关键词: 营改增”税制改革, 生产性服务, 固定资产投资

Abstract: The valueadded tax （VAT） expansion reform on the productive service industries since 2012 boosts the service element investment and fixed asset investment of the downstream firms by facilitating the VAT deduction chain Using the firmlevel data，employing the differenceindifferences estimation strategy and the industrial agglomeration theory，this paper utilizes the difference brought by different regions'different scales of productive service industries before the reform to identify the reform' influence on downstream firms and the mechanism The results show that：（1） the reform increases the investment of downstream firms；（2） such effect is generated via reducing double taxation of outsourced services on firms，thereby alleviating their internal capital constraints This paper finds that the reform has stronger impacts on the firms with severer financial constraints and less outstanding VAT credits This study helps understand investment behavior of the firms and the rationale behind China's tax reforms of the indirect tax in recent years

Key words: valueadded tax expansion reform, productive services, fixed-asset investment