Study On The Impact Of Corporate Diversification On Corporate Tax Burden

In recent years,as a hot topic in the financial field,diversification strategy has been widely concerned.When the company develops to a certain stage,its original business field and market demand gradually cannot meet the needs of enterprise development.In order to make enterprises break through the bottleneck and continue to develop,many enterprises choose to adopt diversified business strategy to seek breakthroughs.However,the implementation of diversified business strategy leads to a wider business scope,more complex organizational form,more asymmetric accounting information and more complicated financial processing of enterprises,which makes the tax situation of enterprises likely to be affected.As an important financial indicator,capital structure is one of the main means for enterprises to adjust their tax status,and is closely related to their business strategies.Then,how will the implementation of enterprise diversification affect the tax burden of enterprises? And what role does leverage play in this process?This paper,on the basis of reviewing and summarizing relevant theories and literatures in the fields of diversification strategy,financial leverage and corporate tax burden,discusses and analyzes the mechanism of the influence of corporate diversification degree and corporate tax burden,corporate diversification degree and financial leverage,and financial leverage on the relationship between corporate diversification degree and corporate tax burden,and puts forward the research hypothesis of this paper.Then,select the 2015-2017 Shanghai and shenzhen a-share listed companies as research samples,the regression equation model was established.Descriptive statistics,multiple regression analysis and other methods were used to empirically test the research hypothesis.The results show that there is a significant negative correlation between the degree of enterprise diversification and the tax burden of enterprise income tax.With the improvement of the degree of enterprise diversification,the financial leverage of the enterprise decreases accordingly.In the impact of corporate diversification on tax burden,financial leverage,as part of the mediating variable,plays a role.On the one hand,the research results confirm the tax avoidance effect of diversification,verify the principal-agent theory and the theory of internal capital market,and provide an explanation for the tax avoidance effect of diversification.On the other hand,theoretical and empirical aspects for the national tax supervision,corporate management of listed companies to provide the corresponding reference basis.