区域税收差异对企业并购决策的影响研究

发布时间：2018-03-04 00:19

本文选题：区域税收差异　切入点：跨区域并购　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：目前,我国企业并购的动机主要是扩张整合,税收最小化不是并购交易中最主要的考虑因素,但在我国经济发展的进程中,税收优惠政策为调控地区间经济的不平衡发展,缩小贫富差距发挥了重要的作用,同时在微观层面也给企业提供了节税空间。已有研究中,较少文献从税收差异的视角探究企业并购决策的影响因素,基于此,本文通过案例引出核心研究问题:区域税收差异能否影响企业的并购决策?围绕该问题,本文提出以下三个具体研究问题:(1)企业的避税需求是否会提高并购发生的概率?(2)地区间税收差异是否能影响企业跨区域并购决策?(3)进一步地,在分别考虑地区经济发展程度、收购方企业性质的条件下,区域税收差异与企业并购决策的内在关系是什么?针对上述问题,本文以并购协同效应、交易成本等理论为基础,基于税收因素构建了理论分析框架及研究假说。为验证研究问题,本文选取2009-2015年A股上市公司股权收购非上市公司事件为样本,构建Logit计量模型进行了实证检验,得出以下结论:(1)企业的避税需求会提高并购发生的概率。(2)地区间税收差异越大,企业跨区域并购的概率越高。相较于多元化并购,地区间税收差异对跨区域并购的促进作用在一体化并购中更为显著。(3)地区间税收差异对跨区域并购的影响会随着标的企业所在地经济发展程度的提高而降低。相比于地方国有企业,地区间税收差异对跨区域并购的促进作用在民营企业中更为显著。本文的贡献在于:(1)结合我国经济背景,从差异性税收的视角具体分析税收对企业跨区域并购决策的影响,并采用了新的度量方式,同时分别引入地区经济发展程度、收购方企业性质,探究在其中的作用,更为细致地论证了税收与并购决策的作用机理。(2)增加多维度的考察。为验证核心研究问题,本文加入并购和非并购样本,先揭示了企业在寻找标的资源的过程中存在避税需求。本文进一步将并购样本划分为一体化和多元化并购,从多维度考察了区域税收差异对企业并购决策的影响。本文为企业通过并购交易享受税收优惠以获得收益提供启示,也为完善相关税收政策和监管机制,有效实现税收的调控作用提供理论支持。
[Abstract]:At present, the motivation of M & A in our country is mainly the expansion and integration, and the tax minimization is not the most important factor in the M & A transaction. However, in the process of economic development of our country, the preferential tax policy is to regulate the unbalanced development of the regional economy. Narrowing the gap between the rich and the poor plays an important role, and at the same time provides tax saving space for enterprises at the micro level. This article leads to the core research question through the case: can the regional tax difference influence the M & A decision of the enterprise? Around this problem, this paper raises the following three specific research questions: 1) whether the tax avoidance demand of enterprises will increase the probability of mergers and acquisitions? (2) can inter-regional tax differences affect the cross-regional M & A decisions of enterprises? Further, what is the internal relationship between the regional tax difference and the M & A decision under the condition of considering the degree of regional economic development and the nature of the enterprise of the acquirer respectively? Aiming at the above problems, based on the theories of merger and acquisition synergy and transaction cost, this paper constructs a theoretical analysis framework and a research hypothesis based on tax factors. In this paper, we choose the case of A share listed companies to acquire non-listed companies from 2009 to 2015 as a sample, and construct an Logit econometric model for empirical testing. We draw the following conclusion: 1) the tax avoidance demand of enterprises will increase the probability of mergers and acquisitions. The greater the tax difference among regions, the greater the tax difference between regions. The higher the probability of cross-regional mergers and acquisitions, the higher the probability of multi-regional mergers and acquisitions. The effect of inter-regional tax differences on cross-regional M & A is more significant in integrated M & A. the impact of inter-regional tax differences on cross-regional M & A will decrease with the improvement of the economic development degree of the underlying enterprises. Compared with local state-owned enterprises, The contribution of this paper is that the contribution of this paper is to analyze the impact of tax on the decision of cross-regional M & A from the perspective of different taxation in the light of the economic background of our country. At the same time, it introduces the degree of regional economic development, the nature of the enterprise of the acquirer, and explores the role in it. In order to verify the core research issues, this paper adds samples of M & A and non-M A to prove the mechanism of taxation and M & A decision in more detail. This paper first reveals the tax avoidance needs of enterprises in the process of searching for the target resources. This paper further divides the M & A sample into integration and diversification M & A. This paper examines the impact of regional tax differences on corporate M & A decisions from multiple dimensions. This paper provides inspiration for enterprises to enjoy tax benefits through M & A transactions, and also for the improvement of relevant tax policies and regulatory mechanisms. Effective realization of tax regulation and control role to provide theoretical support.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F812.42

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