Governance Effect of Horizontal Equity on Corporate Abnormal Investment:A Study Based on Tax Burden Inequality
As an important driver of economic growth,investment plays a crucial role in high-quality economic development.Utilizing fiscal and tax policy instruments to continuously optimize and systematically regulate the timing of corporate investment decisions has become an important task in optimizing supply structures and stabilizing economic operations.Value-added tax(VAT)is a top priority in optimizing China's fiscal and tax system.Because of the complexity of tax system design,the specificity of tax incentives,and the multiplicity of policy objectives,the tax burden inequality among enterprises has been continuously increasing,posing a serious challenge to horizontal equality.However,different from previous studies that focus more on the impact of tax burden inequality from macro perspectives,such as regional or industry levels,this paper explores the impact of tax burden inequality among enterprises in the framework of VAT reform,providing empirical evidence for leveraging the governance effects of horizontal equity.From the perspective of VAT burden inequality,this paper constructs a two-period investment model for VAT payment and uses micro-data of Chinese manufacturing listed companies from 2009 to 2021 to explore the governance effect of horizontal equity on corporate abnormal investment.This paper finds that the marginal elasticity of corporate abnormal investment to VAT burden inequality is 4.88％,implying that the tax system design promoting horizontal equality can significantly inhibit corporate abnormal investment.Mechanism analysis shows that VAT burden inequality reinforces corporate perceptions of uncertainty,stimulates the motivation of tax planning,and exacerbates the year-end investment surge effect.Heterogeneity analysis reveals that the effect of abnormal investment is particularly pronounced in private enterprises,those with higher financing constraints,those with weaker cost pass-through abilities,and those facing stricter tax regulations.Further economic consequence tests show that the year-end concentrated investment induced by tax burden inequality reduces the occupation of enterprises'retained funds,but it suppresses their overall investment scale,weakens their loss of investment efficiency,and increases the risk of deviation from optimal investment.This paper contributes to existing literature in the following three aspects.Firstly,from the perspectives of uncertainty perception and tax planning motivation,this paper analyzes the abnormal investment effect of VAT burden inequality,enriching research on the economic effects of horizontal equity and tax burden inequality.Secondly,this paper incorporates horizontal equity and corporate investment timing structure into a unified analytical framework,providing a new perspective for clarifying the tax system causes for corporate abnormal investment and its governance solutions.Thirdly,the research conclusions provide micro-level evidence and policy implications for establishing a more scientific and equitable VAT system and promoting high-quality development.
万方数据
维普
