现有增值税转型与企业投资关系文献多分析增值税转型对企业投资规模的影响,而忽视其对公司投资价值相关性的影响。集团控制与产权是影响企业投资效率的重要因素,但目前尚无文献研究增值税转型对不同类型企业投资价值相关性影响的区别。本文发现:与独立公司相比,增值税转型显著降低了集团公司的投资价值相关性;相对于民营集团,国有集团的投资价值相关性受增值税转型影响显著降低;与中央国有集团相比,增值税转型对地方国有集团的投资价值相关性的降低更为显著。对民营企业进一步研究发现,增值税转型显著降低了民营独立公司的投资价值相关性,而民营集团的投资价值相关性没有显著下降,说明民营集团这一组织形式避免了民营企业投资效率下降。本文丰富了税收改革对投资效率影响的文献,随着“营改增”改革的全面推进,新增不动产的进项税额也将纳入可抵扣范围。 The existing literature on the relationship between VAT transformation and business investment analyzes the impact of VAT reform on the scale of business investment while neglects its impact on the relevance of the company’s investment value. Group control and property rights are the important factors affecting the efficiency of business investment, but there is no literature to study the difference between the impact of VAT transformation on the relevance of investment value of different types of enterprises. This paper finds that, compared with the independent company, the VAT transformation significantly reduces the correlation of the investment value of the group company; the relative value of the investment value of the state-owned group is significantly reduced by the transformation of value-added tax over the private group; compared with the state-owned group, The transformation of value added tax has a more significant reduction in the relevance of the investment value of local state-owned groups. Further research on private enterprises found that the VAT transformation significantly reduced the investment value relevance of private-owned independent companies, while the non-significant correlation between private-owned investment values ​​did not decline significantly, indicating that private-owned organizations avoided the decline in private-sector investment efficiency. This article enriches the literature on the impact of tax reform on investment efficiency. With the overall reform of “reforming the battalion and increasing profits”, the input tax on newly added real estate will also be included in the deductible range.