A Study On The Impact Of "Replace Business Tax With Vat" On The Cash Flow Risk Of Enterprises

The reform that "replace the business tax with vat"is to improve the tax system needs,but also to reduce the tertiary industry tax burden,promote industrial restructuring and upgrading of macro-control means.As the microscopic subject in macroeconomics,the economic behavior and performance of enterprises are affected by macroeconomic policies.Cash flow is the lifeblood of the survival and development of enterprises.Whether the change of business battalion will affect the adequacy and stability of the cash flow will influence the cash flow risk is the main content of this paper.Based on the financial data of 153 listed companies in China from 2013 to 2016,this paper studies the impact of "business change" on corporate cash flow through theoretical analysis,descriptive analysis and panel model multiple regression analysis.The empirical results show that there is significant correlation between the "business change" and the enterprise cash flow risk.After the change of business tax,the increase or decrease of enterprise tax burden will bring the same change of cash flow risk,the deduction effect of production cost There is a significant negative correlation between cash flow risk,and the effect of fixed assets deducting effect on the cash flow risk is not significant in the short run.Also,the influence is different with the industry and the life cycle that the enterprise is.