营改增对中国上市公司财务绩效影响的实证研究

发布时间：2018-03-31 07:04

本文选题：营改增　切入点：财务绩效　出处：《华南理工大学》2014年硕士论文

【摘要】：营业税改增值税，是完善税制的需要，也是减轻第三产业税收负担、推动第三产业发展的宏观调控手段。“营改增”直接影响企业的税负，税负增加，会降低企业的财务绩效水平，税负降低，则提高企业的财务绩效水平。研究“营改增”对企业财务绩效的影响，探讨“营改增”究竟能给企业带来多大的效益？企业是否真正享受到“营改增”带来的实惠？为“营改增”的全面推广提供经验指导的同时，也为即将进行改革的企业提供有效的应对措施，因此本文研究具有重要的现实意义。为了研究“营改增”对企业财务绩效的影响，本文分“营改增”税负的变动、“营改增”的抵扣效应（包括生产成本抵扣效应和固定资产抵扣效应）以及“营改增”税率的变动三方面进行研究。本文采用2012-2013年147家我国上市公司的财务数据，通过描述性分析和面板模型多元回归分析等方法研究“营改增”对企业财务绩效的影响。本文实证结果表明：（1）“营改增”总体上减轻了企业的税负，提高了企业的财务绩效水平。其中，根据行业分组的回归发现：“营改增”对不同行业试点企业的财务绩效的影响存在差异。“营改增”降低了现代服务业企业的整体税负，提高了企业财务绩效水平；而交通运输业企业的税负不降反增，“营改增”降低了企业的财务绩效水平。根据地区分组后的回归发现：“营改增”对不同地区试点企业财务绩效的不同影响。在第三产业较为发达的北京地区，“营改增”对企业财务绩效的促进作用强于上海、广东地区。（2）“营改增”进项税额抵扣率与企业财务绩效呈正相关关系，抵扣率越高，抵扣越充分，提高企业财务绩效水平的幅度越大。其中，企业生产成本的抵扣效应与企业财务绩效呈正相关关系；而固定资产的抵扣效应却与企业财务绩效不相关。（3）由于税率的提高，“营改增”降低了企业的财务绩效，且税率提高幅度越大，，财务绩效水平降低越多；交通运输业（税率提高8%）财务绩效水平的降低幅度高于现代服务业（税率提高1%）。
[Abstract]:The reform of business tax into value-added tax is the need to improve the tax system, and it is also a means of macro-control to lighten the tax burden of the tertiary industry and promote the development of the tertiary industry. "Business reform and increase" directly affect the tax burden and tax burden of enterprises. It will reduce the financial performance level of the enterprise, reduce the tax burden, then improve the financial performance level of the enterprise. Study the influence of the "business reform and increase" on the financial performance of the enterprise, and discuss how much benefit can the "business reform increase" bring to the enterprise? Does the enterprise really enjoy the benefits brought about by the "camp change and increase"? While providing experience guidance for the comprehensive popularization of "business transformation and increase", it also provides effective countermeasures for enterprises that are about to carry out reform. Therefore, the study of this paper has important practical significance. In order to study the impact of "business transformation and increase" on the financial performance of enterprises, This paper studies the change of tax burden, the deduction effect (including production cost deduction effect and fixed assets deduction effect) and the change of tax rate of "business reform increase". Financial data of 147 listed companies in China, Through descriptive analysis and panel model multiple regression analysis, this paper studies the effect of "business reform and increase" on enterprise financial performance. The empirical results show that "business reform and increase" can reduce the tax burden of enterprises in general. The financial performance level of the enterprise is improved. According to the regression of the industry group, it is found that there are differences in the influence of "business reform and increase" on the financial performance of the pilot enterprises in different industries, and the "business reform increase" reduces the overall tax burden of the modern service enterprises. Improve the financial performance of enterprises; On the other hand, the tax burden of the transportation enterprises increases instead of decreasing, and the level of financial performance of the enterprises decreases. According to the regression of the regional grouping, it is found that the different effects of the tax burden on the financial performance of the pilot enterprises in different regions. In Beijing, where the tertiary industry is more developed, the promotion effect of "business reform and increase" on the financial performance of enterprises is stronger than that of Shanghai. There is a positive correlation between the tax credit rate and the financial performance of the enterprise. The higher the deduction rate, the more adequate the deduction, and the greater the range of improving the financial performance of the enterprise. The deduction effect of production cost is positively related to the financial performance of the enterprise, but the deduction effect of the fixed assets is not related to the financial performance of the enterprise. (3) because of the increase of tax rate, the increase of "business reform" reduces the financial performance of the enterprise. The higher the tax rate is, the lower the financial performance level is, and the lower the financial performance level is in transportation industry (tax rate increase 8%) than in modern service industry (tax rate increase 1%).
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.6;F812.42

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