关键词: 地方政府 , 税收竞争 , 过度投资 , 制造业企业

Abstract: Will changes in governmental strategy cause changes in corporate behavior? Take the tax competition among local governments as the starting point, this paper discusses the influence of tax competition on enterprises' overinvestment. Firstly, using the data of manufacturing enterprises and the statistics of prefecturelevel cities, we calculate the investment efficiencies of the enterprise and keep the samples with overinvestment for empirical test. Secondly, we construct the tax competition among local governments, analyze its impact on corporate overinvestment, and conduct the corresponding heterogeneityanalysis and robustness test. This paper finds that tax competition will significantly promote the overinvestment of manufacturing enterprises. Further research finds that tax competition has the highest impact on nonstateowned enterprises. The conclusions of this paper have certain reference significance for the current industrial structural adjustment and cracking overcapacity in China.

Key words: local governments , tax competition , overinvestment , manufacturing enterprise