The Influence Of Tax Burden On The Operating Performance Of Listed Companies In Manufacturing Industry

Manufacturing industry is the pillar industry of China's industrialization and modernization,which shows the strong productivity level of China.In the past few decades,the manufacturing industry has been the sector with the largest proportion of tax revenue among China's three major industries.It has played an important role in stimulating economic growth,alleviating employment pressure,building a new industrial system and maintaining social stability.China's manufacturing industry has been developing rapidly in the process of the reform and open policy,since 2010 China has remained the world's superpower manufacturing the first position,the added value of China's manufacturing industry in the whole year of 2018 is about 26.482 trillion yuan,about 29.4% of GDP in China,for the same period more than 28% share of the world,and that the United States,Japan,Germany,the sum of the three countries manufacturing output is considerable.Nowadays,"made in China" has obviously become a calling card of China's external development and a representative of China's comprehensive strength.In May 2015,the Chinese government proposed to implement the "made in China 2025",which explicitly request to accelerate the innovation and development of manufacturing,the manufacturing industry by the "big" change "strong",the policy is based on a new height and Angle of view emphasized the importance of the manufacturing industry for the national economic development,more conducive to form a high-end manufacturing layout.With the increasingly fierce global competition,the current development situation of China's manufacturing industry is not very optimistic.The value-added rate and profit rate of China's manufacturing enterprises are low,and the added value of products is not high.Compared with the manufacturing industry in the developed countries in the world,there is a big gap,for example,the industrial structure is not very reasonable,the degree of dependence of industrial technology on foreign countries is relatively high,and the r&d investment of enterprises is also small.Manufacturing industry in our country in recent years,the cost of raw materials and labor costs industry tax costs have been rising,so the advantage of low cost is a little bit lost,manufacturing cost gap with the developed countries are increasingly narrowed,so that profit margins will shrink,and the management benefit also become less.There are also many obstacles to the export of products that compete with other countries,such as manufactured goods and high-tech products.In this case,many manufacturing enterprises feel that the tax burden is heavy.In the production and operation process of manufacturing industry,there is indeed a heavy tax burden.In the context of the macro policy of tax reduction and fee reduction,it is of great significance to understand the tax burden of the manufacturing industry at the current stage,how the tax burden affects the business performance of manufacturing enterprises and the difference in the effect,which is conducive to the adjustment of the business behavior of manufacturing enterprises and the formulation of relevant tax policies by the government.This paper firstly combed the tax burden and operating performance evaluation related theory,then analyzes the manufacturing industry development present situation and existing problems,and then combined with the relevant tax burden data analysis of the current situation of manufacturing the overall tax burden,present situation and the present situation of tax burden,tax burden of tax according to the related theory to make reasonable assumptions,after determining enterprise operating performance evaluation indicators and indicators of tax burden,gleaned from manufacturing industry listed company financial data,The panel data model is used to explore the relationship between enterprises' overall tax burden,turnover tax burden and income tax burden and their business performance,and the empirical assumptions are verified and explained accordingly.Based on the above research,this paper finally draws the following four conclusions: first,the overall tax burden of the manufacturing industry is too heavy,and the overall tax burden of the manufacturing industry is on the high side among many industries and higher than the national macro tax burden.The proportion of value-added tax(VAT)in the total tax revenue of the manufacturing industry has been decreasing year by year,while the proportion of corporate income tax has been increasing year by year.Second,the manufacturing enterprise's overall tax burden and its operating performance is significantly negative correlation between relationship,that is to say,the overall tax burden on business performance has the inhibitory effect,and inhibition of energy-intensive enterprise management performance than low energy enterprise,which is beneficial to eliminate backward production enterprise,pushing more energy-intensive enterprise transition to low energy consumption.Third,manufacturing enterprise income tax burden and its operating performance is significantly negative correlation relationship between the income tax burden on business performance has the inhibitory effect,and to be not the inhibitory effect of high and new technology enterprise operating performance than a high and new technology enterprise,this helps to eliminate the outdated technology enterprises,pushing more than high-tech enterprises transformed into high-tech enterprises.Fourthly,there is a negative correlation between the turnover tax burden and the business performance of manufacturing enterprises.In other words,the turnover tax burden also has an inhibitory effect on the business performance,but the inhibitory effect is not significant.In other words,the turnover tax burden has little negative effect on the business performance of enterprises.The above conclusions show that the excessive tax burden is not conducive to the improvement of the business performance of listed manufacturing companies and hinders the development of manufacturing enterprises.In view of this,this paper proposes three policy Suggestions: first,reduce the overall tax burden of enterprises,especially the tax burden of enterprise income tax.Second,reduce the tax burden of enterprise turnover tax,especially the tax burden of enterprise value-added tax.Third,the rational use of tax policy to adjust the structure of the manufacturing industry.