2018年年初的国务院政府工作报告中首次确定了超万亿元规模的减税降费 政策，此后，国务院及相关部委均“加码”出台了新政策。9月20日，国家税务 总局进一步出台文件要求各级税务机关要不折不扣地落实好各项减税降费政策， 旨在优化税收营商环境，降低企业税负，激发市场主体活力。据有关数据显示， 减税降费政策实施两年以来，我国国民经济整体运行在合理区间，经济结构的调 整也在有序推进，各项经济产业发展持续向好。从各方反应来看，减税降费都为 促进我国国民经济的发展做出巨大贡献，其最初的政策目的已然达到。但是，减 税降费政策降低企业税负后，对企业的绩效是否产生正相关的作用并没有明确， 值得我们进一步去探究。同时，房地产行业作为我国国民经济的支柱产业，国家 政策对房地产企业绩效的影响，在一定程度上能够反应出对其他行业的企业绩效 的影响，对于探究降税降费对国民经济的影响具有一定的参考价值。因此，本文 以减税降费的实施为政策背景，选取我国房地产行业的龙头企业万科地产作为研 究案例，以其近十年的财务报表作为研究对象，采用杜邦分析法和财务指标分析 法对其财务报表中的相关指标进行分析，以案例研究的形式探究降税降费对房地 产企业绩效的影响。结果发现：相比于减税降费政策实施之前，减税降费政策实 施之后，万科地产的净资产收益率有了大幅提升，且提升幅度较往年更为明显。 进一步地，基于万科地产财务指标，对万科地产的盈利能力、成长能力、营运能 力和偿债能力进行分析，发现减税降费都对其产生了正相关的作用。这一研究结 果表明减税降费确实对企业绩效产生了积极效果。 关键词：减税降费，企业绩效，案例研究，财务报表，杜邦分析 II Abstract At the beginning of 2018,the policy to cut taxes and fees on a scale of more than one trillion yuan was confirmed for the first time according to the Report on the Work of the Government. Afterwards,the State Council and relevant ministries formulated additional policies. On September 20th,the State Administration of Taxation(SAT) formulated new regulations which requested that the fulfillment of pertinent policies were expected to be realized at all levels of tax authorities so as to optimize the tax and business climate,reduce the tax load on enterprises and energize the main players in the market.Owing to the implementation of the policies over the two years,statistics show that the economy has been stable as a whole and its structure adjustments have push forward steadily.Furthermore,emerging industries have witnessed its rapid and continuous development. With its substantial contributions to the national economy,the policy has benefited various industries. However,it is still uncertain whether or not there is a positive correlation between the policies and industries’performances,which means that further research is required.And since the real estate is the economic mainstay of the national economy,the research on correlation between the policies and the real estate’s performance may partly show how these policies exert influence on other industries’performances,laying the groundwork for further research into the whole national economy. Taking Vanke’(a leading company in China’s real estate) financial statements over a period of ten years as a case,the thesis adopts Financial Indicators Analysis and Du Pont Analysis to analyze relevant indicators in these statements and figure out how these policies have influence on the performance of real estate,thus providing a possible way to evaluate the effects of these policies and serving as an academic reference point.