Research On The Impact Of Corporate Tax Burden On Corporate Investment Based On The Industry Differences

Since China's economy entered the "new normal",the growth rate has slowed down,the economic center of gravity has changed from heavy to high quality,and the Sino-US trade friction has caused international financial market turmoil.In this severe environment,enterprises have encountered problems such as difficulties in production and operation and falling profits,showing a weak investment phenomenon.Investment plays a vital role in the country and in the enterprise and is an important driving force for economic development.The 13 th Five-Year Plan outlines the role of investment in economic growth and structural adjustment,and optimizes economic structure and technological innovation through investment.In order to stimulate corporate investment and guide investment direction,the state combines inclusive tax incentives with structural tax cuts to reduce the tax burden of enterprises and mobilize the enthusiasm of micro-subject investment.It is in this context that this paper explores the impact of corporate tax burden on corporate investment and whether there are industry differences.There are two discoveries in the research of finishing scholars.First,most scholars believe that corporate tax burden has a negative impact on corporate investment,and further refinement to tax-related tax research,single enterprise turnover tax burden and single corporate income tax burden have a negative impact on corporate investment,but there are also Scholars have reached different conclusions when they examine the impact of corporate turnover tax burden and income tax burden on corporate investment.Second,scholars have only observed one industry at the time of research,or have examined multiple industries or all industries as a whole.Few scholars have analyzed whether the impact of corporate tax burden on corporate investment is industry-differentiated.Under this circumstance,this paper also explores the impact of corporate turnover tax and income tax burden on corporate investment and industry differences.This is a new breakthrough and supplement to existing research,and it is also the innovation of this article.In order to explore the industry differences in the impact of corporate tax burden on corporate investment,the research samples are divided into three major industries: labor-intensive industries,capital-intensive industries and technology-intensive industries.Then,according to the capital user cost model,the impact mechanism of taxation on investment is analyzed and four research hypotheses are proposed.Using the empirical data of the company data of listed companies in Shanghai and Shenzhen during the period of 2009-2017,the results show that the enterprise turnover tax burden and corporate income tax burden have a negative impact on corporate investment,and the impact also presents industry differences,labor intensive The tax burden of industry enterprises has no significant impact on corporate investment.The tax burden of enterprises in capital-intensive industries and technology-intensive industries has a negative impact on corporate investment.Finally,the following suggestions are put forward: First,continue to deepen the VAT reform,and simplify the tax rate to two;second,expand the scope of pre-tax deductions and reduce the corporate income tax rate;third,improve the human capital tax system and strengthen labor-intensive enterprises.Transforming and upgrading;Fourth,implementing differentiated taxation policies to guide capital-intensive enterprises to optimize investment;Fifth,implementing innovation-driven taxation systems to encourage innovation and development of technology-intensive enterprises;and sixth,improving tax incentives for SMEs and further supporting them The development of small and medium-sized enterprises has grown.