An Empirical Research On The Effect Of “Sales Tax To VAT” On Financing Constraints Of Shanghai Transportation Enterprises

“Sales tax to VAT” is an important tax reform during the 12 th Five-Year Plan, and a new move of structural tax reduction of our country. Implement “Sales tax to VAT”, at the macroscopic, can promote the optimization of national tax structure, the adjustment of industrial structure and the upgrading of economic transformation. From the microscopic point of view, Implement “Sales tax to VAT” will inevitably have a significant impact on enterprise’s business activities. Financing constraints, as an important subject of enterprise’s financial management, can directly affect the production investment and other business activities of enterprises. During this tax reform of “Sales tax to VAT”, Shanghai was the first area of the pilot program, while transportation and services industry are on the first batch of pilot. Research the influence of “Sales tax to VAT” on financing constraints of transportation enterprise, can offer some advice in connection with the direction and focus of the next step of structural tax reduction, and put forward some suggestions for enterprises to grasp the opportunity of tax reform and timely adjust the production and business operation strategy.Firstly this article set “Sales tax to VAT” as the research background, base all of the impact of “Sales tax to VAT” on corporate financing constraints, this paper set to analysis its research significance, propose research ideas and research methods, analysis the perceived value. Secondly understand current studies about the impact of financing constraints and tax reform on enterprise financial management aspects of current research by analyzing domestic and foreign existing research to understand the financing constraints and tax reform of enterprise financial management aspects of current research. Then analyze the relevant theory. Then, this paper target transportation of Shanghai A-share listed enterprises’ quarterly financial data from 2010 to 2013 as sample, using Almeida’s cash- cash flow sensitivity model research the effect of “Sales tax to VAT” on Financing Constraints.The study found that with the “Sales tax to VAT” go on, Shanghai transportation companies gradually eased financing constraints. The higher the Financial Executives background the more significant “Sales tax to VAT” ease the financing constraints of Shanghai transportation business financing constraints. At last, for the problem found by the study, this paper suggests that appropriate adjustments should be made in accordance with the implementation of the tax reform.