The policy of reducing taxes and fees is an important measure to promote enterprise de-velopment and enhance market vitality,which is of great significance for improving investment efficiency and promoting supply side reform.This article uses data from A-share listed companies in Shanghai and Shenzhen from 2012 to 2020 to study the impact of tax and fee reduction on investment efficiency of enterprises.The research results indicate that reducing taxes and fees can effectively improve the invest-ment efficiency of enterprises;Mechanism testing shows that tax reduction and fee reduction can alleviate financing constraints,reduce underinvestment behavior of enterprises,and suppress overinvestment be-havior by reducing the degree of information asymmetry.Further research has found that reducing taxes and fees has a more significant effect on improving the investment efficiency of private enterprises and low free cash flow enterprises;The impact of policies on enterprises with different growth opportunities varies;The effect of policies on underinvestment of enterprises in areas with high marketization is more pronounced,while the effect on overinvestment of enterprises in areas with low marketization is more pronounced.This article also proposes policy recommendations to promote tax and fee reduction policies,in order to improve investment efficiency and promote high-quality development of enterprises.
关键词
减税降费/投资效率/融资约束/信息不对称
Key words
Tax and fee reduction/Investment efficiency/Financing constraints/Information asymmetry
维普
万方数据