不同税收政策对私募股权投资企业行为影响的研究

发布时间：2018-02-14 08:31

本文关键词： 私募股权投资税收政策企业行为　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2007年《中华人民共和国合伙企业法》正式颁布以来,因合伙企业其相对一般有限责任公司而言,组成股东普通合伙人及有限合伙人不同权责的划分,使得投资机构在实行投资行为时拥有更大的自主性；更重要的是根据合伙企业法的规定,合伙企业不属于纳税主体,不承担纳税义务,仅当合伙企业分配收益时由合伙人缴纳所得税即可,这种税收制度使得采用合伙企业作为私募股权投资主体的投资人收益相较于普通有限责任公司作为投资主体有了较大的提升,也与采用信托、理财等方式的投资渠道有了更大的竞争力(信托收益及理财产品收益目前都不用缴纳所得税)。所以私募股权投资机构及投资主体开始迅猛发展。而2009年7月创业板的设立,为私募股权投资机构投资行为的退出提供了一个极好的退出渠道,大量尚未达到主板上市标准但又有较好的发展前景的公司,特别是包括享受国家税收优惠政策的科技型企业有了上市的可能,而税收的优惠政策又使得其财务数据更加漂亮。所以,至此整个中国的私募股权市场再次发展起来。因此笔者认为,从这两方面来看,无论是针对股权投资行为主体的税收政策的变化还是针对股权投资标的的税收优惠政策,都对私募股权投资公司的行为有着较为显著的影响。为了论证笔者之看法,本文首先对股权投资本文首先介绍股权投资(风险投资)的涵义、行为以及我国股权投资发展的阶段和基本特征,着重描写目前昆吾九鼎公司在股权投资业务发展情况以及其企业战略。然后再通过比较分析,研究不同国家的股权投资税收政策。对美国、印度和新加坡的私募股权投资税收政策进行详细介绍,在此基础上总结出我国私募股权投资税收政策可能借鉴的经验。以及分析我国私募股权投资税收政策对私募股权投资行为的影响。重点研究我国私募股权投资税收政策的现状和存在的问题,针对私募股权投资的宏观调控能力不强,税收优惠政策存在缺乏针对性、目标不明确、方法单一等诸多问题,政策效用不大等问题,进行合理的分析。最后从实证的角度,依据我国私募股权投资发展状况和税收政策现状,通过对昆吾九鼎公司不同时期企业行为的分析,构建了私募股权投资影响因素模型,探寻税收政策优惠因素对昆吾九鼎的影响程度；最后,依据理论和昆吾九鼎现实分析的结论,论证笔者所提出的相关理论,及国家对私募股权投资行为的税收政策,以及对被投资主体的税收优惠,因为其能较为显著的提高私募股权投资行为的收益,所以能较为显著的影响到私募股权投资机构的企业行为,同时根据这一基本依据提出了针对股权投资公司及被投资企业的政策建议,用以优化我国私募股权投资税收政策,进一步提高私募股权投资行为的积极性,促进其对经济金融发展的影响。
[Abstract]:Since the formal promulgation of the Law of the people's Republic of China on Partnership Enterprises in 2007, because of the division of the different rights and responsibilities of the general partner and the limited partner, the partnership is composed of different rights and responsibilities in relation to the general limited liability company. Making investment institutions have greater autonomy in carrying out their investment activities; more importantly, according to the provisions of the Partnership Enterprise Law, the partnership enterprise does not belong to the tax payer and does not bear tax obligations. Only when the partnership distributes the income, the partner pays the income tax, This kind of tax system makes the income of the investors who adopt partnership as the main body of private equity investment to be higher than that of ordinary limited liability company as investment subject, and it is also higher than that of adopting trust. Investment channels such as financial management have become more competitive (trust income and income from wealth management products are not currently subject to income tax). So private equity investment institutions and investors began to develop rapidly. And in July 2009, the establishment of the gem, It provides an excellent exit channel for the investment behavior of private equity investment institutions. A large number of companies that have not yet reached the standard of listing on the main board but have good prospects for development, In particular, technology-based enterprises, including those that enjoy preferential tax policies from the state, have the possibility of listing on the market, and the preferential tax policies in turn make their financial data more beautiful. So, At this point, the private equity market in China has developed again. Therefore, the author believes that, from these two aspects, whether it is the change of tax policy for the subject of equity investment or the preferential tax policy for the subject matter of equity investment, In order to prove the author's view, this paper first introduces the meaning of equity investment (venture capital). Behavior and the stage and basic characteristics of the development of equity investment in China, focusing on describing the current development of Kun Wu Jiuding Company's equity investment business and its enterprise strategy. Then through comparative analysis, The tax policy on private equity investment in the United States, India and Singapore is introduced in detail. On this basis, this paper summarizes the experience of tax policy on private equity investment in China, and analyzes the influence of tax policy on private equity investment in China. It focuses on the study of tax on private equity investment in China. The current situation and problems of the closing policy, In view of the lack of macro-control ability of private equity investment, the lack of pertinence of preferential tax policy, the lack of clear objectives, the single method, and so on, the paper makes a reasonable analysis. Finally, from the perspective of empirical analysis, the author makes a reasonable analysis. According to the development of private equity investment and the current situation of tax policy in our country, through the analysis of the enterprise behavior of Kun Wu Jiuding Company in different periods, this paper constructs a model of influencing factors of private equity investment. Finally, according to the theory and the conclusion of the realistic analysis of Kunwu Jiuding, the author proves the relevant theory and the tax policy of the country to the private equity investment behavior. And the tax preference to the subject of investment, because it can significantly improve the income of the private equity investment behavior, so it can significantly affect the enterprise behavior of the private equity investment organization. At the same time, according to this basic basis, this paper puts forward some policy suggestions for equity investment companies and invested enterprises, which can optimize the tax policy of private equity investment in China, and further improve the enthusiasm of private equity investment behavior. To promote its impact on economic and financial development.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F812.42;F832.51

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