| Steel exports have occupied a very important position in China’s foreign trade for a long time.The export trade of steel products in China is far ahead of other countries in the global steel market.Each year,a large amount of steel is exported to foreign markets.Among these,Among these,the export of boron-containing steel is particularly significant.On the one hand,the vigorous development of steel export trade has played a key role in promoting China’s economic growth.On the other hand,many problems such as low technological content,serious pollution,and unreasonable export structure have caused numbers of troubles for the development of the entire steel industry.In addition,due to the rapid expansion of exports of boron-containing steel in recent years,it has also brought many trade disputes to our country.The above issues need us to find effective ways to improve.Since the implementation of the export tax rebate policy in 1985,the export tax rebate policy has played an important role in regulating the export of Chinese enterprises.China has adopted a differential export tax rebate policy to improve the structure of export commodities and further to optimize the industrial structure.As an important macro-control tool,the export tax rebate policy must have a certain impact on the profitability of China’s steel listed companies.As boron-containing steel exports have occupied a major proportion of China’s steel exports in recent years,this article classified 36 domestic listed companies based on export trends and product types firstly.Then,we analyzed the difference in the profitability of listed steel companies in China before and after the 2015 boron steel tax rebates through the study of their 2013-2016 net profit changes.The empirical results show:(1)After the tax rebates for boron-containing steels were abolished,the major export-oriented steel companies suffered the most negative effects,with the largest drop in net profit.(2)the enterprises with the main products of traditional bar and sheet products suffered the most serious losses after the tax rebate for boron-containing steels was abolished.In addition,this paper also analyzes the intensity of R&D expenditures in each company’s annual report,and studies the difference in the Profit method of the company before and after the withdrawal of boron-containing steel tax rebates.The empirical results show that more and more companies pay more attention to high value-added products with high-tech content after the tax rebates for boron-containing steels are canceled.Finally,this article makes recommendations based on the conclusions.It provides a reference for the government to formulate a reasonable development policy for the steel industry and also provides some suggestions for the company’s own development strategy to promote the optimization of its export product structure and the improvement of its international competitiveness. |
