| As one of the three pillars of industry, the real estate industry has been a hot topic since it is related to the healthy development of national economy and the people's livelihood. The real estate enterprise actual tax burden level become the taxation policy and the focus of attention. Currently, the rationality of real estate tax burden has been discussed in most of the studies is from the angle of tax system reform of real estate acquisition, transaction and maintain links. However, this paper calculates the real estate industry specific tax to verify whether there really is real estate enterprise high taxes, which is different from the the qualitative research method is used in previous research. Secondly, the paper studies changes the assume that turnover tax is simplified to be undertaken completely by consumers in the previous research. The study calculates income tax burden and turnover tax burden respectively by separating the tax of the real estate enterprises into two parts. Results show that real estate enterprise do exist higher income tax payment. In order to reduce the real estate enterprises tax burden through corporate governance structure and investment decisions, we discuss which internal characteristic factors affecting the listed company's actual burden of real estate. On the basis of Reviewing and summarizing the related literature at home and abroad, we define the nominal tax rate and actual tax rate and puts forward research hypotheses, then select the real estate industry 329 samples from the year 200 to 2009, and established the multiple regression model by using descriptive statistics and regression method for empirical research. The aims are to explore the nature and extent of influence of various internal characteristics that affect actual burden of the listed real estate companies. In the analysis of various factors, this paper introduced the variables of earnings management level especially, and inspect the relations between the earnings management and the tax cost of the listed real estate companies.Results show that the company scale (total assets) and the actual rate have significant negative correlation. To some certain extent, it verified political rights hypothesis. Because between the actual rate and capital concentration are not significantly correlated, namely the debt is not significant effect of tax shields. The company profitability of real estate doesn't have much influence on income tax burden. Research also found two special phenomena existing in the real estate industry. Firstly, most of the listed company's general capital structure and the actual tax is negative. But the author found that real estate enterprise general asset-liability ratio is higher, the actual tax levels are higher. The effects of interest baffle mainly from long-term debt, rather than short-term debt financing. Secondly, the high tax burden of estate industry is facing the predicament of the balance between the tax cost and non-tax cost. To cast off this predicament, the company has motive to be not through operating should duty item profit and loss, with the income tax cost that avoid profit runs. However, using the tax system differences has limited effects. Through the regression of listed companies, the real estate in 2005 and 2007 and 2008 and 2009 if people apply 100 yuan handling projects, shall be respectively have profit 5 yuan, 13 yuan, 8 yuan and 11 yuan accounting profit can avoid payment of income tax expenses.The last part of the paper is based on actual income tax burden listed property of the factors affecting the empirical results, mainly from the financing decision, fixed asset management, equity structure and earnings management, three aspects of enterprise income tax burden of reducing put forward some countermeasures and Suggestions.The last part of the paper is based on t the empirical results and put forward some countermeasures and Suggestions from financing decision, fixed asset management, equity structure and earnings management. |
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