【作者】 周浩；

【导师】 陆超云； 吴建东；

【作者基本信息】 暨南大学 ， 税务硕士（MT）（专业学位）， 2023， 硕士

【副题名】以制造业上市公司为例

【摘要】 实体制造业作为我国目前国民经济的支柱型产业,其对我国经济的发展尤为重要。在当前环境下,实体经济逐渐衰弱,虚拟经济顺势而起,国家为了进一步激发企业活力,挽救处于危机边缘的传统实体产业,相继出台了一系列的税收优惠政策。2018年、2019年连续两年的增值税税率下调政策体现了国家为了减轻实体制造业税收负担所作出的政策调整。增值税作为我国的第一大税种,征税范围广并且减税效果明显,因此深入研究其相关政策对某一行业经营效果的影响,有助于为国家进一步的政策制定提供帮助。以便更好的引导制造业脱离困境,得到新的发展。首先,本文从财务绩效理论入手,介绍了企业绩效分析的两种评价指标。结合数据的可获得程度,本文选择财务财务绩效指标来具体考虑增值税税率下调对其的可能的不同影响。其次,本文通过整理以往专家学者对企业财务绩效评价维度的相关文献,总结出包括盈利能力、营运能力、偿债能力、投资能力以及成长能力在内的五大标准;并且列举了目前主流衡量具体财务绩效的相关指标,主要包括主要包括总资产净利率、总资产增长率、速动比率、总资产周转率以及投资规模。再次,本文从理论上分析了增值税作为一个价外税是怎样对企业利润产生影响。主要是由于存在需求价格弹性,消费者会减少对课税商品的购买,生产者为了能够维持一定的销量会选择降低产品价格,即生产者和消费者都会承受一定的税收负担,存在“价格效应”。从而引出增值税税率调整就是通过其产生的价格效应影响企业财务绩效。并且逐个解释了增值税税率下调为什么会对相关财务绩效水平产生影响,进而成为之后断点-双重差分以及传统双重差分回归分析的被解释变量,研究税率变动对其的影响。然后,本文通过万得(Wind)数据库、国泰安数据库(CSMAR),选取全部A股上市公司适用原17%税率的相关企业作为实验组以及适用6%税率的相关企业作为对照组,统计其2016年至2019年相关年度、季度财务数据。一方面,通过断点-双重差分以及传统双重差分对其进行回归分析,研究发现增值税税率的下调与总资产净利率、总资产增长率呈显著的正相关关系,能够提高企业的经营利润,助其进一步发展壮大。另一方面,通过异质性分析得出增值税税率的下调对东部地区、私营小型企业的财务绩效影响更大。最后,本文通过理论与实证分析,结合有关文献资料,提出了有关完善增值税制度以及促进实体制造业又好又快发展的相关建议。主要包括:加快增值税立法进程,使其更加规范与科学化;关注政策发展方向,积极采取措施应对。更多还原

【Abstract】 The manufacturing industry,as a pillar industry of Chinese current national economy,is particularly significant for the development of Chinese economy.From the current condition,the substantial economy is gradually weakening,and the virtual economy is emerging.In order to save the substantial industry on the brink of crisis,Our country has successively introduced a series of tax preferential policies.The policy of reducing value-added tax rates for two consecutive years in2018 and 2019 reflects the policy adjustments made by the country to reduce the tax burden on the physical manufacturing industry.As the largest tax category in China,value-added tax has a wide range of taxation and significant tax reduction effects.Therefore,profound research on the impact of its relevant policies on the operational effectiveness of a certain industry can provide assistance for further policy formulation.In order to better guide the manufacturing industry out of woods and achieve new development.Firstly,this article starts with financial performance theory and introduces two evaluation indicators for enterprise performance analysis.Based on the availability of data,this article selects financial performance indicators to specifically consider the possible different impacts of the reduction in value-added tax rate.Secondly,this article summarizes five major standards,including profitability,operational ability,debt paying ability,investment ability,and growth ability,by organizing relevant literature on the dimensions of enterprise financial performance evaluation by experts and scholars in the past;And listed the current mainstream indicators to measure specific financial performance,mainly including total asset net interest rate,total asset growth rate,quick ratio,total Asset turnover and investment scale.Once again,this article theoretically analyzes how value-added tax,as an additional tax,affects corporate profits.Mainly due to the existence of demand price elasticity,consumers will reduce their purchases of taxable goods.Producers will choose to lower product prices in order to maintain a certain sales volume,which means that both producers and consumers will bear a certain tax burden,resulting in a "price effect".Thus,it can be inferred that the adjustment of value-added tax rate affects the financial performance of enterprises through its price effect.And explained why the reduction of value-added tax rate would have an impact on the relevant financial performance level,and then became the dependent variable for breakpoint double difference and traditional double difference regression analysis,studying the impact of tax rate changes on it.Then,this article selects all A-share listed companies that apply the original 17% tax rate as the experimental group and relevant companies that apply the 6% tax rate as the control group through the Wind and CSMAR databases,and calculates their financial data for the relevant years and quarters from 2016 to 2019.On the one hand,through regression analysis of breakpoint double difference and traditional double difference,the study found that the reduction of value-added tax rate is significantly positively correlated with total asset net profit rate and total asset growth rate,which can improve the operating profit of enterprises and help them further develop and grow.On the other hand,through heterogeneity analysis,it is found that the reduction of value-added tax rates has a greater impact on the financial performance of small private enterprises in the eastern region.Finally,through theoretical and empirical analysis,combined with relevant information,this article proposes relevant suggestions for improving the value-added tax system and promoting the sound and rapid development of the physical manufacturing industry.Mainly including: accelerating the process of value-added tax legislation to make it more standardized and scientific;Pay attention to the direction of policy development and actively take measures to respond.更多还原