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论文编号：	3163
作者编号：	2120092392
上传时间：	2011/6/3 9:18:16
中文题目：	我国上市公司实际所得税率影响因素研究
英文题目：	Research on influencing factors of effective corporate tax rate for Chinese listed companies
指导老师：	张晓农
中文关键字：	实际所得税率 实际所得税率影响因素 固定效应模型
英文关键字：	Effective corporate tax rates Influencing factors on ETRs Fixed-effects Model
中文摘要：	企业所得税直接影响企业的现金流量与税后利润，其税率高低、税收优惠也便成为人们关注的焦点。企业实际所得税率（Effective Tax Rates，下称ETRs）由于反映了一般意义上的企业所得税负担的高低以及企业享受税收优惠程度的不同，一直是税收政策制定者与研究者关注的焦点。同时，在企业所得税的实践中，我国在2008年将“外商投资企业和外国企业所得税”与适用于内资企业的“企业所得税”两税合一为全新的企业所得税，企业所得税政策发生了重大的变化。然而，国内现有的研究多是基于描述性统计与分组检验的方法，在企业层面有哪些因素影响着上市公司的ETRs，尤其新税法实施前后ETRs有无变化、相关影响因素在税收政策变动下发生了什么变化都很少涉及。正是基于此，本研究将着力解决三个问题：（1）新税法实施前后，上市公司实际所得税率情况如何？（2）什么因素影响上市公司ETRs？（3）关于ETRs不同的计量方式，在我国如何选择？ 本文首先对我国企业所得税制度的基本情况进行了回顾，然后介绍了国外较为成熟的实际所得税率（ETRs）的计量方法，根据我国国情对国外的计量方法进行修改，并以修改后的ETRs计量方法，对06-09年上市公司实际所得税率分布状况，分行业、地区、企业性质进行全面的研究。结果表明，新税法的实施有效推动了上市公司ETRs整体水平的下降，有效降低了地区间ETRs的差异，但行业间差距依然显著，这恰反应了我国“弱化地区优惠、强化行业优惠”的新税收优惠方针。至于分企业性质检验中，国有与民营企业间并无显著差异。 本文还对ETRs的影响因素作出了研究，研究运用固定效应模型，并将样本根据法定执行税率的高低分为两组，以控制样本的选择性偏差。回归结果表明：无论优惠组还是非优惠组，公司规模、资本结构、固定资产密度、股权结构与上市公司ETRs都没有显著关系；对于非优惠组，ROA与ETRs显著负相关；从年度效应看，对于非优惠组而言，上市公司的实际所得税率在新税法实施后显著下降（1%水平下），但对于优惠组而言，年度虚拟变量系数并不显著。
英文摘要：	As we all know, corporate income tax can directly affect the cash flow and profit after tax of a company, so its level of tax rate and incentives naturally become people’s focus of attention. Effective corporate tax rates (referred to as ETRs), which can reflect the burden as well as benefits of corporate income tax, has always been the focus of attention with the researchers. Moreover, in 2008 the new corporate income tax law was implemented formally, which unified enterprise income tax law for domestic and foreign income tax law. As major changes in tax policy, the new corporate income tax law will definitely affect ETRs. However, domestic researches mostly have based on descriptive statistics and packet-based testing methods, rather than something like which factors on the enterprise’s perspective affect the listed company’s ETRs, in particular, whether the new tax law changes listed companies’ ETRs, or relevant factors? Based on this, this study will focus on solving three problems as follows: (1) How do the effective income tax rates of listed companies play before and after the new tax law, (2) What factors affect the listed companies’ ETRs. (3) Which method of measuring the ETRs is appropriate for Chinese companies? Firstly, Chinese corporate income tax system on the basic situation was reviewed in this article, and then more appropriate measurement methods of ETRs for China are introduced , based on foreign mature researches. To be followed, comprehensive studies have been started on effective income tax rates’ distribution between 2006 and 2009 grouped by industry, region and nature of business style, using the modified measurement method. The results show that the new tax law effectively decrease the ETRs’ overall level, and reduce the ETRs’ differences between year and region. However the inter-industry gap remains significant. These results actually reflect our new tax incentives policy "weakening regional concessions, strengthening the industry offers". As for the nature of sub-inspection companies, state-owned and private enterprises exist no significant differences. This article also has researched on the influencing factors on the ETRs using fixed effects models. The sample is divided into two groups according to the implementation of statutory high or low tax rate, to control the sample selection bias. Regression results show that: considering both group, company size, capital structure, fixed assets, density and ownership structure have no significant relationship with listed companies’ ETRs; for non-offer group, ROA has significant negative correlation with ETRs; According to the non-offer group, the effective income tax rate of listed companies after the implementation of the new tax law was significantly decreased (1% level below) ,however, the year dummy variable coefficient is not significant for the offer group.
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