Study On Tax Burdens And Influencing Factors Of Listed Cultural Media Companies

As a green and intelligent modern service industry,cultural industry has attracted the attention of all countries.The United States,Japan,South Korea and other countries have issued a series of fiscal policies and tax policies to support the development of their cultural industry.The cultural industry of china is in a positive trend.The added value of cultural industry is increasing annually,and the proportion in GDP is increasing steadily.It is also closer to the goal of building cultural industry into a pillar industry in China.Cultural industry has positive externality,some cultural products have the characteristics of quasi public products.Chinese cultural industry is in the infant industry stage,so it needs the government's policy support for development.In order to promote the development of cultural industry,Chinese government has formulated a series of preferential tax policies of VAT,income tax and other categories of taxes.However,there are some problems in the preferential tax policies,such as the system of preferential tax policies is imperfect and single.As an active force in the market,listed cultural media enterprises are the main part of the cultural industry.By studying the tax burden of listed cultural media enterprises in China,we can analyze the tax problems of cultural industry.Research shows that the value-added tax deduction chain of listed cultural media enterprises in China is incomplete and the tax is repeatedly levied.Most of the preferential policies of income tax are direct preferential policies,and the indirect preferential policies are insufficient.So it can not fully reduce the burden for listed cultural media enterprises.When measuring the tax burden level of listed cultural media enterprises,because the tax burden rate of income tax and turnover tax can not fully reflect the tax burden level of listed cultural media enterprises,this paper uses the comprehensive tax burden rate of enterprises to measure the tax burden level of listed cultural media enterprises.The numerator is expressed by the income tax expense-deferred income tax + turnover tax-tax return,and the denominator is expressed by the enterprise operating receipt.Based on the existing literature,this paper analyzes the factors that may affect the tax burden rate of listed cultural media enterprises from the perspective of tax and internal characteristics of enterprises.This paper uses the fixed effect model(FEM)to analyze the panel data of financial statements of listed cultural media enterprises in 2012-2017.It is found that replacing business tax with value-added tax(VAT),preferential tax rate policy,asset-liability ratio are significantly negatively correlated with the comprehensive tax rate of listed cultural media enterprises.The proportion of turnover tax and profitability are significantly positively correlated with the comprehensive tax rate of listed cultural media enterprises.The capital intensity is negatively correlated with the comprehensive tax rate of listed cultural media enterprises,but the result is not significant.This paper selects Huayi Brothers Media limited company for a case study,analyzing the tax burdens of Huayi Brothers,and then verifie the empirical results successfully.Finally,based on the analysis of the tax burden and the influencing factors of listed cultural media enterprises,this paper provides some suggestions for the improvement of tax preferential policies of cultural industry and the reasonable tax planning measures of listed cultural media enterprises.The government should strengthen the preferential tax policies for cultural industry and improve the system of preferential tax policies.In order to achieve the purposes of tax avoidance and improving business operation,listed cultural media enterprises should cater to the preferential tax policies actively.Besides,listed cultural media enterprises also should adjust their management from the perspective of enterprise investment and financing,such as expanding the scale of enterprise liabilities,increasing the fixed assets and equipment,etc.