“营改增”对企业税负水平与公司价值的影响研究

The Influences on the Corporate Tax Level and Valuation after Implementing the Policy of “VAT Replacing Business Tax”

根据行业情况不同,"营改增"将显著改变各行业公司的经营管理和定价策略,进而影响到公司的营收状况、利润水平和公司价值。研究发现:(1)不同行业存在不同的流转税负均衡点也即企业税负均衡点;(2)由于各行业毛利率存在差异,"营改增"对公司税负造成不同的影响,对公司账面价值造成的影响也会有所不同;(3)"营改增"实行后,增值税抵扣链条的完善将有利于提升原有已实行增值税的第一产业和第二产业的公司账面价值,生产和制造固定资产类型的企业将会获得更多订单,从而获得更多利润,实现企业账面价值的增长;(4)管理规范的公司税负会低于管理不规范的中小型企业;(5)综合全行业数据来看,"营改增"后毛利率越高,企业流转税负越高,基于流转税负和税负的替代关系,企业税负也会越高。

Depends on the industries, ＂VAT replacing Business Tax＂ significantly changes the corporate governance and pricing strategies. It may further influence the revenue, profit level and valuation of corporates. The research shows that there are different tax burden equilibrium points for industries. Due to the differences among the gross profit rats, ＂VAT replacing Business Tax＂ has different impact on the tax level and market value. The improvement of the expansion of VAT has a positive contribution to the market value of corporates in first and second industries. In conclusion, after ＂VAT replacing Business Tax＂, higher the gross profit, higher the Commodity Tax. Based on the substitution relationship between normal tax level and commodity tax, corporates will face higher tax.