Research On The Tax Burden Of Chinese Listed Companies And Its Influencing Factors

Enterprises are the main providers of state revenue.The corporate income tax,the turnover tax and the property tax are the main types that enterprises pay to the state.This paper rejects the previous view that corporate income tax is the corporate tax burden,and studies the overall comprehensive tax burden of various taxes and fees actually undertaken by enterprises.As an independent tax type,corporate income tax is only taxed in the business results.However,the practice shows that only the turnover tax levied in China is much higher than the corporate income tax.Therefore,it was limited to study the corporate income tax as a corporate tax burden.It can't represent the true tax burden of enterprises,and the conclusions are also biased.The pharmaceutical manufacturing industry is closely related to people's lives and health,which has a relatively important industry position all around the world.This paper chooses to take the pharmaceutical manufacturing industry as an example to study the comprehensive tax burden of enterprises.It is mainly based on the following three aspects: First,the pharmaceutical manufacturing industry is related to the national economy and people's livelihood,and is highly relevant to the national life and health;second,the pharmaceutical manufacturing industry has a long-termdevelopment,the national industry policies and supporting policies tend to be stable.Third,the macro and micro factors that influences the tax burden of pharmaceutical manufacturing industry haven't been discussed and concluded in detail.The study of the relationship between the relevant tax factors and the tax burden level in this paper is conducive to understanding the composition of the tax-influencing factors in the industry,and effectively providing data support for policy formulation and adjustment.This paper assumes that the changes of the comprehensive tax burden of listed pharmaceutical manufacturing companies are influenced by the following macro or micro factors,including the region,the size of the enterprise,the asset-liability ratio,the intellectual property density,and all the production points(state-owned shares),Asset size,state-owned holdings,equity concentration,gross profit margin,board size,labor costs.Taking the 2013-2018 annual report data of the listed pharmaceutical manufacturing companies as a sample,the above factors were analyzed by item-by-item statistical analysis and multi-factor regression analysis.The result shows that the annual change trend of comprehensive tax burden of listed pharmaceutical manufacturing companies is consistent with that of the overall tax burden of listed companies.Before 2015,the comprehensive tax burden of enterprises was increasing year by year.Since the implementation of the reform and full implementation in 2016,the corporate tax burden had been declining year by year.Through descriptive statistics and regression statistics,it is found that the regional,state-owned shares ratio,asset size,state-owned holdings,equity concentration,board size,labor costs and corporate tax burden do not have a large correlation,that is,the above factors on the actual comprehensive tax of enterprises The negative impact is limited;the scale of the enterprise,the asset-liability ratio and the tax burden are significantly negatively correlated,that is,the larger the two variables,the lower the tax rate;the intellectual property intensity,the gross profit rate and the tax burden are positively correlated,that is,the two variables and the comprehensive tax The negative rate changes in the same direction.The higher the intellectual property density and the gross profit rate,the higher the comprehensive tax rate of the enterprise.In addition,through the robustness test,the significant factors of CTR have a more significant impact on ETR.The proportion of state-owned shares,asset size and labor cost that have no significant impact on CTR have a significant impact on ETR.