| Under the current macro-background of economic downturn and enterprise financing difficulties,structural tax reduction policy plays an important role in releasing economic vitality.Since January 1,2012,China has gradually implemented the policy of "replacing business tax with value-added tax" by regions and industries.The policy aims to help enterprises reduce taxes and fees,promote industrial upgrading,and provide assistance and "fuel" for the supply side structural reform,but it will also objectively affect the tax compliance behavior of enterprises.Corporate tax avoidance has been a more and more common phenomenon in recent years.The continuously opening of the market economy and the increasingly complexity of the business model increase difficulty for the work of tax inspection.At the same time,under the background of economic downturn,the external financing environment of enterprises is poor,and the cost of financing constraints is high,which lead to the low willingness of enterprises to comply with tax regulations.The radical tax avoidance behavior of enterprises will lead to the decrease of national fiscal revenues,the distortion of resource allocation and the instability of market economy.Therefore,this paper takes the tax system change of "replacing business tax with value-added tax" as an exogenous shock event,and studies its impact on tax avoidance behavior of enterprises and its action path from the perspective of financing constraints,which can provide empirical experience and reference for further deepening the tax system reform.This paper takes A-share listed companies in China from 2008 to 2015 as the research object,excluding industries such as manufacturing that were mainly applicable to value-added tax before "replacing business tax with value-added tax",using multi-point did and other models to explore the relationship between "replacing business tax with value-added tax" and the behavior of tax avoidance of enterprises,and further from the perspective of financing constraints to explore the mechanism of"replacing business tax with value-added tax" policy.This paper finds that the policy of replacing business tax with value-added tax significantly reduces the degree of tax avoidance and improves the willingness of enterprises to comply with tax regulations.From the perspective of financing constraints,"replacing business tax with valueadded tax" policy significantly reduces the cash-cash flow sensitivity of enterprises,and alleviates the pressure of financing constraints of enterprises,and promotes enterprises to improve tax compliance by reducing the actual tax burden of enterprises and improving the internal financing level of enterprises.At the same time,the higher the quality of internal control of enterprises is,the higher the impact of "replacing business tax with value-added tax" reform on enterprises tax compliance.This paper also finds that the above mechanism is more significant in the following categories of enterprises:enterprises with high financing constraints,other service industries except transportation industry,non-state-owned holding enterprises,small and medium-sized enterprises and low dividend-payout-ratio enterprises.The above conclusions enrich the research on the implementation effect of the "replacing business tax with valueadded tax" policy,and also show that we should continue to improve the structural tax reduction policy,fully release the dividend of tax reduction and fee reduction to help enterprises reduce the tax burden,ease the financing constraints,and by the way improve the tax compliance of enterprises. |
