税收诱导、战略异质性与公司并购

发布时间：2019-06-10 00:46

【摘要】：税收政策作为制度性外生变量,已成为影响公司并购战略与决策的重要因素。本文基于我国差异性税收优惠的新视角,剖析税收诱导与公司并购的关联性及其绩效反应,并考察企业战略异质性的内在影响。研究发现,税收政策在公司并购中的诱导现象确实存在,但其诱导效应却呈显著差异性。实证检验后发现,区域性税收优惠虽能有效催生跨区域并购,但其价值提升效果并不明显;行业性税收优惠虽未能直接提高跨行业并购的交易概率,但其更有助于提升公司业绩;此外,高匹配度的公司战略能够进一步强化税收诱导效应。研究结果从新的角度验证了"税收激励假说",并进一步证实不同税收政策间激励效应差异性的现实存在,由此既可为国家持续改进税收政策有效性提供经验证据,又可以合理引导企业投资方向并提升其决策质量。
[Abstract]:As an institutional exogenous variable, tax policy has become an important factor affecting M & A strategy and decision-making. Based on the new perspective of differential tax preference in China, this paper analyzes the relationship between tax induction and corporate mergers and acquisitions and its performance response, and examines the internal impact of corporate strategic heterogeneity. It is found that the induction of tax policy in mergers and acquisitions does exist, but its induction effect is significantly different. After the empirical test, it is found that although the regional tax preference can effectively give birth to cross-regional mergers and acquisitions, but its value enhancement effect is not obvious; Although the industrial tax preference can not directly improve the transaction probability of cross-industry mergers and acquisitions, it is more helpful to improve the performance of the company. In addition, the high matching corporate strategy can further strengthen the tax induction effect. The results of the study verify the "tax incentive hypothesis" from a new point of view, and further confirm the realistic existence of the differences in incentive effects among different tax policies, which can provide empirical evidence for the country to continuously improve the effectiveness of tax policy. It can also reasonably guide the investment direction of enterprises and improve the quality of their decision-making.
【作者单位】：山东大学管理学院;
【基金】：国家社科基金重大项目(14Z DA051) 国家自然科学基金青年项目(71302091)资助
【分类号】：F271;F812.42

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