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Fiscal Taxation Paper 1An introduction to the impact of tax policy on the quality of accounting information of listed companies
The relevant stakeholders of listed companies can make economic decisions through accounting information, accounting information is to reflect the economic information of the accounting information through the specific accounting practices, the quality of accounting information for the listed company's economic activities can play a very important role in affecting the quality of accounting information for listed companies. There are many factors affecting the quality of accounting information of listed companies, one of the main factors affecting China's tax policy, so China's listed companies to increase the importance of tax policy.
I. Analysis of the quality of accounting information of listed companies
The quality of information of listed companies in China from the actual situation in the continuous improvement, but individual listed companies in the level of quality of accounting information is not high enough, there are still some problems, the main problems are manifested in the following aspects:
1. Accounting information disclosure is not timely enough
The economic information of the enterprise In accordance with the requirements of timeliness, to make timely disclosure, in order to prevent insiders from using insider information that can not be made public insider trading behavior occurs, our country in the "Provisional Regulations on the Management of Stock Issuance and Transactions" stipulates that: when the listed company. However, from a practical point of view, some major events can not be disclosed in a timely manner.
2. Accounting information disclosure is not reliable
Reliability is one of the main features of the quality of accounting information, and one of the basic requirements of the disclosure of accounting information of listed companies is reliability, but some of the use of accounting statements to manipulate the profit and accounting fraud still exists in the listed companies. In order to achieve the purpose of profit manipulation, some listed companies adopt the way of fictitious transactions, which leads to the financial problems of false listing of income and false increase of assets. Some listed companies also adopted some uncertainties in the new accounting standards, which led to unreliable disclosure of accounting information.
3. Inadequate disclosure of accounting information
Adequate disclosure of accounting information is also a basic requirement for the quality of accounting information, which can also play an important role for the users of accounting information, and can achieve the purpose of suppressing internal transactions and resisting risks. However, from the actual situation of information disclosure of listed companies in China, most of the listed companies from their own economic interests, and not a complete disclosure of accounting information, focusing on disclosure of accounting information favorable to the listed company, accounting information unfavorable to the company is used to downplay the method, and did not make objective disclosure, which leads to insufficient disclosure of accounting information.
4. Accounting information disclosure is not standardized
The disclosure of accounting information should be done seriously and standardized, the profit distribution plan, once determined, can not be changed at will, which is more conducive to the users of accounting information to be able to make a correct financial analysis and evaluation.
Second, the impact of corporate income tax policy on the quality of accounting information of listed companies
1. The impact of corporate income tax rate on the reliability and comparability of accounting information
(1) the impact of income tax on the reliability of accounting information of listed companies
The corporate income tax has been reduced from the original 33% to the current 25%, relative to the original corporate income tax applicable to 15% and 24%. 15% and 24%, its tax burden is improved. The change in the 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. The distributable surplus of listed companies after tax will be further enhanced after the reduction of the enterprise income tax rate, which stimulates the investment of listed companies to a certain extent, and is conducive to the fair competition of listed companies in China at the same starting point, and the enterprise income tax realizes a uniform rate of 25%, which improves the reliability of the disclosure of accounting information of listed companies to a certain extent.
(2) Income tax impact on the comparability of accounting information of listed companies
The effective tax rate of income tax can usually indicate the effective tax burden of corporate income tax, and can also be used as the ETR to indicate the effective tax rate of income tax, a unified 25% corporate income tax rate to promote the improvement of accounting information disclosure of the comparability of the accounting information, but there is a discrepancy between nominal corporate income tax burden and the actual income tax burden. ETR is different from the nominal corporate tax rate, and the income tax burden of listed companies cannot be truly reflected by the statutory tax rate, while the comparability between tax rates under different tax systems is poor. The higher the ETR, the more difficult it is for listed companies to manage their surpluses, increasing the chances of listed companies to manipulate gains and losses on non-taxable items, which reduces the comparability of listed companies' accounting disclosures.
2. Income tax incentives on the reliability and comparability of accounting information
The impact of income tax incentives on the reliability and comparability of accounting information disclosure of listed companies is mainly manifested in the following aspects:
(1) The impact of income tax incentives on the reliability of accounting information
On the one hand, according to the provisions of China's corporate income tax tax law: The enterprise income tax rate can be reduced by 15% for high-tech enterprises that meet the national key support, the requirement of being located in high-tech development zones will be canceled, and the income that meets the conditions of technology transfer can enjoy the preferential policy of reduced and exempted enterprise income tax, which is conducive to the listed companies to invest a large amount of money in the development of scientific research products, which reduces the enterprise's tax burden, improves the profits of listed companies, and improves the 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 in investing in public **** projects under the two-tax split system, but under the new enterprise income tax law adopting the ? Three exemptions and three halves? s policy, which represents the domestic enterprises in the investment of such projects will also enjoy certain tax concessions at the same time, such a tax policy will reduce the listed engaged in corporate income tax, improve the profits of listed companies, improve the reliability of accounting information of listed companies, can effectively reduce the occurrence of favoritism and fraud of listed companies.
(2) income tax incentives on the comparability of accounting information
From China's preferential policies on corporate income tax has the following characteristics: ① According to the provisions of the corporate income tax tax law, in line with the national key support for high-tech enterprises, the corporate income tax rate can be reduced by 15% of the tax rate will be located in high-tech development zones will be canceled requirements. ②There are differences in the tax incentives, some of which are half tax reduction, some of which are tax reduction or tax exemption, and some of which are taxed at a reduced rate of 15%. (iii) There are differences in the listing locations. 9 enterprises listed in Hong Kong approved by the State Council in 1993 are allowed to collect enterprise income tax at a rate of 15%. Although the reliability of accounting information will be improved by some tax incentives in the new corporate income tax law, the above differences lead to the variability of the corporate tax burden, which negatively affects the comparability of the net profit information and corporate income tax expense information of listed companies. Third, the impact of income tax accounting policies on the quality of accounting information
Income tax accounting policies on the quality of accounting information can cause a certain negative impact, mainly reflected in the following two aspects:
On the one hand, a large number of tax payable method, reducing the usefulness of accounting information for decision-making, first of all, in the tax payable method in the profit and loss account of income and expense rationing is worse, and second payable tax method is not in line with the accruals. The tax payable method is not in line with the principle of accrual, in the tax payable method does not take into account the tax effects of temporary differences, again in the tax payable method can lead to inconsistency between the statutory tax rate and the effective tax rate in the financial report; finally, the tax payable method does not reflect the impact of timing differences on the amount of income tax, resulting in accounting information users are not able to predict the future income tax expenses of the enterprise based on the accounting information. The method is not consistent.
On the other hand, the diversity of methods leads to a decline in the comparability of information quality. From the current situation of China's income tax accounting has been in line with international practice, the tax impact accounting method and the tax payable method can be used in the income tax accounting treatment, a variety of methods of choice to a certain extent will reduce the comparability of the quality of accounting information.
Fourth, the impact of value-added tax on the quality of accounting information
1. The impact of value-added tax on the reliability and comparability of accounting information
China has implemented the consumption-based value-added tax (VAT) since January 1, 2009, and some related provisions on non-deductible input tax on purchased equipment have been revised in the VAT regulations, with the existing VAT rate remaining unchanged. can be deducted, but after the transformation of fixed assets input tax can be fully deducted, when the output tax remains unchanged, the amount of VAT payable by the enterprise will be reduced.
On the other hand, the listed company's operating cash flow will be affected by the VAT payment, i.e., it will rise with the reduction of the VAT payment, and it also reduces the degree of impact of the cash flow of the listed company in the following years, while keeping the initial investment amount unchanged. The degree of impact of consumption-based VAT on investment will also gradually increase, with cash outlays rising significantly in the year of investment.
(2) VAT impact on comparability
At the time when the VAT transition just started, the listed company's investment was affected by the consumption-based VAT, the listed company's newly purchased fixed assets VAT can get a one-time full deduction, which directly led to the listed company's profit has risen. However, the profits of listed companies in the future are very little affected by the VAT, but by the depreciation of the new fixed assets and the return on investment and finance charges. The depreciation of the newly added stipulated fixed assets of the listed company for each period is reduced under the influence of consumption-based VAT, which increases the total profit and operating profit of the listed company, and the final net profit of the listed company will also be improved after the payment of enterprise income tax. The income statement of listed companies will be greatly fluctuated by the impact of VAT transition, and the comparability of accounting information will be poor.
2. The impact of VAT accounting policy on the quality of accounting information
In the VAT accounting method is simple and easy to use, but it leads to the problem of poor quality of accounting information, the VAT accounting policy on the quality of accounting information mainly has the following impact:
(1) Reduces the comprehensibility of accounting information. From the aspect of inventory, when a general taxpayer purchases goods and obtains VAT invoices, the actual payment is the buyer of the goods, VAT, and the purchase cost. In accordance with the current VAT accounting method, the cost of inventory includes the purchase price of the goods and the purchase cost, ? Taxes payable - VAT payable (input tax)? The account recorded the purchase of goods VAT, from which can only reflect a part of the actual cost of inventory, so it seems that the input tax on the purchase of inventory can be removed from the cost of inventory, which is obviously not in line with the principle of historical costing.
(2) reduces the comparability of accounting information. First of all, some enterprises inventory is in accordance with the price-tax method of accounting, some are in accordance with the price-tax method of accounting, which obviously reduces the comparability of accounting information; Secondly, when the general taxpayer in the purchase of inventory to obtain the VAT invoice, the cost can be in accordance with the price-tax method of accounting, however, for small-scale taxpayers whether or not they have obtained the VAT invoice, the cost of inventory can be calculated in accordance with the price-tax method.
V. Measures for listed companies to improve the quality of accounting information
From the above, we can understand that the quality of accounting information of listed companies will be affected by the changes in tax policy, so 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. Ensure the authenticity of accounting information is one of the main objectives of internal control, the internal control department of the listed company can carry out a strict review of the internal staff, reduce the chance of staff favoritism and fraud, avoid the occurrence of false financial reports, improve the authenticity of the disclosure of the listed company's information; the other hand, we should continue to strengthen the means of internal control, in which the internal audit, division of authority and responsibility, physical control Is the main content of internal control, the enterprise ministries can establish a perfect internal control environment, to further realize the supervision of economic activities, improve the integrity of corporate accounting information collection, collation, recording and summarization, and promote the improvement of the quality level of accounting information of listed companies.
VI. Summary
In summary, users of accounting information in the use of accounting information provided by listed companies to make credit decisions and investment decisions, not only to take into account the management's motivation of interest, the accounting norms and standards system, but also to take into account the tax policy of the listed companies on the quality of accounting information will have how to adjust the process of practice of credit decisions and investment decisions, so that in our country, the quality of accounting information can be improved in a more efficient and effective way. The company has to take into account not only the motivation of the management's interest, but also the accounting standard system, and consider how the tax policy will affect the quality of accounting information of listed companies, and adjust the credit decision and investment decision in the process of practice.
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