企业所得税制度改革对投资的激励效果——基于上市公司数据的实证检验

The Effects of Income Taxation Reform on Corporate Investment——Empirical Evidence from Listed Companies Level Data

以2004-2008年上市公司数据为样本,将所得税改革影响嵌入固定资产的投资成本（资本成本）中,对资本成本变化及其与投资额变化的关系进行研究,检验2008年所得税改革是否促进了企业投资。结果发现,2008年的企业所得税改革确实降低了公司的投资成本。按改革前后税率变化方向将样本分为两个组并做进一步统计分析发现：所得税税率上升的企业,资本成本上升,并导致企业投资额下降;所得税税率下降的企业,资本成本明显降低,但资本成本的下降并没有对投资产生明显的促进作用。

The purpose of this paper is to test if this corporate income tax reform in 2008 has impacted the corporate investment in China.We find that the corporate has changed investment with the decreasing of the capital cost in 2008.Further,we divide the samples into two panels according to the changing trend of income tax rate.The result is that in the sample of the income tax rate arising,the corporate capital cost arises,and then the investment decreases.But in the sample of the income tax rate decreases,the decrease of capital cost obviously does not promote the enterprise investment.Our results provide evidence of which corporate income tax reform in 2008 has impacted the corporate investment.