Influence of tax policy on accounting information quality of listed companies.
Stakeholders of listed companies can make economic decisions through accounting information, and the economic information of accounting information is reflected through specific accounting practices. The quality of accounting information plays a very important role in the economic activities of listed companies. There are many factors that affect the quality of accounting information of listed companies, one of which is China's tax policy. Therefore, listed companies in China should pay more attention to tax policy.
First, the quality analysis of accounting information of listed companies
From the actual situation, the information quality of listed companies in China is constantly improving, but the accounting information quality level of individual listed companies is not high enough, and there are still some problems, mainly in the following aspects:
1. Accounting information disclosure is not timely enough.
According to the requirements of timeliness, the economic information of an enterprise should be disclosed in time. In order to prevent insiders from using inside information that can't be disclosed for insider trading, China stipulates in the Interim Regulations on the Administration of Stock Issuance and Trading that listed companies are. However, from the actual situation, some major events cannot be disclosed in time.
2. Accounting information disclosure is unreliable.
Reliability is one of the main characteristics of accounting information quality, and one of the basic requirements of accounting information disclosure of listed companies is reliability, but some behaviors of manipulating profits and accounting fraud by using accounting statements still exist in listed companies. In order to manipulate profits, some listed companies adopt fictitious transactions, which leads to financial problems such as false income and inflated assets. Some listed companies also make accounting information disclosure unreliable through some uncertain factors in the new accounting standards.
3. Insufficient disclosure of accounting information
The sufficiency of accounting information disclosure is also the basic requirement of accounting information quality, which can also play an important role for accounting information users and achieve the purpose of restraining internal transactions and resisting risks. However, from the actual situation of information disclosure of listed companies in China, most listed companies do not disclose accounting information completely from their own economic interests, focusing on the accounting information that is beneficial to listed companies, and using an understatement method to the accounting information that is not conducive to companies, without objective disclosure, resulting in insufficient disclosure of accounting information.
4. Accounting information disclosure is not standardized
Accounting information disclosure should be serious and standardized, and once the profit distribution plan is determined, it should not be changed at will, which is more conducive to the correct financial analysis and evaluation of accounting information users. However, from the actual situation, some listed companies in China can't make detailed financial reports at the end of the year, or there are loopholes in disclosure, misleading accounting information users to make economic decisions.
Second, the impact of corporate income tax policies on the quality of accounting information of listed companies
1. Influence of enterprise income tax rate on reliability and comparability of accounting information
(1) that influence of income tax on the reliability of account information of listed company
The enterprise income tax has been reduced from 33% to 25% now. Compared with enterprises that use the original enterprise income tax 15% and 24%, their tax burden has improved. The change of enterprise income tax rate will affect the tax burden of enterprises, and the distributable profit after tax payment will also be affected by the enterprise income tax rate. After the enterprise income tax rate is reduced, the distributable surplus of listed companies will be further increased, which will stimulate the investment of listed companies to a certain extent and help listed companies in China to compete fairly at the same starting point. Enterprise income tax has achieved a uniform tax rate of 25%, which has improved the reliability of accounting information disclosure of listed companies to some extent.
(2) that influence of income tax on the comparability of account information of listed company.
The actual tax rate of income tax can usually represent the actual tax burden of enterprise income tax, and can also be expressed by ETR. The unified enterprise income tax rate of 25% promotes the comparability of accounting information disclosure, but the nominal income tax burden of enterprises is different from the actual income tax burden. ETR is different from the nominal tax rate of companies, and the income tax burden of listed companies cannot be truly reflected by the statutory tax rate, so the comparability of tax rates under different tax systems is poor. The higher the corporate income tax rate, the more difficult it is for listed companies to manage their earnings, which increases the probability that listed companies will manipulate the profits and losses of non-taxable items and will reduce the comparability of accounting information disclosure of listed companies.
2. The impact of preferential income tax policies on the reliability and comparability of accounting information
The impact of preferential income tax policies on the reliability and comparability of accounting information disclosure of listed companies is mainly manifested in the following aspects:
(1) The Influence of Preferential Income Tax Policies on the Reliability of Accounting Information
On the one hand, according to the enterprise income tax law of our country, the enterprise income tax can be levied at a reduced rate of 15% for high-tech enterprises that meet the national key support, and the requirement of being located in high-tech development zones can be cancelled. Those who meet the conditions of technology transfer can enjoy preferential policies of enterprise income tax reduction and exemption, which will help listed companies to invest a lot of money in the development of scientific research products, reduce the corporate tax burden, improve the profits of listed companies and improve the reliability of information disclosure of listed companies.
On the other hand, foreign-funded enterprises can enjoy the preferential policy of tax reduction and exemption for investment projects under the condition of two tax systems, but it has been adopted under the new enterprise income tax law. Three exemptions and three halves? Policy, which means that domestic enterprises will enjoy certain tax incentives while investing in such projects. This kind of tax policy will reduce the corporate income tax of listed companies, improve the profits of listed companies, improve the reliability of accounting information of listed companies, and effectively reduce the occurrence of malpractices for personal gain of listed companies.
(2) The influence of preferential income tax policies on the comparability of accounting information.
The preferential policies of enterprise income tax in China have the following characteristics: ① According to the provisions of the Enterprise Income Tax Law, enterprise income tax can be levied at a reduced rate of 15% for high-tech enterprises that meet the key state support, and the requirement of being located in high-tech development zones is cancelled. ② There are differences in tax preferences, some are levied by half, some are reduced or exempted, and some are reduced by 15%. (3) There are differences in listing locations. 1993 Nine enterprises listed in Hongkong with the approval of the State Council can collect enterprise income tax at the rate of 15%. Although some preferential tax policies in the new enterprise income tax law will improve the reliability of accounting information, the above differences will lead to differences in corporate tax burden, which will have a negative impact on the comparability of listed companies' net profit information and enterprise income tax expense information. Third, the impact of income tax accounting policies on the quality of accounting information.
Income tax accounting policies will have a certain negative impact on the quality of accounting information, mainly in the following two aspects:
On the one hand, the tax payable method is widely used, which reduces the usefulness of accounting information decision. First of all, the income and expenses in the income statement are poorly matched in the tax payable method. Secondly, the tax payable method does not conform to the accrual principle, and the tax payable method does not consider the tax effect of temporary differences. Thirdly, the statutory tax rate and the actual tax rate in the financial report may be inconsistent in the method of tax payable. Finally, the tax payable method can't reflect the influence of timing difference on the income tax amount, which makes it impossible for accounting information users to predict the future income tax expenses of enterprises according to accounting information.
On the other hand, the diversity of methods leads to the decrease of comparability of information quality. Judging from the current situation, China's income tax accounting has been in line with international practice. Income tax accounting treatment can adopt tax impact accounting method and tax payable accounting method, and the choice of various methods will reduce the comparability of accounting information quality to a certain extent.
Fourthly, the influence of value-added tax on the quality of accounting information.
1. Influence of VAT on the Reliability and Comparability of Accounting Information
Since June 5438+1 October1,China has implemented consumption-oriented value-added tax. Under the condition that the current value-added tax rate remains unchanged, some relevant provisions that the input tax of purchased equipment cannot be deducted have been revised in the value-added tax regulations. After the revision, the input tax on the purchase of fixed assets by enterprises can be deducted, which will definitely have a greater impact on the comparability and reliability of accounting information of listed companies. The main impacts are as follows:
(1) Influence of VAT on reliability
On the one hand, the input tax on fixed assets purchased by enterprises can't be deducted before the value-added tax transformation, but after the transformation, the input tax on fixed assets can be fully deducted, and the value-added tax payable by enterprises will be reduced on the premise that the output tax remains unchanged.
On the other hand, under the condition that the initial investment of listed companies remains unchanged, the operating cash flow of listed companies will be affected by VAT payment, that is, it will increase with the decrease of VAT payment, and it will also reduce the impact of future cash flow on listed companies. The influence of consumption value-added tax on investment will gradually increase, and the cash expenditure in the investment year will be greatly improved.
(2) that influence of VAT on comparability
At the beginning of the transformation of value-added tax, the investment of listed companies was influenced by consumption value-added tax, and the newly purchased fixed assets value-added tax of listed companies could be deducted in full at one time, which directly led to the increase of profits of listed companies. However, the future profits of listed companies are not affected by value-added tax, but by the depreciation of new fixed assets, investment returns and financial expenses. Under the influence of consumption-oriented value-added tax, the depreciation of fixed assets extracted by listed companies in each period is reduced, which increases the total profit and operating profit of listed companies. After paying enterprise income tax, the final net profit of listed companies will also be improved. The income statement of listed companies will fluctuate greatly due to the transformation of value-added tax, and the comparability of accounting information is poor.
2. The impact of VAT accounting policies on the quality of accounting information
Although the accounting method of value-added tax is simple, it leads to the problem of low quality of accounting information. VAT accounting policies have the following effects on the quality of accounting information:
(1) Reduce the understandability of accounting information. From the point of view of inventory, when general taxpayers purchase goods and obtain special invoices for value-added tax, they actually pay value-added tax and purchase expenses to the buyer of goods. According to the current value-added tax accounting method, the inventory cost includes the purchase price of goods and the purchase cost. Taxes payable-VAT payable (input tax)? This subject records the value-added tax of purchased goods, which can only reflect part of the actual cost of inventory. From this point of view, the input tax on the purchase of inventory by enterprises can be excluded from the inventory cost, which obviously does not conform to the principle of historical cost valuation.
(2) Reduced the comparability of accounting information. First of all, some enterprise inventories are accounted for according to the method of price and tax integration, while others are accounted for according to the method of price and tax separation, which obviously reduces the comparability of accounting information; Secondly, when the general taxpayer obtains the special VAT invoice after purchasing the inventory, it can calculate its cost according to the method of separating price from tax. However, for small-scale taxpayers, the accounting method of inventory cost is the combination of price and tax, regardless of whether they have obtained special VAT invoices, which leads to poor comparability of inventory valuation methods among different types of enterprises.
Five, listed companies to improve the quality of accounting information measures
From the above, it can be seen that the quality of accounting information of listed companies will be affected by changes in tax policies. Therefore, in order to improve the quality of accounting information of listed companies, listed companies should improve the quality of accounting information from the following aspects: on the one hand, listed companies should create a good internal control environment to ensure the authenticity of accounting information is one of the main objectives of internal control, and the internal control department of listed companies can strictly review internal personnel, reduce the probability of employees engaging in malpractices for personal gain, avoid the occurrence of false financial reports and improve listed companies. On the other hand, we should constantly strengthen the means of internal control, in which internal audit, division of powers and responsibilities and physical control are the main contents of internal control. All departments of enterprises can further supervise economic activities by establishing a perfect internal control environment, improve the integrity of enterprise accounting information collection, collation, recording and summary, and promote the improvement of accounting information quality of listed companies.
Abstract of intransitive verbs
To sum up, users of accounting information should not only consider the interests of management and accounting standards system, but also consider the impact of tax policies on the quality of accounting information of listed companies when making credit decisions and investment decisions using accounting information provided by listed companies, and constantly adjust credit decisions and investment decisions in practice, so as to ensure the quality of accounting information disclosure of listed companies under the condition of increasingly mature tax policies in China.
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