The Impact Of Financial Subsidy And Tax Preference On The Operating Performance Of Listed Companies In Textile And Garment Industry

Among many industries in China,the textile industry,as the traditional pillar industry of China's national economy,an important civilian production industry and an industry that creates new advantages in internationalization,has played a stabilizing role in several major economic fluctuations in recent years,and is China's economy.The development of a safe pool of anti-risk has always played an irreplaceable role in China's balance of payments.However,with the influence of various factors in the market in recent years,such as: large fluctuations in dye prices,loss of raw material and labor price advantages,financing difficulties,Sino-US trade frictions,and Trump government trade protection measures The impact,unfair competition from the Indian textile industry,and the severe challenges facing survival and development have all brought China's textile and garment industry into a difficult position.In order to break through the bottleneck in the development of China's textile and garment industry,enhance its international competitiveness,and achieve high-quality development of the industry,fiscal and taxation policies(financial subsidies and tax incentives)are needed to provide more sustained and more effective support.To this end,this paper is based on the establishment of a business performance evaluation model suitable for the characteristics of the industry,to study the impact of the two policies of financial subsidies and tax incentives on the business performance of listed companies in the textile and apparel industry,and whether the two policies will have business performance when they exist at the same time.The synergy effect of “1+1>2” was generated to evaluate the rationality of the current fiscal and taxation policies of listed companies in China's textile and garment industry,and proposed how the listed companies in the textile and apparel industry can use fiscal and taxation resources efficiently.In the first part,the paper first gives a brief overview of the research theme and background,and then explains the purpose and significance of the research.Based on the domestic and foreign related literature and classical theory of financial subsidies,tax incentives and business performance,the existing research results and methods are summarized,which clarifies the research ideas of this paper and puts forward the article.Innovation points and limitations.The second part,firstly defines the relevant content of this paper,then expounds the theoretical basis of the content of this paper,and finally analyzes the similarities and differences between the two policies of financial subsidy and tax incentive.In the third part,this article mainly introduces the current fiscal and taxation policies of listed companies in China's textile and garment industry,and then studies the overall situation of the implementation of fiscal and taxation policies,and finally evaluates the implementation effect of fiscal and taxation policies.The fourth part,in order to accurately measure the business performance(interpreted variables)in the subsequent empirical analysis,this part through the construction of the performance evaluation system of listed companies in the textile and garment industry: using the main component analysis method to transform the 13 financial indicators selected in this paper into The four independent factors use the index weighting method(entropy method),which is suitable for the textile and garment industry,to calculate the index weights,and the annual operating performance in 2012-2017 can be obtained.In the fifth part,this paper selects the listed companies in the textile and garment industry in 2012-2017 as the research sample,and uses the fixed effect model to conduct multiple regression analysis on the panel data and finds that when the financial subsidies and tax incentives work together on the business performance Although these two policies are not in conflict,they will not produce the synergy effect of “1+1>2”.At the same time,the positive incentive effect of financial subsidies on business performance is greater than tax incentives such as tax reduction and tax rebate.The positive incentive effect of business performance.Finally,on the basis of summarizing and summarizing the conclusions of this paper,based on the empirical research results,combined with the current institutional background of China's textile and garment industry,it puts forward suggestions on optimizing the fiscal and taxation policies of listed companies in China's textile and garment industry,with a view to producing business performance of textile and garment enterprises.