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Original title: Policy dividends, such as reduced taxes and reduced fees, benefit A-share companies to encourage companies to increase investment in R&D Source: Securities Daily
Our reporter Bao Xing’an
Large-scale tax cuts implemented this year boosted the performance of listed companies. According to reporters from “Securities Daily”Oriental wealthAccording to Choice statistics, as of August 31, the 3,972 A-share listed companies that had disclosed their semi-annual reports had paid a total of 2.06 trillion yuan in taxes and fees in the first half of this year, a decrease 7.41% year-on-year. The various taxes and fees paid by the aforementioned companies accounted for 8.64% of operating income, a decrease of 0.54 percentage points compared to the same period of the previous year. This means that the overall tax burden for A-share companies has been reduced.
Due to the epidemic, the production and operation of listed companies have been affected to some extent. However, with the gradual improvement of the epidemic situation in China and the continued implementation of policies such as large-scale tax and fee reductions this year, the performance of some listed companies has gradually recovered since the second quarter. Data shows that in the first half of the year, the aforementioned 3,972 A-share listed companies achieved a total net profit of 1.85 trillion yuan attributable to shareholders of the parent company, a year-on-year decrease of 17.54%. Among them, 1,842 companies achieved positive year-on-year growth in net profit, which represents 46%.
Tao Jin, a senior fellow at the Suning Institute of Finance, told a Securities Daily reporter that publicly traded companies, as a major market entity, fully enjoyed the dividends of tax cuts and fee reductions in the first half of the year. This stemmed from the continued recovery of operating income and profits for industrial companies above the designated size. check. In general terms, the policies of economic recovery and reduction of taxes and commissions have played a certain role in underpinning the profits of listed companies.
Zhang Yiqun, vice chairman of the Performance Management Committee of the Chinese Institute of Finance, told a Securities Daily reporter that, faced with the impact of the epidemic, the country continued to implement tax and fee reduction policies on a large scale this year. The reduction and exemption of taxes has become an important factor in improving the profitability of listed companies. One. With confidence-boosting tax cuts and rate reductions, publicly traded companies’ output has basically effectively re-established, manufacturing profits have started to rise, and service profits have rebounded. gradually. Annual performance is expected to return to normal levels. The performance of high-tech companies such as biological vaccines, chips, big data and 5G, which are primarily encouraged by the state, will maintain rapid growth.
For example, auto parts companyMeili technologyThe semi-annual report shows that in the first half of the year, the company achieved a total operating profit of 250 million yuan, a decrease of 7.7% year-on-year. Net profit attributable to shareholders of listed companies increased 1.56% year-on-year. Net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss was 12.767 million yuan, an increase of 1.21% year-on-year. The company said the state has carried out a series of regulatory and protective work, through measures such as reducing or exempting part of the company’s taxes and fees, and reducing or delaying the payment of social security premiums. During the reporting period, the company’s total net profit was about 3.5 million yuan.
Catering companyTongqing BuildingThe semi-annual report shows that in the first half of the year, the company’s sales expenses decreased by 39.26% year-on-year and management expenses decreased by 43.11%. The company said the reasons for the decrease in SG&A expenses were: the impact of the epidemic, the decline in sales revenue, and relevant policies issued by the state to reduce social security fees and rent. At the same time, Tongqinglou also mentioned the tax incentives the company enjoys in the semi-annual report. For example, according to the “Announcement of Support for the Prevention and Control of the New Coronavirus Pneumonia Epidemic” issued by the Ministry of Finance and the State Tax Administration, taxpayers will be exempt from value added tax on income derived from the provision of life services. The company will be exempt from VAT as of January 1, 2020.
With the emergence of the effects of tax and fee reductions, many companies have increased investment in R&D. Data shows that among the 3,972 companies listed on A shares that have disclosed semi-annual reports, 3,446 have disclosed I expenses. + D. R&D expenses of these 3,446 listed companies in the first half of the year amounted to 338.9 billion yuan, a year-on-year increase of 12.1%. Specifically, 46 companies have R&D expenses in excess of one billion yuan, of which 28 are manufacturing companies.
Tao Jin said that tax cuts and tariff reductions have brought “real money” benefits to businesses, and the real burden on businesses has been reduced, freeing up space and in turn giving more investment. in research and development. From this point of view, preferential tax policies, such as deductions for R&D expenses, directly or indirectly encourage companies to increase investment in R&D.
Zhang Yiqun believes that tax reduction and exemption have a strong industrial guiding role for listed companies. As the national incentive policy becomes clearer and more detailed, tax cuts for companies to increase investment in R&D continue to increase, whether they are traditional companies or new companies. Increase investment in R&D.
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