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

摘要： 我国增值税改革持续深化，增值税减税的效果成为学界和政府关注的热点问题。由于产品供需存在弹性，企业无法将增值税税负完全转嫁给消费者，并且不同企业面临的借贷市场环境存在差异，因此增值税减税对企业投资的影响问题显得较为复杂。本文针对企业投资决策建模，发现增值税减税会增加企业投资，但杠杆率较高企业由于借贷市场受到约束，投资水平的提高弱于杠杆率低的企业。本文基于2016Q3-2019Q1上市公司的季度数据，利用双重差分模型实证分析显示，2018年增值税减税政策提高了企业的投资水平，且对固定资产投资的影响更为显著，但借贷市场的传导机制减弱了增值税减税政策对杠杆率较高企业投资的促进作用。

关键词: 增值税减税, 企业投资, 需求弹性, 企业杠杆率