Analysis Of The Impact Of Tax Burden On The Performance Of China's Securities Industry

Promoting the continuous growth and development of multi-level capital market is the established goal of financial development in our country.Securities companies are important institutions serving the capital market and play an important role in the capital market.With the increasing downward pressure on the domestic economy,since the stock market crash in 2015,China's stock market trading has been less active,the operating situation of securities companies is not very good,in addition,China's financial opening to the outside world has been gradually accelerated.China's securities companies will directly face the competition of foreign securities firms.How to improve the level of operating performance and reduce the operating cost is a problem that securities companies must face.As an important factor affecting the development of enterprise management,the tax burden The size affects the management decision of the securities company,and further affects its market competitiveness.Under the background of the macro policy of reducing taxes and fees,this paper understands the status of the tax burden of the securities industry at the present stage,and how the tax burden affects the operating performance of the securities companies.This is of great significance for securities companies to adjust their business behavior and for the government to formulate policies related to the securities industry.This paper first combs the related theories of tax burden and performance evaluation,then reviews the development process and present situation of China's securities industry,and then makes a detailed analysis of the current tax system of the securities industry.Combined with the relevant tax data,this paper analyzes the present situation of the tax burden of the securities industry,and then constructs the comprehensive evaluation index of operating performance and determines the measurement index of the tax burden by using the factor analysis method.Finally,the relationship between tax burden and operating performance is empirically analyzed by means of multiple linear regression.In this paper,with the help of factor analysis,multiple financial indicators are synthesized into an index value reflecting theoperating performance of securities companies by using the idea of dimension reduction.This paper makes an empirical analysis between it and the actual tax rate,circulation tax rate and income tax rate of securities companies,respectively,to verify the empirical hypothesis and explain whether it is reasonable or not.Through the above research,this paper finally draws the following conclusions:first,the tax burden of the securities industry is too heavy,its tax burden change is not synchronized with the development of GDP,and the tax growth fluctuates greatly,which is closely related to the securities market.Second,there is a significant negative correlation between the overall tax burden and its operating performance,and a negative correlation between the tax burden and its operating performance in income tax,but there is no significant relationship between the turnover tax burden and its operating performance.The above conclusions show that excessive tax burden is not conducive to the improvement of the operating performance of securities companies and weakens their market competitiveness.In view of this,this paper puts forward the corresponding tax policy recommendations.