Analysis Of The Impact Of Tax Reduction Policy On The Capitalstructure Of Construction Enterprises

Under the impact of the epidemic,the evolution of profound changes unseen in a century has accelerated,and the geopolitics and industrial chain restructuring have also made the external environment more complicated.With the downward trend of macroeconomic growth,China is also facing the triple pressure of contraction in demand,supply shock and weak expectations.If the economy wants to achieve stable development under pressure,the country should actively guard against global financial risks,and the "deleveraging" strategy is an important measure to prevent the global financial crisis and cope with the downward pressure on the economy."Deleveraging" refers to avoiding corporate debt management and reducing the debt ratio of enterprises.From a micro perspective,the financing method of enterprises should be converted from equity financing to debt financing.Therefore,changing the way of corporate financing and adjusting the capital structure of enterprises is something that must be done in the process of implementing the "deleveraging" strategy.According to the theory of capital structure,it can be concluded that "taxation is an important factor affecting the capital structure of enterprises",which also provides a solution to the completion of the task of deleveraging strategy.As a common means of regulating China’s economy,fiscal and tax policies also play a non-negligible role in the adjustment of the capital structure of enterprises.Since China fully implemented the reform of replacing business tax with value-added tax in 2016,and included the construction industry in the scope of value-added tax reform,the state has continued to promote the reform of the value-added tax system and reduce the tax burden of enterprises,while also adjusting the tax burden on enterprise income tax.Moreover,the construction industry has become a key industry for deleveraging strategies because of its industry characteristics of high asset-liability ratio.Therefore,this paper takes representative construction enterprises as the research object to explore the impact of tax reduction policies on the capital structure of construction enterprises,which can not only provide a realistic basis for the state to use tax reduction policies to help achieve the goal of "deleveraging",but also provide a reference for optimizing the capital structure of enterprises and adjusting the leverage ratio of non-financial sectors,so as to achieve a stable decline in macro leverage ratio.First of all,this paper introduces the relevant concepts and theoretical basis of tax reduction policy and capital structure;secondly,it sorts out the current tax reduction policy and the current situation of capital structure in China;finally,taking the representative construction enterprise of China Construction Third Engineering Bureau Group as the object of case study,combing the current situation of the capital structure of China Construction Third Engineering Bureau Group and the applicable tax reduction policy,in order to analyze the impact of tax reduction policy on the capital structure of China Construction Third Engineering Bureau Group,the following conclusions are drawn: First,from the perspective of the national level,this paper starts from the three perspectives of scale indicators,growth rate indicators and leverage ratio indicators,and finds that the leverage reduction effect of tax reduction policies on Chinese enterprises is not obvious in the short term,and has volatility,but still has a certain degree of deleveraging effect in the long run.Second,from the perspective of the industry,this paper also starts from the three perspectives of scale indicators,growth rate indicators and leverage ratio indicators,and finds that the effect of the tax reduction policy on the capital structure of construction enterprises is not significant,but the capital structure of state-owned construction enterprises as a whole shows obvious improvement effect.Third,from the perspective of micro-enterprises,this paper takes China Construction Third Engineering Bureau Group as the research object,and starts from the financial indicators,leverage ratio indicators and tax situation of China Construction Third Engineering Bureau Group,and finds that the tax reduction policy shows obvious deleveraging effect on the China Construction Third Engineering Bureau Group,indicating that the tax reduction policy is conducive to the improvement of its capital structure.However,whether from the perspective of asset-liability ratio,or from the perspective of property ratio and equity multiplier,the leverage level of enterprise asset structure is still high,and it is mainly manifested in the higher proportion of short-term liabilities,which makes the financial risk and capital structure instability faced by enterprises increase.Based on the above conclusions,this paper makes suggestions and elaborates on the following three levels: improve the pertinence of tax reduction policies,strengthen policy inclination,and optimize tax deduction policies.It is hoped that through the adjustment of the tax legal system and policies,the tax reduction policy can be used to more accurately regulate the capital structure of enterprises,and at the same time,enterprises can achieve a stable and decreasing leverage ratio on the basis of ensuring their own healthy development,helping China’s "deleveraging" strategy to advance steadily.