Study On Effect Of The Transformation Of Value-Added Tax To Enterprise Value Of The Small And Medium-Sized Board Listed Companies

Based on the financial crisis in the context of the implementation of VAT reform, this article will be linked this tax reform with the enterprise value of the small and medium-sized board listed companies-in order to test this consumption-type VAT of reform accord with the original intention that can promote enterprises to increase investment and increase enterprise value ultimately, and ease the plight of SMEs at present.The corporate income tax considerations to the capital structure of the MM theory (1963), creating a tax system and its reform on the enterprise value of the precedent. It is because the "tax shield" exists, making leverage the benefits of corporate access to debt financing, thereby increasing enterprise value. After that, many of the scholars take the corporate income tax into account the company's financial activities, including asset pricing, corporate mergers and acquisitions, tax planning and other aspects of transnational corporations. Since the reform of tax system and its impact on the enterprise value the major developed countries (such as the United States) is mainly based on corporate income tax system and its reform, few value-added tax and reform of financial management into the research activities, not to mention the value-added Tax reform and enterprise value of linking research.However, as a major source of revenue, and also as one of the main taxes which most of the corporate tax burdened, the reform process of value-added tax will affect the micro aspects of the subject (including the financial behavior, performance and company policies, etc.). This issue creates not only a premise for our value-added tax and reform of the impact on the enterprise value, but also give a necessary complement to the reform of the tax system and its impact on the to the main micro. This is one innovation of this paper.In this paper, small board listed companies in Shenzhen as the research object, select the data of tax year before and after transformation, using empirical research methods, and exams the impact of VAT on its value and its impact. Study found that value-added tax significantly increased the enterprise value. Order to study the impact of VAT on the enterprise value of the 'transmission channel', the selected samples of the actual tax burden of each enterprise, industry and the A shares in which plate as a categorical variable, divided into two categories corresponding samples found by comparing that value-added tax impact on corporate value and the actual tax burden of enterprises and the industry concerned. The lower actual tax burden, the more positively VAT impact on manufacturing businesses. Meanwhile, the value-added tax transformation on the A-share market value of the different sections for business does not have differences. Unfortunately, the main board listed companies do not upgrade the competitiveness for a long run, and failed to turn capital resources into their core creativity. They put amount of capital into simply repurchasing or updating their equipment rather than into R&D expenditure. Companies, the context of the financial crisis, are no doubt missing the opportunity to improve their core competitiveness.This study is divided into the following sections:first of all, reviewed the background of this study, interpreted the significance and research ideas and discussed frameworks of this article; second, based on reviewing the basis of relevant literature and on understanding what stage the current study which can find a breakthrough of this article; again, with the context of our special systems of small and medium enterprise board, the introduction of VAT on the enterprise value of theoretical research, and through empirical study of static method under study to verify the conclusions of the study hypothesis; Finally, Based on empirical research conclusions, points out the limitations of this study and future research directions.