Research On The Value Promoting Of The TCM Enterprises From The Perspective Of Tax Burden

Traditional Chinese medicine(TCM)is a unique health resource in China,but with the prevalence of Western medicine,TCM has been in a relatively weak position for a long time.With the improvement of quality of life,people begin to pay more attention to their own health,and pay more attention to the rationality of drug use and the side effects of drugs.TCM has begun to return to the public's vision because of its unique characteristics of pre-treatment,re-conditioning and less side effects.The state has also promoted the policy of TCM development to a strategic level,and TCM manufacturing corporations have ushered in new opportunities for development.Tax burden,as a direct outflow of enterprise economic resources,will inevitably have an impact on the development of TCM manufacturing corporations.In the long run,the development of corporations is reflected in the promotion of corporate value.Therefore,this paper studies the promotion of the corporate value from the perspective of tax burden.This paper is divided into five parts,to study the problem:The first part is the introduction of the full text.Firstly,it introduces the background of the topic and the significance of the research.Secondly,it summarizes the research results of the tax burden measurement indicators and influencing factors,the measurement indicators and influencing factors of the corporate value,and the relationship between the tax burden and the corporate value.Finally,the research contents and research methods,as well as possible innovations and existing deficiencies,are introduced.The second part is the theoretical analysis part of this paper.Firstly,based on the externality theory and the theory of people's livelihood finance,this part analyzes the theoretical basis that tax can promote the corporate value of the Chinese medicine manufacturing enterprises.Secondly,from the perspective of decision-making and enterprise value assessment,this part analyzes the mechanism of tax burden affecting enterprise value,including the analysis based on the profit maximization model of monopolistic competitors and the path analysis based on the corporate value evaluation model.The former is to analyze the relationship between tax burden and corporate value from the view of economic,and draw a conclusion that tax burden is negatively correlated with enterprise value under the condition that tax burden is regarded as enterprise cost;the latter is to analyze the mechanism of tax`s influence on corporate value,and draw a conclusion that tax burden can affect the corporate value through the cash flow of enterprise entity.The income tax rate can affect the corporate value through the weighted average capital cost of the corporation.The third part describes the tax burden and corporate value of Chinese medicine manufacturing enterprises,which are mainly divided into two parts.Firstly,based on the data disclosed by the National Bureau of Statistics and the CEIC macroeconomic database,this part analyzes the development of the Chinese medicine manufacturing industry,then introduce the tax-related policies;Secondly,this part take the A-share listed companies of Chinese medicine manufacturing as the sample,and use the relevant data of 2008-2017 to descriptive statistics on the tax burden and enterprise value of Chinese medicine manufacturing enterprises.The fourth part is the empirical research part of this paper,including empirical research design and empirical results analysis.The former mainly introduces the selection of main indicators and their measurement indicators,sample data and sample sources,models and assumptions;The empirical results of each hypothesis are analyzed,and relevant conclusions about the relationship between the tax burden of Chinese medicine manufacturing enterprises and corporate value are obtained.The main conclusions of this paper are as follows:(1)For the TCM corporation,the overall tax burden is negatively correlated with corporate value,as well as the burden from income tax and the burden from turnover tax;(2)the impact of income tax burden on enterprise value is greater than that of turnover tax;(3)For the TCM corporations with different corporate value,the impact of tax burden on corporate value is the same,but the impact degree is different.The lower the corporate value,the greater the impact of tax burden on corporate value.The fifth part is based on the development of China's traditional Chinese medicine manufacturing enterprises,tax policy,tax burden status and the conclusions of the previous theoretical and empirical analysis,from the perspective of taxation and non-tax,to propose rationalization proposals for the value of Chinese medicine manufacturing enterprises.