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论文编号：	7492
作者编号：	2120132427
上传时间：	2015/6/10 20:51:57
中文题目：	中国民营上市公司政治关联、税收负担与公司价值的关系研究——以制造业为例
英文题目：	A Study on the Relationship of Political Connections, Tax Burdon and Corporate Value in Chinese Private Listed Company——Taking Manufacturing as an Example
指导老师：	张晓农
中文关键字：	政治关联；税收负担；公司价值
英文关键字：	Political Connections; Tax Burden; Corporate Value
中文摘要：	政治关联(Political Connections)是一种全球性现象，也是当前学术研究的热点和重点。研究发现，政治关联能够在贷款融资、税收、财政补贴、行业壁垒等方面对企业产生作用，也会对公司价值造成一定的负面影响。我国处于转轨经济时期，法律法规不健全，市场经济不完善，政府部门在市场管制和资源配置方面享有比较大的权力，企业需要妥善处理与政府的关系。 我国民营经济发展迅速，其中制造企业占据半壁江山，民营制造企业规模不断壮大，在国民经济发展中发挥着极为重要的作用。不同于国有企业与政府具有“天然”的联系，民营企业更为主动建立政治关联，为企业在政府管制的经济活动中争取便利和好处。目前，我国现行税收政策的制定和执行在很大程度上由政府部门支配和审批，政治关联可能使民营制造企业在一定程度上降低税负，进而影响公司价值。 本文以2009年至2013年在深圳证券交易所、上海证券交易所上市的A股民营制造业上市公司为研究对象，通过实证分析发现，相比于没有政治关联的民营制造企业，有政治关联的民营制造企业的税收负担更低，并且政治关联程度越强，税负越低，但政治关联引起的低税负在一定程度上损害了公司价值。民营制造企业虽然可以合理利用政治关联降低税负，减少税收支出，但更要有效运用资金，减少政治行为产生的非生产性支出，提高获利能力，加大研发投入，加快产业升级转型，切实提升公司价值。另一方面，政府也要加强税收监管，简政放权，健全法律制度，营造公平公正的市场竞争环境，不断推进市场经济的发展完善。本文共有图1幅，表12个，参考文献50篇。
英文摘要：	Political connection is a worldwide phenomenon and also a hotspot and focus of current academic research. Research found that political connections can exert positive influence on enterprises from aspects such as loan financing, taxation, fiscal subsidies and trade barriers while also have a certain negative impact on corporate value. China now is in the period of economic transition with imperfect laws and regulations and unsound market economy. For this reason, the government is endowed with a great power in market regulation and resource allocation, so enterprises need to properly handle the relationship with the government. China’s private economy has been experiencing rapid development, among which manufacturing enterprises account for half of the market. As their scale keeps growing, private manufacturing enterprises play an extremely crucial role in the national economic development. Different from the “natural” tie between state-owned enterprises and the government, private enterprises tend to take the initiatives to establish political links with the government to create convenience and benefits for enterprises in the economic activities regulated by the government. Currently, the formulation and implementation of tax policies are largely dominated, examined and approved by government departments, so political connections may decrease the tax burden imposed on private manufacturing enterprises to a certain extent, thus affecting corporate value. This paper conducts research on A-share private manufacturing listed companies listing in Shenzhen Stock Exchange and Shanghai Stock Exchange during 2009 and 2013. The empirical analysis found that compared with ones lacking political connections, private manufacturing enterprises with political connections assume lower tax burden, and the greater the political connections are, the lower the tax burden is. However, the low tax burden profiting from political connections has damaged corporate value to some extent. Though they can reduce taxes and tax expenditures by taking advantage of political connections reasonably, private manufacturing enterprises should use funds more effectively, lessen the non-productive expenditure of political behavior, enhance profitability, increase investment in research and development, speed up the transformation and upgrading of industry, and promote corporate value. On the other hand, government should intensify tax regulation, streamline administration and delegate power to the lower levels, and improve the legal system so as to create a fair and balanced market competition environment and advance the development of market economy. There is 1 figure, 12 tables and 50 references in this paper.
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