Research On The Impact Of Actual Tax Burden On The "Financialization" Of Enterprise Investment

In the critical period of China's economic transformation,the demographic dividend and resource dividends have gradually faded,and enterprises' overcapacity and insufficient external demand have arisen.The operating profits of the entity companies have generally shown a downward trend.Driven by the profit-seeking of capital,entity companies have tried to invest in financial investments,causing companies to deviate more and more from their main business,which has increased the possibility of hollowing out and fading.The financialization of corporate investment has become an important issue that needs to be solved urgently.All countries in the world regard tax policy as the main policy means to alleviate the contradiction between supply and demand,optimize resource allocation and optimize investment structure.Moreover,China has recently vigorously promoted tax reduction policies to promote the development of the real economy by reducing the tax burden of enterprises.However,how the actual tax burden affects the financialization of corporate investment,and how much impact it has,the enterprises of different scales and different regions have tax burdens.Whether the sensitivity of change is different has become the main content of this study.Firstly,through theoretical analysis and formula derivation,this paper analyzes the taxation affecting the investment decision of enterprises by affecting the cost of capital users of enterprises,and further divides the transmission mechanism of enterprise actual tax burden into enterprise investment decision into capital cost transmission mechanism and taxation.Income effect and substitution effect transmission mechanism.On the basis of theoretical analysis,further analysis of the importance of China's manufacturing industry,investment status and causes,through in-depth analysis,proposed three research hypotheses.Hypothesis I: Enterprises with higher actual tax burdens have a higher degree of financialization.Hypothesis II: There is a difference in the sensitivity of the degree of financialization of firms in different regions to the actual tax-reaction response of firms.Hypothesis III: The level of financialization of firms with different asset sizes may be sensitive to corporate tax-negative responses.By selecting the 829 samples of Shenzhen A-share listed companies in China's manufacturing industry in 2009-2017,the regression analysis of fixed effects was carried out,and the results were verified.Finally,three research conclusions were obtained.First,under normal circumstances,the actual tax burden of enterprises has a positive impact on corporate financialization,that is,the higher the actual tax burden of enterprises,the higher the proportion of financial investment of enterprises.Second,overall,the increase in the actual tax burden of companies in the eastern and central and western regions will stimulate corporate financialization,but the central and western regions are more motivated.Third,the financial investment of enterprises of different asset scales has different sensitivities to the actual tax burden of enterprises.The actual tax burden of enterprises has a stronger incentive effect on enterprises with smaller assets than those with larger assets..And based on the research conclusions obtained,four policy recommendations are proposed,(1)implementing differentiated tax policies(2)effectively reducing the tax burden of productive investment(3)regulating the tax base of financial investment(4)Tax support for the weak part of the real economy development.In this way,it will help to curb the development of China's real economy and the development of virtual economy.