增值税转型、产权特征与企业投资
VAT Transformation, Property Characteristics and Corporate Investment

以产权特征为视角，实证分析了增值税转型对不同企业的影响。研究发现：增值税转型增加了企业投资规模；国有企业投资规模显著高于民营企业；中央国企和地方国企投资均明显增加，二者差异在统计上不显著。政府干预程度较高地区的地方国企投资规模显著高于干预程度较低地区。此外，增值税转型使得国有企业长期回报率明显低于民营企业。
Over these years, China has launched a number of major reforms in the shift to the value-added tax. Existing literature studies the common effect of VAT transformation on investment, and there is no literature analyzing the difference of influence of VAT transformation. This study finds that fixed assets investment increase significantly during VAT transformation; Considering property nature, the fixed assets investment of state-owned enterprises is significantly higher than that of private enterprises; Both central state-owned enterprises and local state-owned enterprises' fixed assets investment increase significantly, their difference is not statistically significant. Furthermore, we find that fixed assets investment of local SOE in higher intervention districts is significantly higher than that of lower intervention districts. In addition, long-term return of SOE is significantly lower than that of private enterprises.