关键词: 税收负担；增值税有效税率, 企业所得税有效税率, 固定资产投资

Abstract: Based on the data of Chinese listed enterprises from 2003 to 2018, this paper analyzes the impact of the changes of effective rate of valueadded tax and effective rate of corporate income tax on enterprise's fixed assets investment from the perspective of tax differences. The results show that, the relationship between the effective rate of valueadded tax and fixed assets investment depends on the macro environment and the ability of tax burden transfer. Specifically, in the economic upward period or in enterprises with strong tax burden transfer ability, the decrease of effective rate of valueadded tax can increase the cash flow of enterprises and promote the fixed assets investment. There is a significant negative correlation between effective rate of corporate income tax and fixed assets investment. The decrease of the effective rate of corporate income tax will promote the enterprises' investment by improving the internal cash flow and enhancing the external financing ability of enterprises. Especially when the corporate debt risk is relatively low, the positive impact of the decrease of effective income tax rate on fixed assets investment will increase with the increase of financing constraints. To some extent, this analysis shows that the tax burden changes of different taxes will have differentiated impact on enterprise's investment, which provides new empirical evidence for tax cuts to help investment.

Key words: tax burden, effective rate of valueadded tax, effective rate of corporate income tax, fixed assets investment