A Study On The Impact Of Replacing Business Tax With Value-Added Tax On The Capital Structure Of Manufacturing

Taxes are not only vital to a country,but also to all of us.As the policy of replacing business tax with value-added tax is gradually rolled out in China,various impacts on the economy and society have also attracted the attention of many scholars and experts.This paper mainly explores what impact "replacing business tax with value-added tax" will have on the capital structure of manufacturing industry.This paper firstly explores the influencing mechanism theoretically,and then adopts the data of listed manufacturing enterprises from 2011 to 2014 to take the proportion of input related to the service industry in the input-output table as a proxy variable of the impact level of manufacturing policy,so as to construct more accurate data.At the same time,a panel model was established to explore the impact of "replacing business tax with value-added tax" on the capital structure of the manufacturing industry,and then the heterogeneity test was carried out.The final results show that"replacing business tax with value-added tax" can improve the asset-liability ratio of manufacturing enterprises.For small-scale,non-state-owned and less constrained manufacturing enterprises,the ultimate impact is greater.Finally,after theoretical analysis and empirical test,this paper discusses the conclusions and puts forward corresponding suggestions.We should look at deleveraging in two ways,rather than blindly demanding it.Deleveraging is not the ultimate goal,but a reasonable leverage ratio is.For the manufacturing industry,the increase of its asset-liability ratio is the result of optimal allocation of resources and the choice of maximizing profits of enterprises.It is conducive to stabilizing the control rights and property rights of enterprises,helping enterprises expand their scale reasonably and preventing the occurrence of systemic risks.As for the government,the financing channels of enterprises can be further sorted out,so as to provide broader development space for the development of enterprises.