企业并购中的债务转移与税收负担关系——基于中国A股上市公司面板数据的实证分析

发布时间：2018-02-01 14:22

本文关键词： 企业并购债务转移企业所得税税收负担　出处：《税务研究》2017年03期 　论文类型：期刊论文

【摘要】：权衡理论认为债务有良好的抵税收益。《企业所得税法》关于债务利息税前扣除的规定使债务抵税成为可能。我国企业在并购过程中,也经常利用债务与税收间的关系进行税收筹划,债务由被并购方转移到并购方,为并购方企业提供抵税工具。本文针对企业并购中债务转移对并购方企业所得税费用的影响效应进行分析,以2007-2016年中国A股上市公司并购案例中涉及到债务转移的公司为样本,借助固定效应面板模型及stata等统计软件进行实证分析,发现相关企业的债务转移能够产生一年以上的抵税效应。为此,本文提出应进一步加强不同税制间税收政策协调等相关建议。
[Abstract]:The tradeoff theory holds that the debt has a good income from tax credit. The provisions of the Enterprise income tax Law on deductions before the interest tax on debt make it possible to make the debt tax credit possible. In the process of M & A, the enterprises in our country are in the process of merger and acquisition. The relationship between debt and tax is often used for tax planning, and the debt is transferred from the acquired party to the merger party. This paper analyzes the effect of debt transfer on the income tax expenses of M & A enterprises. Taking the companies involved in debt transfer in the merger and acquisition cases of A-share listed companies in China from 2007-2016 as samples, the empirical analysis is carried out with the help of fixed-effect panel model and stata and other statistical software. It is found that the debt transfer of the relevant enterprises can produce a tax credit effect of more than one year. Therefore, this paper puts forward some relevant suggestions such as further strengthening the coordination of tax policies among different tax systems.
【作者单位】：贵州财经大学会计学院;贵州财经大学经济学院;
【基金】：中华人民共和国商务部项目“数字经济时代我国面临的税收挑战及应对策略研究”(项目编号:2015SWBZD16)的资助
【分类号】：F812.42;F271;F275
【正文快照】： 一、引言要影响,使得其成为并购中收购方需要考虑的重点RobichekMyers(1966)、Scott(1976)等人问题之一。本文拟针对此问题进行研究。我们通过提出权衡理论:在平衡债务利息的抵税收益与财务国泰安数据库、锐思数据库等渠道,结合巨潮资讯困境成本的基础上,企业价值最大化的实

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