This paper incorporates business tax, corporate income tax and value-added tax (VAT) into a unified analysis framework, and discusses the impact of changes in tax rates on production factor demand and per capita capital. Through the production decision-making model, this paper finds that changes in business tax and value-added tax rates have a negative impact on production factor demand and show no impact on per capita capital, while a change in corporate income tax rate shows no impact on production factor demand and per capita capital. Within the VAT tax implementation framework, an increase in the capital factor deduction ratio leads to an increase in demand for enterprise production factors. Regarding the empirical approach, using long-term data of Chinese listed companies, this paper not only confirms the static relationship between the effective tax rate and the production factor demand, but also constructs a "quasi experiment" based on the dynamic process of the "Business Tax Replaced with VAT" policy. The results show that, with the increase in the deduction ratio of enterprise capital factors, the impact of the VAT effective tax rate on demand for production factors has become more significant, and compared to the control group, the enterprises in the treated group have greater demand for production factors. Empirical results confirm the inferences of the theoretical model from a static and dynamic perspective.
Key words
effective tax rate /
production factor /
Business Tax Replaced with VAT /
difference-in-differences
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