Research On The Effect Of "BT To VAT" On The Financial Performance Of High Tech Service Industry Listed Companies

At present,replacing the business tax with a value added tax has become the hot issue concerned by scholars.especially the late effect of the tax policy.According to the original study,it has been found that there is a correlation between replacing the business tax with a value added tax and the enterprise financial performance,which is to say the enterprise financial performance has improved after the reform of tax system.Based on the background,this paper adopts difference-in-difference method and propensity score matching,analysis of replacing business tax with value-added tax impact to corporate financial performance in-depth,and further study the mechanism of replacing the business tax with a value added tax impact on corporate financial performance in fixed assets and R&D investment intermediary effect,providing more targeted suggestions for high technology service industry.Based on the national initiative to promote the development of high-tech service industry,this paper selects the data of 2010-2016 years of this industry as a sample.The method of theoretical analysis and empirical analysis has being used to verify the impact of the reform on the financial performance of high technology service industry.First of all,this paper summarizes and reviews relevant concepts at home and abroad,and theoretically analyzes the impact of this tax reform on corporate financial performance,and puts forward the corresponding hypothesis.Secondly,through descriptive statistics,correlation analysis and use the propensity score matching and difference-in-difference method to verify the hypothesis.The results show that:(1)“business tax to VAT” has a significant and relatively positive impact on the performance of high technology service industry.(2)there is a correlation between the new fixed assets investment and the financial performance of Listed Companies in high-tech service industry.After reform,high technology service industry increased investment in fixed assets,which improves the financial performance of enterprises.(3)there is a correlation between R&D investment and financial performance of Listed Companies in high technology service industry.After reform,the R&D investment of enterprises has increased,which promotes the financial performance of enterprises.(4)Under different economic circumstances,the effect of tax reform on enterprises is different.In economically developed areas,the promoting effect of replacing the business tax with a value added tax of high technology service industry in thefinancial performance of the listed companies is higher than the economically backward areas.According to the above analysis,this paper puts forward relevant policy suggestions to bring more effective basis for the economic decision of the high technology service industry.