论文部分内容阅读
增值税转型政策会对企业的微观行为和资本市场产生影响,而制造业类的公司是增值税纳税人中的最大群体。本文以受增值税转型政策影响最大的制造业类上市公司为研究对象,分析增值税转型政策对制造业类上市公司的净资产收益率和股东财富的影响。结果表明,增值税转型政策对净资产收益率的影响较小,在短期内会增加股东财富。
The VAT conversion policy will have an impact on the micro-enterprises and capital markets of enterprises, while the manufacturing-type companies are the largest among the VAT taxpayers. In this paper, the manufacturing listed companies that are most affected by the VAT reform are analyzed as the research object to analyze the impact of the VAT transition policy on the return on net assets and shareholders’ wealth of manufacturing listed companies. The results show that the policy of value-added tax reform has little effect on the return on net assets and will increase shareholders’ wealth in the short run.