关键词: 增值税减税, 企业投资, 需求弹性, 企业杠杆率

Abstract: The valueadded tax (VAT) reform continues to deepen, and the effect of VAT reduction has become a hot issue of academic and government concern. Because the supply and demand of products are elastic, enterprises cannot completely transfer the VAT burden to consumers. Moreover, different enterprises face different lending market environments. Therefore, the impact of VAT reduction on enterprise investment is complex. The enterprise investment decisionmaking model shows that the VAT reduction will increase the enterprise investment, but the investment level of enterprise with higher leverage ratio will increase less than the enterprise with low leverage ratio due to the constraint of the loan market. Based on the quarterly data of listed companies from 2016Q3 to 2019Q1, this paper uses the differenceindifference model to empirically analyze the impact of the VAT reduction policy in 2018 on enterprise investment. The results show that VAT reduction increases the investment level of enterprises, and has a more significant impact on fixed assets investment. However, the transmission mechanism of the lending market weakens the promotion effect of the VAT reduction policy on enterprises with higher leverage.

Key words:  , VAT reduction, enterprise investment, demand elasticity, leverage ratio