영개증(營改增)이 중국 부동산 기업의 조세부담과 재무성과에 미치는 영향

[Purpose]This study examines the effect of the conversion of business tax to value－added tax on Chinese real estate companies on the tax burden and financial performance. The existing distribution tax in China was divided into business tax and value－added tax. Under this system, double taxation and weakening competitiveness emerged, and the tax reforming was carried out to integrate the local business tax into the national value－added tax. From this point of view, this study aims to verify the effect of reforming of value－added tax on the tax burden and financial performance of real estate companies. [Methodology]We analyze the effect of the reforming of VAT on tax burden and financial performance through OLS regression for Chinese real estate firms listed on the Shanghai Stock Exchange. [Findings]First, it was found that the reforming of VAT do not significantly reduce the tax burden of Chinese real estate firms. There is no significant difference in the overall tax burden of real estate companies because most of revenue of local governments were transferred to the central government due to the reforming of VAT, then the collection of other real estate－related tax items was strengthened to maintain financial sustainability. Second, it was found that the the reforming of VAT affect financial performance significantly in Chinese real estate firms. It means that in the VAT tax system, increasing investment and cost management activities have a positive effect on financial performance by reducing the tax burden through input tax deduction ultimately. [Implications]This study has implications in that focusing on real estate companies to verify the effect of the reforming of VAT. This study contributes to tax reforms and policy establishment by analyzing the effect of the reforming of VAT through the characteristics of VAT and China’s tax structure.