税收政策影响企业投资行为的研究综述

Literature Review on Impact of Tax Policy upon Enterprise Investment Behavior

税收政策作为国家调控经济的一揽子政策工具,评估其经济后果非常重要。关于税收政策如何影响企业投资行为,已有文献缺乏全面梳理。通过梳理已有文献发现,评估税收政策的经济后果可能受资本调整成本、融资约束、公司治理、企业对税收政策不确定性的预期、企业异质性、资本品价格几个方面因素的影响。税收政策不仅影响企业投资水平、投资时机、投资结构,而且影响企业投资效率。未来的研究需要加强税收政策效应评估的精准性,对临时性税收激励政策和税收政策不确定性的经济后果、各种税收工具的效应差异以及不同学科交叉视角的研究等方面做进一步探索。

Tax policies are a package of policy instruments for national economic regulation,so it is very important to evaluate their economic consequence.There is a lack of systematic review about how tax policies affect enterprise investment behavior.By reviewing the existing research,it is found that the economic consequence of evaluating investment tax incentive policies may be affected by several factors,such as capital adjustment cost,financing constraints,corporate governance,enterprise's expectation of tax policy uncertainty,corporate heterogeneity,and capital price.Tax policies not only affect the investment level,investment timing and investment structure of an enterprise,but also affect the investment efficiency.Future research needs to strengthen the accuracy of evaluating the effectiveness of tax policies,and pay more attention to the economic consequences of temporary tax incentives and uncertainty of tax policies,the effectiveness differences of various tax instruments,the cross-disciplinary perspectives in economics and management,etc.