The Influence Of The Replace Of Business Tax With A Value-Added Tax On The Turnover Tax Burden Of Enterprises

On March 5th,2016,Premier Keqiang Li pointed out in his report on the work of the Fourth Session of the Twelfth National People's Congress that the full implementation of the battalion should be carried out.At this point,China has completed a comprehensive expansion of the camp from 2011 to 2016,"the replace of the business tax with a value-added tax" policy is promoting in the construction industry,real estate,finance and life services industry,to reduce the tax burden of the real economy industry enterprises,for the people's livelihood and the development of the industry to create a better environment.Therefore,it is necessary to collect datas from listed companies on the basis of the theory analysis to conduct empirical method to test the actual impact of " the replace of the business tax with a value-added tax" on the turnover tax of the companies.Combining theory analysis with empirical research,this text constructs a database of empirical analysis by collecting relevant financial datas of Chinese listed companies.Based on the theoretical research,the empirical research on the listed companies' datas shows that whether the tax policy has achieved the effect of tax reduction on the turnover tax burden of listed companies in China,and put forward constructive opinions and suggestions,and to ensure the promote of the policy smoothly and orderly.In addition to the introduction,the article mainly consists of five parts.In the first part,we find the node of time of the empirical research in this text from the analysis of the implementation process of "the replace of the business tax with a value-added tax".At the same time,for the reform goal of the policy,to analysis the reform of the taxation system(the service industry,specialty division,the reduce of the enterprise tax burden),which focuses on analysis of the test indicators � the reduce of corporate tax burden for the theory analysis and empirical analysis below laid the policy foundation.In the second part,the theoretical analysis is made on the two characteristics of the VAT system,namely,the "deduction effect" and " the replace of the business tax with a value-added tax",which aims to theoretically examine whether " the replace of the business tax with a value-added tax" reduces the turnover tax burden.In the first place,the text analyzes from the perspective of "deduction effect",the higher the ratio of production cost to total operating cost under the effect of "deduction effect",the more effective the deduction is,the greater the promotion effect to enterprise financial performance.With the deduction of input tax,enterprises purchased fixed assets and other equipment investment increased,will bring net profit increase conclusion.Secondly,the article analyzes the angle of "tax burden transfer" from the two points of "totally non-transferable" and "completely transferable" of the output tax of the enterprises after the change of the policy.It is concluded that under the condition of "completely non-transferable",The change of the tax burden of different industries is closely related to the level of the tax rate.In the case of "fully transferable",the enterprises must keep the sales amount to a certain level after the profit of the policy.The third part introduces the proposal of the Propensity Score Matching method and its application in the world.It shows the necessity of using the method to study the influence of the policy on turnover tax burden.We use the Probit or Logit model to estimate the propensity score.Secondly,we use the Nearest Neighbor Matching method,Caliper Matching Method,and the Logistic Probability Model to estimate the propensity score.And nuclear matching method to match the experimental group and the control group.Finally,by comparing the standard deviation and the P value before and after the matching,it was judged whether the matching result was significant.Which laid a theoretical foundation for the empirical analysis.The fourth part is the empirical analysis of the "tax increase effect the policy.Using the data of 649 A-share lited companies in the fourth quarter of 2014,the PSM model is used to estimate the propensity value.And the matching quality of the experimental group and the control group was tested.The consistency of the condition variables of the experimental group and the control group was verified.Finally,the average disposition effect was calculated and the empirical conclusion was drawn.After the above steps,the turnover tax burden of the listed companies increased by 0.153 percentage points on average under the condition of the policy.Therefore,the policy does not achieve the goal of reducing corporate tax burden,the turnover tax burden level of listed companies in China after the policy has increased.The reasons are as follows: the VAT rate is too high;the enterprise input tax is not enough;the renewal period of the fixed assets is longer;and the VAT invoice is difficult to obtain from the VAT rebate of the enterprise.The fifth part discusses how to reduce the turnover tax burden after the reform.According to the results of empirical analysis,the author believes that if we want to realize the goal of reducing the tax burden,we should make some improvements at present: adjust the tax rate of the policy and expand the value-added tax deduction scope,a reasonable tax planning,the establishment of more effective tax mechanism.