| China enters an important period of economic restructuring, but the productive value-added tax system suppresses technology-intensive industries and promotes labour-intensive industries. So the productive value-added tax system has a serious impediment about the adjustment of economic structural in our country.At that moment, financial crisis (2008) spread to the depth. As a vector of micro-economic, the enterprises’s performance become much worse in this crisis. Especially in the productive value-added tax system, when enterprises purchase fixed asset, they have to face double tax. So that, the productive value-added tax system increase the tax burden on enterprises.since2004, our country start to transform the tax system from the productive value-added tax to the consumptive value-added tax. The transformation implement gradually from eastern to western, according to regions and industries. Until2009our country start to implement the consumptiv value-added tax system at all place, in all industries. How has the the effect of a comprehensive transformation in three years? Does the enterprise develop as the expection of policy? Does the value-added tax transformation promote the company’s business performance? In order to answer these questions, this paper in the view of micro-economic(enterprise). And this study based on the listed company which in the fixed assets-intensive industry. Through empirical method get quantitative relation ship among factors. Propose hypothesis and carried on statistical test through demonstration research. The result will be the theoretical basis for company on the plan of investment and operation. Around this topic, each chapter is organized as follows: Chapter1:Introduction. Firstly, this part indicates the research questions, and describes the transformation of value-added tax facing various pressures from the domestic and foreign economic environment, and the unreasonable tax structure. Secondly, introduces the theoretical background of relevant study about value-added tax. Finally, analyzes the logical framework and innovation of this paper.Chapter2:Literature Review. This part provides a comprehensive analysis of the relevant research literature about the transformation of value-added tax and business performance. The literature of value-added tax including three areas:the impact of transformation of value-added tax on macro-economic, on micro-enterprises, and on other aspects. Though the analysis of literature found that domestic and foreign studies on the transformation of value-added tax with following characteristics:①the study on the influence of macro-economics more than micro-economies②theoretical paper more than empirical papers.③regional perspective more than national perspective.Chapter3:The theoretical model which about the effect of value-added tax restructuring on business performance The chapter is mainly through the corporate financial accounting system, under certain assumptions, analysis effects of value-added tax restructuring in short-term and long-term. The effects have three aspects which include assets, net profit, cash flow. And derive the theoretical formula.Finally, by three aspects of the theoretical formula, and get a qualitative analysis of this study.Chapter4:An Empirical Study of the effect of value-added tax restructuring on business performance. The empirical research based on the570listed companies, and the result validates statistical hypothesis. The results show that:①The value-added tax restructuring policy significantly promote the company’s investment in fixed assets, and the VTC index can be an effective alternative to the value-added tax restructuring policy.②There are significant positive correlation between the value-added tax restructuring policy and the business performance, and the value-added tax restructuring policy can significantly improve the operating performance of sample companies.③The impact of transition policies on business performance in roductive value-added tax system, lower than the consumptive value-added tax.④If enterprises undering the transformation of value-added tax policy,they will find a positive synergy between transition policies and ROA.⑤If enterprises undering the transformation of value-added tax policy,they will find a passive synergy between transition policies and.operating cost ratio. Chapter5:Conclusions and Prospects.Give a Comprehensive analysis of theoretical results and empirical results, the defects and deficiencies about this article. Finally, give a policy suggestion of the state action and enterprise behavior.Innovation:(1) It is only three years since the comprehensive VAT transformation. Most of the existing research focuses on Northeastern Provinces of China or the six provinces of the central China, and the sample business enterprises used in the empirical research come from these provinces. So that, empirical research of this paper based on the listed company in all regions.(2) By means of the relationship in accounts,this paper get the theoretical mutual which summarize the transformation effect on assets, profits and cash flow short-term and long-term impact.(3) Distinguish the fixed assets-intensive industry and fixed assets-unintensive industry industry. The research and estimates in this paper only on the inedustries which have much more fixed asset (fixed assets-intensive industry).(4) Through empirical research process, we find a positive synergy between transition policies and ROA and passive synergy between transition policies and.operating cost ratio.Limitations:(1) In this paper, the index of VATC stand for the policy of VAT transformation. But VATC’s substitute capacity is limited, it can not repalace the VAT transformation completely.The results will have a certain error because of the Assumptions.(2) In this paper, only use a regression model. And hypothesis testing depend on the result of this model. This article does not do further research and exploration, whether there is a better fitting degree of the model for the study?... |
PDF Full Text Request