.The state-owned enterprises themselves have less financing constraints,so the sensitivity of the policy changes is not high,while the non state owned enterprises are affected by the hard constraints of the debt budget.When the value-added tax transformation makes the cash flow of enterprises increase,the sensitivity is stronger.At the same time,the agency problem of the state-owned enterprises is more prominent,the complex hierarchy and the long agent chain lead to the slow response to the external environment and the inhibition of the enterprise investment.Therefore,under the background of VAT transformation,the mitigation ability of non-state-owned enterprises' financing constraints is stronger than that of state-owned enterprises,and the inhibitory effect of the agency conflict on the investment is weaker than that of the state-owned enterprises.Third,under the background of VAT transformation,there is herd effect in enterprise investment,and most of the managers of state-owned enterprises are risk aversion.In the face of policy changes,they tend to be prudent,and the herd effect is more significant.