营改增对房地产业影响的实证研究——以房地产行业A股上市公司(上海)的净利润和经营活动现金净流量的影响为例

Empirical Study on the Impact of “Replacing Turnover Tax with Value-added Tax” on the Real Estate Industry——Taking as an Example the Impact of Net Profit and Net Operating Cash Flow of A-share Listed Companies(Shanghai) in the Real Estate Sector

2016年5月1日,我国房地产业由原来征收营业税改征增值税,营改增对房地产的利弊影响众说纷纭,房地产企业的营改增对其利润和经营活动现金净流量的影响如何?至此房地产业营改增已历经一年,营改增后的房地产上市公司的年报已经披露,营改增对房地产企业的利弊影响如何?该文通过搜集整理房地产行业A股31家上市公司指标(上海交易所)进行分析比对,用2015年、2016年的净利润和经营活动现金净流量的变化较好地说明了营改增对房地产企业的利好作用。

On May 1 , 2 0 1 6 , value - added tax, which was turnover tax before, began to be levied in the real estate industry ofour country, the impact of which on the real estate industry results in various opinions. W h at’ s the impact of replacing turnover taxwith value - added tax on the profit and operating cash flow of real estate enterprises？ Up to now, the policy of replacing turnover taxwith value - added tax has been implemented for one year and ten annual reports of the listed companies of real estate industry havebeen announced to the public. What are he favorable and unfavorable impacts of the said policy on the real estate industry？ This papermakes an analysis and comparison after collecting and processing the A - share indexes （ Shanghai） of 31 listed companies of the realestate industry. Subsequently, it illustrates with the changes in their net profit and operating cash flow that the policy of replacing turnovertax with value - added tax has a favorable impact on the real estate industry.