中文摘要：

个税的征收与税率变动通过扭曲劳动要素的价格来改变企业对生产要素的选择偏好。利用中国上市公司的数据样本，对个税及其改革对劳动供给和企业投资行为的影响进行实证研究。研究发现：个税对劳动供给的扭曲越强，越有可能提升企业过度投资的可能性。此外，中国2011年的个税改革通过既提高起征点又调整税率结构，大大减轻了劳动者的税收负担。通过研究认为这番个税改革有效改善了税收对要素价格的扭曲程度，为今后的税制优化指明了方向。

英文摘要：

Personal income tax and the change of tax rate can alter the choice preferences of enterprises in factors of production by distorting the labor factors. Using the data of listed companies in China, an empirical study is made on the influence of personal income tax and its reform on labor supply and investment behavior of enterprises. The authors find out that the stronger the degree of distortion of labor supply caused by personal income tax, the more possible for companies to make overinvestment. In addition, the 2011 personal income tax reform raised the taxfree threshold and adjusted the tax rate system, which greatly reduced the tax burden loaded on workers. The study shows that the 2011 tax reform effectively improved the distortion degree of taxation on factor price, which offers reasonable suggestion for future tax reform.