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以2004~2008年上市公司数据为样本,将所得税改革影响嵌入固定资产的投资成本(资本成本)中,对资本成本变化及其与投资额变化的关系进行研究,检验2008年所得税改革是否促进了企业投资。结果发现,2008年的企业所得税改革确实降低了公司的投资成本。按改革前后税率变化方向将样本分为两个组并做进一步统计分析发现:所得税税率上升的企业,资本成本上升,并导致企业投资额下降;所得税税率下降的企业,资本成本明显降低,但资本成本的下降并没有对投资产生明显的促进作用。
Taking the data of listed companies from 2004 to 2008 as a sample, the influence of income tax reform is embedded in the investment cost (capital cost) of fixed assets, the change of capital cost and its relationship with the change of investment amount are examined to test whether the income tax reform in 2008 has promoted Business investment. The results showed that the corporate income tax reform in 2008 did reduce the company’s investment costs. According to the change direction of the tax rate before and after the reform, the samples are divided into two groups and further statistical analysis shows that: the enterprises with the rising income tax rate, the rising cost of capital and the decrease of the enterprise investment; the enterprise with a lower income tax rate, the cost of capital obviously decreases, but the capital The decline in costs did not significantly promote the investment.