【Abstract】wWw.shuoshilunwen.com Since the reform and opening up, China’s economy has achieved rapid development, which causes the world’s attention. During the various factors of promotion of economic growth, investment has played a crucial role. China has always been committed to creating a forable investment environment From both the macro and micro perspective, company’s investment has caused widespread concern in the community. Investment behior is vastly different in different range of industries and regions. Among them, in the factors of company’s investment decision-making, the area of tax incentives is an important part. What’s the extent of tax policy’s impact on company’s investment decision on earth in China? What is the difference of tax policy’s impact on company’s investment decision between different industries and different regions? What can we do to the contribution of Industrial traner and regional balanced development though tax policy facing the control of the national development strategy? These issues are all worthy of our consideration.This paper does GMM estimation to three samples of panel data on the basis of summing up the theory of investment decisions and drawing lessons from previous domestic and foreign empirical research. It examines the tax policy’s impact on the investment decision from the whole, sub-regional and sub-industry perspective, and does exploratory study on regional factors. This paper uses the sample of 2002-2009 in Shanghai and Shenzhen A-share listed companies as the research object covering 31 provinces, municipalities and autonomous regions, including 11 industries, which fills the vacancy and insufficiency of the domestic research from the micro level to some extent and provides a comprehensive and systematic empirical study on the relations between the tax policy and company’s investment. In the investigation of region factors, the paper combines the strategy of fiscal competition between locals, gathering the variable of economic cluster into the text, trying to explore the effect of local economy cluster.Though the model examination, we can draw the following several basic conclusions:The tax does play an inhibitory effect on investment no matter in general, sub-sectors or sub-regional circumstances. However, the inhibition of the tax on investment is different in different samples, which can provide some ideas to the formulation of tax policy. China’s economic cluster effect has not gathered significant role in promoting company’s investment. Especially in central and western regions. the economic cluster effect itself is very weak. In the eastern region, the increase in company’s investment will lead to higher prices of capital goods, while the phenomenon has not found in the central and western regions, which shows the market economy in eastern China has reached a higher degree level, while planned economy still existences in central and western regions, which are influenced by national control in economic area. Company’s investment decisions for the current period should be based on a level of capital stock and investment in the last period, and the previous period’s investment dose a greater effect on the current investment than the previous period’s capital stock, which shows that the financing capacity of the modern enterprise was greatly enhanced to some extent.. In addition, the enhanced profitability of the company will also play a role in promoting investment, while the relation between investment and human capital is not clear. All these conclusions can verify the tax policy’s impact on company’s investment. In the analysis of empirical results, it also exposed anomaly phenomenon in China’s industrial structure and regional development, thus to provide some enlightenment in the formulation of tax policy. In the formulation of related tax policies, government should focus on industries and taxes which he greater influences, and increase the efficiency and implementation of tax policy. While the tax authorities should be strict to monitoring the collection and management of revenue, reducing the differences between nominal tax rate and real tax rate to maximize the effect of tax policy on the economy’s macro-regulation.
【关键词】 税收激励;投资;上市公司;经济集聚;【Key words】 Tax incentives;Investment behior;Listed companies;Economic cluster;