| For a long time,China has been implementing a tax system in parallel with the value-added tax and business tax.With the continuous development of China’s market economy,the irrationality of the tax system has become increasingly prominent,which not only aggravated the tax burden of enterprises,but also caused a series of problems,which seriously hindered the development of the market economy and the transformation of the economic structure.To this end,since 2012,China has taken the lead in implementing the “The reformed of Business Tax to VAT” policy with the transportation industry of Shanghai and some modern service industries.From the beginning of the pilot,the impact of “The reformed of Business Tax to VAT” has become an active The important content of the study,through reading a large number of documents,found that the current research on the impact of the “The reformed of Business Tax to VAT” is concentrated in the industries and regions where the reform pilots were carried out earlier,and the full implementation of the “The reformed of Business Tax to VAT” on May 1,2016 There are few studies in the construction industry and real estate industry that have been included in the reform scope in the future.Therefore,research reform is of great significance to the impact of these industries,and the impact of "“The reformed of Business Tax to VAT”" on various industries is also different.Therefore,this paper selects the listed companies listed in the construction industry as the research object,and empirically studies the impact of this reform on its financial performance.This paper takes the listed companies in the construction industry as the research object,based on the relevant theory of VAT and the tax incentive theory,adopts the research method combining norm and empirical,to the 61 listed company of the construction industry from the first quarter of 2015 to the third quarter of 2018 The panel data is empirically studied for the sample.Firstly,it analyzes the status quo of the “The reformed of Business Tax to VAT” of the listed companies in the construction industry and its relationship with the financial performance of the company.Through multiple linear regression analysis,the conclusion that the “The reformed of Business Tax to VAT” policy variables are negatively related to the financial performance of the enterprise,the listed companies in the construction industry The effect of “The reformed of Business Tax to VAT” has not yet fully manifested in the short term.This is because the tax rate of the construction industry is higher after the reform,and the deduction of input tax is not perfect;the ratio of fixed asset growth rate and production cost to total cost Two explanatory variables are positively related to the financial performance of the firm.In addition,this paper also distinguishes the relationship between the factors related to the “The reformed of Business Tax to VAT” and its financial performance,and finds that the impact of this reform on the non-state-owned listed companies in the construction industry is more significant than that of the state-owned listed companies in the construction industry.Finally,this paper proposes countermeasures from the government and enterprise level for the research conclusions and existing problems.The government’s countermeasures against the financial performance of listed companies in the construction industry are mainly to reduce the VAT rate of construction enterprises and appropriately simplify the project.In addition to the process of obtaining tax-specific invoices and increasing the deductible scope,suggestions for improving tax incentives and regulating the management of VAT special invoices are also proposed;the recommendations at the enterprise level are mainly to strengthen business management and promote transformation and upgrading.To eliminate backward production capacity,rationally carry out tax planning,and state-owned enterprises in the construction industry should follow the reform trend as soon as possible,so as to improve the ability of listed companies in China’s construction industry to respond to the policy of “The reformed of Business Tax to VAT” and promote the good development of listed companies in the construction industry. |
