The Tax Effect And Performance Impact Analysis Of "Replacing Business Tax With Value-added Tax" From The Micro Perspective

"Replacing Business tax with Value-added tax"(RBTV)as the centerpiece of the fiscal and tax reform in recent years,was launched as a pilot in Shanghai in 2012,and had "doubly expanded" its scope and piloting industries.Finally on the May 1st,2016,it makes full implementation of "RBTV",and it makes the deduction chain of VAT extended and completed.One of the objectives of "RBTV" is to ensure that tax burden of all industry is "reduced only".But after replacing the business tax with value-added tax,not all enterprises' tax burden reduce according to the original intention of "RBTV",and with the gradual expansion of replacing business tax with value-added tax,the change of tax burden of enterprises in various stages is different.The tax burden of enterprises in different industries also has different trends.The purpose of the research is to better evaluate the impact of "RBTV" on corporate tax burden and operational performance,and then provide an empirical reference for improving VAT system and reducing tax burden of enterprise.This article is entry from the view of the enterprise's total tax burden and operational performance,on the basis of using the general double difference model,I further use PSM+DID to do empirical test.Through making research on the financial data in 2010-2016 of the listed companies of transportation industry,modem service industry,film and other industries which is in Shanghai and Shenzhen stock market,I analyze the the impact of total tax burden and operational performance of the pilot companies in different stages of "RBTV".The study found that in the pilot reformation in Shanghai and eight provinces,"RBTV" makes the total tax burden of pilot companies rising and it has different impact on the pilot companies' tax burden of different industries.For the pilot enterprises in the transportation industry,"RBTV"does not have a significant impact on the total tax burden of the enterprises.But the total tax burden of the pilot enterprises in the modern service industry has increased significantly.As pushing the "Replacing Business tax with Value-added tax" all over the country in 2014,our country has gotten through the buckle chain,the the number of input tax which can be deductible increase,and gradually the "RBTV" achieve the effect of cutting tax,makes total tax burden of the pilot enterprises in the modern service industry declining.But for the enterprises in the transport industry,the tax burden has not been reduced significantly.As fully implying the "RBTV" on the May 1 st of 2016,the total tax burden of the enterprises of constructions?real estate?finance and living services industry also has different change.This study find that there is a significant reduction in the total tax burden of the enterprises in the construction industry.Other enterprises' total tax burden don't have significant change.Therefore,the tax burden varies among different industries when fully implying the "RBTV".At the same time,the study found that "RBTV" has no significant impact on the profitability of corporate.But it can improve operational performance represented by the tobin Q.Through the empirical research,we can have a more accurate and systematic evaluation of "RBTV",therefore.It is of great significance in order to further impro,ve the tax system and to promote its reformation.The innovation of this article is on the basis of using general double difference in the empirical research,in order to satisfy the precondition of randomized trial,I further use PSM+DID to make the research more reliable.At the same time,I analyze the changes of the total tax burden and operating performance in the four different stages of the "Replacing Business tax with Value-added tax" to make a more comprehensive evaluation of the "Replacing Business tax with Value-added tax".