增值税转型与企业固定资产投资—一基于我国增值税转型改革的政策效应评价 ABSTRACT For the consideration of economic conditions including lack of revenue, inflation and overheating investment, China chose to implement Production Value-Added Tax(vat)at the beginning. Practice has proved that the Production VAT plays a positive role in curbing overheated investment, steadying economic growth and increasing revenue. But as the economic situation changes, negative impacts of Production VAT in company investment, industrial restructuring and tax equity appear gradually. In 2004, China began transformation reform of vat Northeast China, the six provinces in Central, Eastern Inner Mongolia and Wenchuan are pilots of the reform. In 2009, the transformation reform of Vat was implemented across the country. VAT input tax can be deducted under Consumption VAT system, which can promote enterprise investment in fixed assets In the ninth year of VAT transformation reform, we can effectively check the implementation of the policy through a long period. What's more important is that the reform effect inspection can provide experience and reference for subsequent macroeconomic policies This paper introduces foreign experience of VAT type-choosing and China's practice of VAT transformation reform. By the basis of theory analysis on VAT transformations promotion effect of fixed assets investment, we establish an empirical regression model. Introducing a policy dummy variable, the model uses mixed OLS regression method to analyze the data of 297 companies from 2004-2014. Results show that the Vat transformation reform effectively promotes corporate investment in fixed assets. And the effect differs significantly among different ownership enterprises Finally, based on theoretical and empirical results, recommendations related to government and companies are given respectively. Future prospects of relative research are raised as well Key Words vaT transformation reform; fixed asset investment; dummy variable Chinese Library classification F81242增值税转型与企业固定资产投资——基于我国增值税转型改革的政策效应评价 II ABSTRACT For the consideration of economic conditions including lack of revenue, inflation and overheating investment, China chose to implement Production Value-Added Tax (VAT) at the beginning. Practice has proved that the Production VAT plays a positive role in curbing overheated investment, steadying economic growth and increasing revenue. But as the economic situation changes, negative impacts of Production VAT in company investment, industrial restructuring and tax equity appear gradually. In 2004, China began the transformation reform of VAT. Northeast China, the six provinces in Central, Eastern Inner Mongolia and Wenchuan are pilots of the reform. In 2009, the transformation reform of VAT was implemented across the country. VAT input tax can be deducted under Consumption VAT system, which can promote enterprise investment in fixed assets. In the ninth year of VAT transformation reform, we can effectively check the implementation of the policy through a long period. What’s more important is that the reform effect inspection can provide experience and reference for subsequent macroeconomic policies. This paper introduces foreign experience of VAT type-choosing and China’s practice of VAT transformation reform. By the basis of theory analysis on VAT transformation’s promotion effect of fixed assets investment, we establish an empirical regression model. Introducing a policy dummy variable, the model uses mixed OLS regression method to analyze the data of 297 companies from 2004-2014. Results show that the VAT transformation reform effectively promotes corporate investment in fixed assets. And the effect differs significantly among different ownership enterprises. Finally, based on theoretical and empirical results, recommendations related to government and companies are given respectively. Future prospects of relative research are raised as well. Key Words VAT transformation reform；fixed asset investment；dummy variable Chinese Library Classification F812.42