Income Tax,Corporate Investment And Corporate Value

All along,China's traditional manufacturing industry,as the core driving force for China's economic development after the 1980s,plays a very important role in the realization of the"Chinese Dream" of the entire Chinese nation,but with China's market relations and international status and the whole The development of the world's science and technology economy,the traditionally extensive,labor-intensive production methods are facing a crisis of survival.Therefore,how can the country combine the "invisible hand" and the ability of its own macro-control in the market to help enterprises get rid of the development dilemma as soon as possible,pay attention to the development of the enterprise itself,enhance the long-term competitiveness,re-energize the market vitality,and find the way of future enterprise development.It is an urgent issue today.Therefore,this article looks at corporate income tax,corporate investment,and corporate value to explore the impact and linkages between the three.On the basis of reading the literature,the paper analyzes the enter:prise value and the theory of enterprise investment,constructs the simultaneous equations model,and uses the three-stage least squares method to use the CSMAR database and the Wind database from 2014 to 2017.The financial data of the listed companies on the main board of the manufacturing industry were subjected to regression analysis,and heterogeneity analysis was performed on the sample data according to the region.The conclusions of the study were obtained by studying the regression results.The study found that when the corporate income tax rate increases,the company's new investment will be reduced,but since the new investment is the fixed assets,intangible assets and other long-term capital expenditures,the reduction of new investment will increase the current corporate value.Finally,it is seen that there is a positive correlation between corporate value and income tax rate.Therefore,it can be considered that an appropriate reduction in the income tax rate can effectively increase corporate investment and increase corporate value in the long run.This paper also analyzes the heterogeneity of enterprises in coastal areas and enterprises in inland areas according to regional classification.The study found that the negative impact of new investment changes on the value of enterprises in coastal areas is significantly higher than that of enterprises in inland areas.At the same time,the heterogeneity analysis also obtains the income tax rate of enterprises in coastal areas and inland areas.The sensitivity is different.The sensitivity of enterprises in coastal areas is lower than that of enterprises in inland areas.Under the change of the value of the same enterprises,the income tax rate of enterprises in inland areas changes more obviously.On the basis of the conclusions,this paper suggests that the state should start to reduce the corporate income tax rate for the national conditions and market conditions to ensure the investment and long-term development of the enterprise.Then refine the preferential tax policy and make the limited tax reduction space accurate.The innovation of this paper is to study the relationship between corporate income tax rate,corporate investment and corporate value and the path of influence.Through the data research of manufacturing industry in recent years,the survival status of traditional manufacturing industry has been obtained,and relevant policy recommendations have been put forward.In this paper,the simultaneous equations model is established,and the three-stage least squares method is used for regression analysis,which can solve endogenous problems and make the conclusions more reliable.