The Impact Of Replacing Business Tax With Value-added Tax On Enterprise Benefits

Tax reform is conducive to reflecting the national industrial policy,promoting the adjustment of economic structure,promoting the sustained,stable and healthy development of the national economy and improving the overall efficiency.Replacing the business tax with a value-added tax is conducive to eliminating the systematic disadvantages of double taxation,promoting technological innovation of enterprises and improving labor productivity.Replacing the business tax with a value-added tax is an important part of promoting structural reform,especially supply-side structural reform,and a major tax reduction measure of implementing proactive fiscal policies.This paper aims to study the impact of replacing the business tax with a value-added tax on the benefits of listed companies.The research is carried out from theoretical and empirical perspectives.This paper first sorted out the relevant literature on the implementation of value-added tax and "replacing the business tax with a value-added tax" at home and abroad,then summarized the relationship between "replacing the business tax with a value-added tax" and major tax theories,and then analyzed the enterprise benefits from two aspects,which are the economic benefits and social benefits.Based on these study,in order to measure the impact of " Replacing the business tax with a value-added tax " on economic indicators,productivity level and actual tax burden of enterprises,build a model system includes difference-in-difference model,the total factor productivity efficiency loss model and effective value-added tax rate model,and nine indicators including the stock index,return on equity,current ratio,debt-to-asset ratio,market share,social accumulation rate,social contribution rate,and total factor productivity efficiency loss,effective value-added tax rates for analysis.Finally,taking the listed companies in the transportation,warehousing and post industry as examples to analyze the impact of the policy of "replacing business tax with value-added tax" on the enterprise benefit.The research of financial index of enterprise economic benefit shows that "replacing business tax with value-added tax" has a significant positive effect on the earnings per share and current ratio of Shanghai pilot enterprises and national pilot enterprises.It has a significant negative effect on profitability,but has a no significant impact on the debt-to-asset ratio.The study on non-financial performance of enterprises under economic benefits found that the reform had no significant impact on the market share of enterprises.After the implementation of value-added tax in the whole industry on 2014,the average effective value-added tax rate was less than 2.5%,which achieved the purpose of tax reduction and reduced the difference of indirect tax rate in China.The research on the social benefits of enterprises shows that this policy reform has no significant impact on the social contribution rate of enterprises,but has a significant negative impact on the social accumulation rate,indicating that the tax burden of enterprises has been reduced or the social contribution of enterprises has increased.Based on the above results,the robustness test is carried out in this paper.Finally,according to the empirical results of this paper propounds recommendations from the institutional level,the government level and enterprise level aspects.