An Empirical Study Of The Impact Of Value-added Tax Reformed On Economic Consequences Of Listed Companies In China

The 19 th CPC National Congress' s report points out that China's economy has changed from a stage of rapid growth to a stage of high-quality development,and is in the critical period of changing the mode of economic development,optimizing the economic structure,and changing the power of growth.The tax system is an important policy tool,that not only can raise revenue,but also can better meet the needs of the people in democracy,rule of law,fairness,justice,security and so on.The aim of deepening the tax system reform is to form a unified tax law,fair tax burden,adjust the degree of tax system,promote scientific development,social equity and market unity.In order to solve the problem of double taxation caused by the coexistence of business tax and value-added tax in the tax system of our country,to lighten the tax burden of enterprises and ensure tax neutrality,on January 1,2012,approved by the State Council,The Ministry of Finance and the State Administration of Taxation jointly issued a pilot program for business tax conversion to value added tax.The pilot reform of "Business Tax reformed to VAT" is an important measure of structural tax reduction in China.It can not only improve the value-added tax deduction chain,reduce the tax burden of the tertiary industry,but also promote the healthy and rapid development of enterprises and realize industrial optimization,promote the high quality growth of our country's economy.This paper studies the influence of the implementation of the "Business Tax reformed to VAT" policy on the enterprise management effect,and then analyzes whether the implementation of the "Business Tax reformed to VAT" policy can achieve the expected goal of structural tax reduction,which will enable the relevant departments of the country to understand the policy effect after the implementation.At the same time,it also provides effective measures for enterprises to improve their Economic Consequences.This paper first briefly studies the economic background,research purpose and significance of the implementation of "Business Tax reformed to VAT",and defines the basic concepts of "Business Tax reformed to VAT" and enterprise management effect.Secondly,summarizes the domestic and foreign documents about business tax and value-added tax,and abstracts the influence of "Business Tax reformed to VAT" on enterprise management effect.Then,this paper studies the theoretical basis of the implementation of "Business Tax reformed to VAT" policy,starting from the theory of optimal tax system,endogenous growth theory,efficient market theory,and the tax burden of enterprises.The research and development activities and economic consequences of enterprises are analyzed in this paper,and the research hypotheses are put forward.The data of 1454 companies in China from 2010 to 2016 are selected as samples to explore the effect of "Business Tax reformed to VAT" policy on enterprise management.Finally,using the difference in difference model(DID)to construct the empirical model of "Business Tax reformed to VAT" affecting the enterprise management effect.Through empirical research,it is found that the implementation of the "Business Tax reformed to VAT" policy can effectively reduce the turnover tax burden of enterprises and reduce the R&D investment of enterprises,improve the economic consequences of the enterprise.At the same time,this paper research the three regions of eastern,central and western regions,to examine whether there are differences in the effects of "Business Tax reformed to VAT" on the operation effect of enterprises in different regions.The sample enterprises are divided into transportation,modern service,manufacturing and construction real estate,to examine whether the effects of "Business Tax reformed to VAT" in different industries are different.This paper further divide the sample enterprises into state-owned enterprises and private enterprises,to discusses the influence of "Business Tax reformed to VAT" on the management effect of enterprises with different property rights in China.According to the conclusion of the study,this paper puts forward some policy suggestions for further deepening the reform of VAT system.