The Impact Of Tax Burden On Enterprise's Fixed Assets Investment

According to the expenditure method of the national economy,GDP is the sum of the three demands called investment,consumption and import and export.Investment is a powerful engine among them.China's economy has been growing rapidly.However,after 2011,the economic growth rate has declined.In 2017,China's economic growth rate was only 6.9%,and the Chinese economy entered a new normal.The investment involved in this study refers to the investment in fixed assets of enterprises.It affects the capital structure and output efficiency of enterprises,which in turn affects corporate profits and national economic aggregates.China's manufacturing fixed asset investment is in an absolute position in the whole industry,so this paper chooses manufacturing as a research industry.Since the investment has a “multiplier effect”,it has a multiplier effect on the growth of national income and can effectively stabilize economic growth.Therefore,given the lack of investment momentum in China and the current slowdown in economic growth,taking appropriate measures to stimulate investment and promote economic growth is a top priority.Adjusting tax policies is one of the ways to promote investment.The profound impact of taxation on corporate investment behavior has a theoretical basis.For example,the neoclassical investment theory puts forward the concept of capital cost.Taxation affects corporate capital costs through taxation policies,which affects corporate investment.The issue of tax burden is one of the core issues of taxation.There are some differences in the degree of impact of the actual burden rate of different taxes on social investment.A reasonable taxation system has positive significance for optimizing the efficiency of enterprise investment.In China,corporate income tax and turnover tax are the main part of corporate tax burden.Therefore,the topic of this paper is very research-oriented.Based on the existing research,this paper conducts theoretical analysis and empirical analysis to clarify the impact of corporate tax burden on corporate fixed asset investment.Firstly,this paper briefly describes the capital cost transmission mechanism under the neoclassical investment theory model.Then this paper analyzes the mechanism of the tax burden affecting the fixed assets investment of enterprises: Corporate capital cost is a bridge between corporate income tax and corporate investment;turnover tax and corporate income tax affect corporate cash flow through corporate capital occupation and the turnover tax changes the relative price system of the market through the transfer of tax burden,thus affecting the investment in fixed assets of enterprises;Then,by analyzing the corporate tax burden of China,the comprehensive production cost of manufacturing enterprises and the investment in fixed assets of enterprises,this paper explains why Chinese enterprises feel that the tax burden is very heavy.This paper innovatively uses a more precise method to measure the turnover tax burde.Since the amount of turnover tax actually paid by the enterprise in the current period cannot be directly found in the financial statements of the enterprise,this paper refers to the business tax and the specific subject attached in the notes to the annual report of the enterprise,and uses the reverse method to approximate the turnover tax.The actual payment of the turnover tax this year = education tax and surcharge / 3%.This paper collates the relevant data of China's Shanghai and Shenzhen A-share listed manufacturing enterprises through the database,compares and analyzes the impact of corporate income tax burden and turnover tax on the fixed assets investment of enterprises.Fourth,this paper draws empirical conclusions that corporate tax burden has a significant negative impact on corporate fixed asset investment,and the income tax burden has a greater impact.The level of corporate income tax burden,the nature of corporate equity and corporate asset size all have heterogeneous effects on corporate fixed asset investment.High-tax enterprises,small-scale enterprises and non-state-owned enterprises can reduce the negative impact of tax burden on corporate fixed assets investment.Finally,this paper proposes relevant policy recommendations from the perspective of research results,with a view to more comprehensively proposing how to encourage corporate investment by adjusting taxation policies,thereby stabilizing economic growth,and optimizing economic structure.At the same time,this paper also provides some thoughts for the reasonable reduction of corporate tax burden.