Abstract：Structural adjustment in 13th Five-Year planning shows that“replacing business tax with value-added tax (VAT) ”is an important reform project.According to the industry's sub batch policy pilot, the use of differences-in-differences ( DID) method to test results is suitable. In this paper, we use the pilot enterprises indicators before and after the tax reform, as well as the DID method to compare the differences between the early pilot industry and the late pilot industry. What's more, we explore this tax reform's financial effect on the pilot industry. The study found that due to the“replacing business tax with VAT”deductible input tax, promote modern service industry Investment Level. This reform also significantly improves the enterprise's tax transfer capacity. Further found that the camp changed to increase the implementation of the policy, not only improves the profitability of enterprises in the current period, but also significantly contributes to the future profitability of the enterprise.