A Study Of The Impact Of The New Tax Policy On Disability On The Valuation Of Enterprises

Controlling cost is always one of the key problem to an enterprise,and reasonable use of the government's preferential tax policies for tax planning,is conducive to reducing costs of enterprises.The handicapped employment security fund is the funds collected by the organs,groups,enterprises,institutions and private non enterprise units that have not arranged the employment for the disabled,and the enterprises take it into management costs.On September 9,2015,the Ministry of finance,the State Administration of Taxation and the China Disabled Persons Federation in accordance with finance [ 2015 ] 72 issued The Measures for the Administration of the Collection and Use of the Handicapped Employment Security Fund.This management method has made a clear definition of the amount of the handicapped employment security fund.Compared with the old policy,this management method will greatly increase the handicapped employment security fund for enterprises that do not employ persons with disabilities.And according to the enterprise income tax regulations,the wages of employees with disabilities can be double deducted before tax,and the income tax expenses of enterprises will be reduced.The employment of disabled employees reduces the costs,and it will directly translates into the net profit,eventually affect the market value of the enterprise.At the same time,employing disabled employees also fulfill their social responsibilities,help to enhance the market value of enterprises and increase shareholder wealth.Firstly,this paper is based on the theory of tax planning and the theory of value assessment,starting from the basic theory and policy background,this paper chose the two enterprises to carry out empirical analysis.One was the Truking technology,a manufacturing company.The other one is the China Merchants Securities,a financial industries company.The average wage levels varies widely in the manufacturing and financial industries,and the two case companies are in line with this characteristic.According to the case company in the number of employed staff,on-the-job worker's wage level,the average wage level in the company's location,under the new and old policies,analysis respectively of the influence of management fees,the amount of taxable income,the net profit,and ultimately to the influence of the market value of enterprises.Secondly,through the analysis of the results of the two case companies,we can find that under the new The Measures for the Administration of the Collection and Use of the Handicapped Employment Security Fund,to hire disabled workers has a far greater impact on the cost of highly paid enterprises than the low paid enterprises,but in terms of market value more depends on the company's P/E ratio.The industry,the region,the quality of the disabled and the disability level will also have an impact on the effect of tax planning.Overall the enterprises with different characteristics have different applicability.Finally,according to the analysis conclusion,that the reasonable employment of employees with disabilities can reduce the cost of enterprise management,can also increase the net profit of enterprise,enhance the market value of the enterprise,regardless of the actual value in the employment of the disabled employees to create.This article puts forward some suggestions to the enterprises,that developed area,high-tech enterprise and social responsibility of listed companies,should be particularly concerned about the impact of handicapped employment security fund on enterprise value.This enterprises should abandon the prejudice against the disabled,combine the industry and position of enterprise,the salary level and the P/E ratio of the enterprise and so on,constructing a channel which can employ high-quality employees with disabilities.