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

摘要： 本文以2003—2018年中国上市企业数据为样本，从税种差异视角分析了增值税有效税率与企业所得税有效税率变化对企业固定资产投资的影响。研究发现，增值税有效税率与企业固定资产投资的关系依赖于宏观经济环境和企业税负转嫁能力。具体而言，在经济上行期或税负转嫁能力较强的企业中，增值税有效税率降低促进了企业固定资产投资增加。所得税有效税率与企业固定资产投资之间始终为显著负相关关系。所得税有效税率的降低可以通过增强企业内外部融资能力来促进其固定资产投资增加，特别是当企业债务风险相对较低时，所得税有效税率下降对固定资产投资的正向影响效果会随企业融资约束程度的上升而增大。本文分析在一定程度上说明了不同税种的税负变化对企业投资产生差异化影响，进而为减税助力企业投资提供了新的微观经验证据。

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