本文的研究内容共分为四部分，第一部分详细介绍了营改增政策和公司绩效
的相关概念和理论基础，阐述了公司绩效的评价内容与方法；第二部分对交通运
输业试行营改增政策后的税制、会计处理、会计计量等方面的变化进行了分析，
并从理论上分析了营改增对公司绩效各方面可能产生的影响，基于理论分析，本
文提出了七个假设；第三部分是实证研究部分，实证研究中，首先选取了 2013 年
和 2014 年，试点营改增的上海、北京等九省市的 26 家交通运输业上市公司作为
研究样本，设计 TC（实际税负变化的虚拟变量）、BVA（当期新增固定资产总额
×增值税率/期末资产总额）、BVI（当期主营业务收入×增值税率/期末营业收入
总额）和 BVC（当期主营业务成本×增值税率/期末营业成本总额）代表营改增政
策，选取净资产收益率代表公司绩效，并选取公司规模、每股经营活动现金流量
和国家经济发展影响等一系列因素作为控制变量，建立模型进行回归分析，以得
出营改增政策与交通运输业公司绩效之间的关系；其次选取 26 家公司在 2010 年、
2011 年、2013 年和 2014 年的数据作为样本，针对公司绩效的变化进行了描述性
统计分析；最终的实证研究结果表明：营改增政策与交通运输业公司绩效存在明
显的正向关系，即营改增政策会带来交通运输业公司净资产收益率的增加，带来
了公司绩效的优化，营改增政策在资产和成本计量方面的作用有利于公司绩效提
高，对收入计量的作用会导致公司绩效降低；同时，公司规模、每股经营活动现
金流量和 GDP 的增长也会影响营改增对公司绩效的政策效果；第四部分在总结理
论分析和实证分析的基础上，指出了营改增以后政府和交通运输业公司应注意的
一些问题，并提出了改善建议。
关键词：营业税改增值税；交通运输业；公司绩效；影响；净资产收益率II
ABSTRACT
In the background of the tax system reform, the state has formulated the business
tax on the value added tax policy. Whether this policy can improve the trial of
transportation industry pilot area listing corporation corporate performance or not is a
problem which is worthy to study. In this paper, from the micro perspective, it will
research the influence on replace business tax with value-added tax policy influence on
transportation company performance.
The research content of this paper is divided into four parts. The first part makes an
introduce of the basic analysis to replace business tax with value-added tax policy and
corporate performance. The second part of this article makes an analysis to the
transportation trial changes to replace business tax with value-added tax policy after tax,
accounting, accounting measurement and so on, and based on this analysis the change
of this policy makes an impact on corporate performance is analyzed theoretically.
Based on the theoretical analysis this paper put forward seven hypotheses. The third part
as part of the empirical part of this paper is the most important. In the front of this part,
here are 26 traffic transportation enterprises from 2013 and 2014 in nine provinces and
cities, such as Shanghai and Beijing, which trying replacing business tax with
value-added tax pilot within the scope of the listing Corporation as the research sample.
In this article, four targets are designed, which are TC(the dummy variable about the
changing of the actual tax burden),BVA (current new fixed assets amount × new
value-added tax rate / final total assets),BVI（the current main business income × new
value-added tax rate / final operating income total) and BVC (the current main business
cost × new value-added tax rate / final total operating costs) ，which are used to
represent the replace business tax with value-added tax policy. The rate of return on net
assets is selected on behalf of the company performance, and a series of control variable
regression model are designed and analyzed in order to get the relationship between the
two replace business tax with value-added tax policy and transportation company
performance. Then selecting data of 26 traffic transportation enterprises in 2010, 2011,
2013 and 2014 as a sample, make a descriptive statistical analysis about the performance
of the company. The end results show that this policy and transportation company
performance is a significant positive relationship, that is, the policy will bring about an
increase in the rate of return on net assets transportation company and optimizes the
performance of the company. And in the process of the implementation of this policy,
==>>