The Empirical Study On The Effect Of "The Reformed Of Business Tax To VAT" On Financial Performance Of Listed Companies In Construction Industry

In the current society,the global economy is developing rapidly,and the market competition is also growing.Enterprises play a more important role in the market economy,and people pay more attention to the operation results of enterprises.Therefore,the enterprise financial performance is more importance to stakeholders,such as shareholders,creditors,employees,government departments and so on.The influencing factors of enterprise financial performance have also been one of the most important subjects.In May 1,2016,China formally implemented the policy of "The reformed of Business Tax to VAT",construction industry,real estate,finance,life services and other industries have been included in the pilot."The reformed of Business Tax to VAT" belongs to the change of the tax policy in the national macroeconomic policy,and the influence of the macro environment change on the financial performance of listed companies can't be ignored.Therefore,the exploration of the relationship between "The reformed of Business Tax to VAT" and the financial performance of enterprises has become one of the hot topics recently.At present,experts are not consistent with the research conclusion,and some believe that"The reformed of Business Tax to VAT" will improve the level of enterprise financial performance,while some experts believe that "The reformed of Business Tax to VAT" will reduce the level of enterprise financial performance.In January 20,2017,the National Bureau of statistics published the national economic performance in 2016,the GDP was 744127 yuan,of which the total construction output value.reached 193567 yuan,accounting for 26.01%of the total GDP.Thus,the construction industry,as one of the pillar industries of China's national economy,involves any fields of the national economy.In view of this,this paper starts with the listed companies in the construction industry,then studies the impact of the "The reformed of Business Tax to VAT" on the financial performance of listed companies.This paper starts from the theoretical analysis of the relationship between the"The reformed of Business Tax to VAT" and the financial performance of listed companies,taking the quarterly reports of listed companies in construction industry from June 2015 to December 2016 as the sample to perform multiple regression analysis,test and empirical the impact and the influence path of "The reformed of Business Tax to VAT" on the financial performance of listed companies in construction industry.This paper is divided into six chapters,as follows:The first chapter is the introduction.It expounds the research background,research value,research ideas and content,research methods and innovation points.The second chapter is a literature review,which is divided into two parts.The first one is the literature review on corporate financial performance,and the other one is the "The reformed of Business Tax to VAT" impact on enterprise financial performance.On this basis,the previous research results are reviewed.The third chapter is about the general situation,theoretical basis and research hypothesis of "The reformed of Business Tax to VAT".This chapter first introduces the general situation of "The reformed of Business Tax to VAT",and then introduces the theoretical basis of this paper,including tax burden transfer theory,contingency theory and incentive theory.This chapter based on this to analysis and make assumptions.The fourth chapter is the research design,including sample selection,variable design and model building.The fifth chapter is the demonstration of the empirical results.It is divided into descriptive statistics,correlation coefficient test and model regression results.The sixth chapter is the conclusion and suggestion.Finally,the following conclusions are drawn:(1)"The reformed of Business Tax to VAT" can make the turnover tax burden of Listed Companies in the construction industry decline,complete the government aims of reducing the corporate tax burden and improve the financial performance.(2)"The reformed of Business Tax to VAT" make the measures that increasing the deductible production cost and increase the proportion of constructionin total capital,the aim of which is to promote the improvement of enterprise financial performance level.The effects of production costs and fixed assets deductible effect of "The reformed of Business Tax to VAT" can encourage enterprises to increase the deductible production cost and the proportion of constructionin total capital positively,which can increase the input for tax deduction,reduce the tax burden of enterprises,improve enterprise's financial performance level.Based on the above conclusions,this paper puts forward the following suggestions:(1)Having a rational plan of fixed assets investment;(2)Construction enterprises should control cost and have a reasonable price;(3)Construction enterprises also should adjust management strategy.The innovation may exist in this article:(1)First,the research perspective is novel.This paper starts with the listed companies in the construction industry,and then studies the impact of the "The reformed of Business Tax to VAT" on the financial performance of companies using empirical research methods,which perspective that past research rarely used at the same time with this approach.(2)Second,the analysis using the panel and mediation test method.In the process of studying the influence of the "The reformed of Business Tax to VAT" on the financial performance of companies,this article add the mediator variable that the proportion of the production cost which can deduct tax and the capital per labor to explore the way how to influence it.The aim of this article is to offer effective advice to construction enterprises.In addition,this paper uses the public financial data of the listed companies before and after the implementation of the "The reformed of Business Tax to VAT" to have study,so the conclusion is more accurate and reliable.