Research On The Impact Of Fixed Assets Investment On Enterprise Production Technology Efficiency

After the Chinese economy entered the "new normal",in order to cope with the downward pressure on the economy and achieve sustained and stable economic development,the central government proposed to implement supply-side reforms,and successively adopted a series of measures to reduce the cost of the real economy enterprises and improve their economic efficiency.Investment has received much attention as one of the main factors affecting economic growth.The root of the development of the real economy is the continuous increase of the total output of enterprises,and there are two main ways to increase the output of enterprises: increase the input of factors and promote Enterprise production technology efficiency.As we all know,it is not sustainable to increase the total output of enterprises by increasing the input of factors.Improving the production technology level of enterprises is the source of sustained economic growth.Therefore,whether the fixed asset investment can promote sustained and steady economic growth lies in whether it can promote the technological progress of the enterprise.This paper takes the 2004 VAT reform as an exogenous policy experiment to study the impact of fixed asset investment on Enterprise production technology efficiency,in order to provide a reference for the government to improve the tax system and enterprise development itself.Because there are two-way causal and other endogenous problems between fixed asset investment and enterprise production technology advancement,this paper mainly uses VAT transformation reform exogenous policy as instrumental variable,and adopts two-step instrumental variable method to study fixed asset investment to enterprise production technology progress.Impact.The double differential model(DID)is used to measure the policy impact of VAT reform reform.The regression results show that the tax reduction effect generated by the VAT reform can effectively promote the increase of fixed assets investment,while the fixed asset investment can not effectively improve the total factor productivity of enterprises,and can not effectively promote Enterprise production technology efficiency.The main reason for this phenomenon is that under the joint effect of the free cash flow hypothesis and the new investment hypothesis,the increase in fixed assets investment promoted by the tax reduction effect of the VAT reform is mainly the original fixed assets of the enterprise.The proportion of new fixed assets with high technical content is little or no.This has made the company's production model not upgraded and optimized,still staying in the simple expansion and reproduction stage,the company's total factor productivity has not been improved,and the company's production technology level has not improved.The structure is mainly composed of the following parts: The introduction part mainly introduces the background and significance of the research on the impact of investment on Enterprise production technology efficiency;the review of relevant literature research at home and abroad;the main contents and research methods of the research,as well as the main innovations and There may be deficiencies.The first chapter mainly introduces the definition of relevant concepts and related basic theories,as well as the theoretical analysis of the mechanism of fixed assets investment affecting the production technology of enterprises.The second chapter mainly introduces the status quo of the institutional background of VAT reform and the status quo of fixed asset investment and enterprise production technology progress.The third chapter mainly introduces the empirical research on the impact of fixed asset investment on the production technology of enterprises,including empirical model construction and data description,and empirical regression analysis.The fourth chapter mainly introduces the empirical regression conclusions and related policy recommendations for the regression results.