中国信托企业税收负担实证研究

发布时间：2018-04-27 06:37

本文选题：信托业 + 信托税制　；参考：《西南财经大学》2013年硕士论文

【摘要】：我国信托业经过不断发展,已成为金融市场的重要组成部分。其聚集资金、规避和分散风险的优良特性使其在促进社会投资方面作用明显,从而有效推动国民经济的整体发展。税收负担作为影响企业发展的重要因素,其与信托企业的发展必有所联系。目前我国对信托税收的研究多集中于理论研究,主要是分析信托主体间税收负担的关系,而单独针对信托企业的实证研究则相对薄弱。本文从理论和实证的角度出发,来验证目前我国信托企业的实际税收负担以及其对信托企业经营绩效的影响。并在此基础上,提出改进信托企业税制的政策建议,以期对我国信托企业的发展有所裨益。在理论分析部分,本文对企业税收负担进行了定义阐述,计量方法分析,以及影响因素探讨。在此基础之上,研究信托课税的作用机制以及其对不同信托市场主体行为的影响。随后,结合信托运行的三个环节,对英国、日本、中国台湾的信托税制进行介绍,并总结了可供我国借鉴的国外经验。通过理论部分的分析,我们可得出以下结论： (1)不同征税情况下,信托企业工作积极性有所不同。其中,仅对受益人征收所得税、仅对受托人征收营业税,以及对受益人征收所得税,并同时对受托人征收所得税,营业税时,信托企业的积极性均会降低。 (2)值得我国借鉴的国外信托税制经验。主要有：①推进营业税向增值税改革。增值税仅对每个环节中增值的部分进行课征,而营业税则主要以营业收入为税基进行征收,相比之下,增值税更为合理；②信托终止时不征收流转税和所得税。多数国家认为信托终止时,信托主体就信托财产的转移或其他处分,属回复原状的转移行为,仅是所有权形式上的转移,因此不征税；③对公益信托实行税收优惠。公益信托对促进一国的公益事业有很大帮助,各国在信托税制中均对公益信托设有税收优惠制度,进行流转税和所得税的减免,以促进公益事业的发展。在实证分析部分,本文以50家中国信托企业2003年到2010年的数据作为研究对象,运用描述性统计分析,考察信托企业税负的变化趋势,并和非信托金融行业,社会服务业进行比较分析。此外,结合上市信托企业的数据,运用时间序列回归分析,研究税收负担对信托企业经营绩效的影响。通过实证部分的分析,我们可得出以下结论： (1)信托企业平均实际税率明显高于非信托金融业和社会服务企业。其平均实际税率在2003年到2010年呈下降趋势,但均高于非信托金融业和社会服务企业。信托企业对税收政策的敏感度低于非信托金融企业,高于社会服务企业。 (2)税收负担对利润增长和资产规模扩大具有反向效应,信托企业税负的加重会降低其盈利能力和资产规模水平。其对信托企业净利润的长期影响小于短期影响,对资产总额的长期影响大于短期影响,因此过重的税收负担不利于信托企业的当前经营情况和未来长期发展。在理论和实证分析的基础上,本文提出了优化我国信托企业税制的建议。这一部分主要结论如下： (1)信托企业营业税制优化路径。首先推动全国范围内营业税向增值税改革。在信托行业中实行增值税,能从根源上解决营业税重复征税的问题。信托企业增值税的税基应确认为信托财产在受托企业经营保管期间的增值部分,税率定为4%左右较为合理。其次应加大信托企业公益信托营业税减免优惠幅度。应明文规定需要给予优惠的公益信托种类和品种。减免信托企业经营管理公益信托所获得的信托报酬,对于由信托财产运营带来的信托收益,继续用于原信托的公益目的,则应免征营业税。为保障制度的全面性,对公益信托所涉及的其他税种也应同时实行税收优惠政策. (2)信托企业所得税制的优化路径。首先,在信托各环节间引入税收抵免机制。使信托主体对其在上一环节中,已缴纳所得税的部分在信托运行下一个环节可进行抵免,最终使得信托主体仅对其取得的所得仅缴纳一次所得税。有效降低我国信托企业税收负担。其次应平衡信托企业与其他金融行业所得税优惠。在目前我国明文规定对证券投资基金管理人运用基金买卖股票、债券的差价收入免征收企业所得税的情况下,应同时免征投资基金信托所得税。从而鼓励信托业务与其他金融业务的持续平稳发展,以降低整体金融风险。本文的贡献主要在于对信托企业税收负担进行了实证分析,应用统计分析工具和计量回归分析工具,从计量信托企业实际税收负担与其对信托企业经营绩效的影响两方面进行深入分析,得到了有应用价值的实证结论：(1)信托企业平均实际税率明显高于非信托金融业和社会服务企业,信托托企业对税收政策的敏感度低于非信托金融企业,高于社会服务企业。(2)税收负担对信托企业利润增长和资产规模扩大具有反向效应,过重的税收负担不利于信托企业的当前经营情况和未来长期发展。拓展了信托企业税收研究的深度与广度。
[Abstract]:After continuous development, China's trust industry has become an important part of the financial market. Its good characteristics of gathering funds, evading and dispersing risks make it more effective in promoting social investment, thus effectively promoting the overall development of the national economy. The tax burden is an important factor affecting the development of the enterprise, and it has the effect on the development of the trust enterprises. At present, the research on trust tax is mainly focused on the theoretical research, mainly analyzing the relationship between the tax burden of the trusts, while the empirical research on trust enterprises is relatively weak. This paper, from the theoretical and empirical point of view, validates the actual tax burden of our trust enterprises and their correspondence from the perspective of theory and demonstration. On the basis of this, we put forward some policy suggestions to improve the tax system of trust enterprises in order to benefit the development of trust enterprises in China.
In the part of the theoretical analysis, this paper defines the tax burden of the enterprise, analyses the method of measurement, and discusses the influencing factors. On this basis, it studies the mechanism of the trust tax and its influence on the behavior of different trust market subjects. Then, it combines the three links of the trust operation to the trust of the United Kingdom, Japan and Taiwan, China. The tax system is introduced, and the foreign experience that can be used for reference by our country is summarized. Through theoretical analysis, we can draw the following conclusions:
(1) under the circumstances of different taxes, the enthusiasm of the trust enterprises is different. Among them, only the beneficiaries are levied on the income tax, only the business tax is levied on the trustee, and the income tax on the beneficiaries is levied, and the income tax of the trustee is levied at the same time. When the business tax is used, the accumulating nature of the trust enterprises will be reduced.
(2) the experience of the foreign trust tax system worthy of our country's reference. There are: (1) promoting the reform of the business tax to the value-added tax. The value added tax is expropriated only on the value-added part of each link, while the business tax is mainly levied on the operating income tax base. In contrast, the value-added tax is more reasonable; secondly, when the trust terminates, it does not levy the circulation tax and income tax. Most countries think that when the trust is terminated, the trust subject is the transfer or other disposition of the trust property, which belongs to the transfer of the original form, only the transfer of the ownership form, so it is not taxed; (3) the tax preferential treatment is carried out for the public trust. The public trust is of great help to the promotion of the public welfare of a country, and all countries are in the trust tax system to the public. Yi trust has a preferential tax system to reduce the turnover tax and income tax so as to promote the development of public welfare undertakings.
In the empirical analysis, this paper takes the data of 50 Chinese trust enterprises from 2003 to 2010 as the research object and uses descriptive statistical analysis to investigate the change trend of the tax burden of trust enterprises and compare with the non trust financial industry and social service industry. In addition, the data of the listed trust enterprises are combined with the time series regression. By analyzing the effect of tax burden on the performance of trust enterprises, we can draw the following conclusions through empirical analysis.
(1) the average actual tax rate of trust enterprises is obviously higher than that of non trust financial industry and social service enterprise. The average actual tax rate has a downward trend from 2003 to 2010, but it is higher than that of non trust financial industry and social service enterprise. The sensitivity of trust enterprises to tax policy is lower than that of non trust financial enterprises, which is higher than that of social service enterprises.
(2) the tax burden has the reverse effect on the profit growth and the expansion of the asset scale. The aggravation of the tax burden of the trust enterprises will reduce the profitability and the scale of the assets. The long-term impact of the tax burden on the net profit of the trust enterprises is less than the short-term effect, and the long-term impact on the total assets is greater than the short-term effect, so the heavy tax burden is not conducive to the trust enterprises. The current business situation and the long-term development of the industry.
On the basis of theoretical and empirical analysis, this paper puts forward proposals to optimize the tax system of trust enterprises in China.
(1) the optimization path of the business tax system of the trust enterprise. First, promote the nationwide business tax to the VAT reform. In the trust industry, the value added tax can be applied to solve the problem of duplication of tax revenue from the root. The tax base of the trust enterprise value-added tax should be recognized as the value-added part of the trust property during the custody of the entrusted enterprise, the tax rate is set to 4% It should be more reasonable. Secondly, we should increase the range of the discount and exemption of the trust enterprise's public trust business tax. The kind and variety of the public trust trust should be given in the clear article. The trust remuneration obtained by the trust enterprise management public trust is reduced and the trust income from the trust property operation will continue to be used for the public interest list of the original trust. The business tax should be exempted. In order to ensure the comprehensiveness of the system, a tax preference policy should also be implemented at the same time for other taxes involved in charitable trust.
(2) the optimization path of the income tax system of the trust enterprise. First, the tax credit mechanism is introduced between the internodes of the trust. In the last link, the main part of the trust can be set up in the next link of the trust operation, and the trust subject will only pay only one income tax on the income obtained by the trust. The tax burden of the state trust enterprises. Secondly, we should balance the preferential income tax between the trust enterprises and other financial industries. At present, in the present state of our country, the securities investment fund manager should be exempt from the investment fund trust income tax at the same time, and the trust business should be encouraged to encourage the trust business. Continued steady development with other financial businesses to reduce overall financial risks.
The main contribution of this paper is to make an empirical analysis of the tax burden of trust enterprises, analyze the actual tax burden of the trust enterprise and its influence on the management performance of the trust enterprise by using the statistical analysis tools and measurement regression analysis tools, and get the positive conclusions of the applied value: (1) the trust enterprise is flat. The actual tax rate is obviously higher than that of non trust financial industry and social service enterprise. The sensitivity of trust enterprises to tax policy is lower than that of non trust financial enterprises, which is higher than that of social service enterprises. (2) the tax burden has a reverse effect on the profit growth of trust enterprises and the expansion of assets scale, and the excessive tax burden is not conducive to the current Confucian trust enterprises. The situation and future long term development of the business have expanded the depth and breadth of tax research on trust enterprises.

【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;F832.49

【参考文献】