本文選題：區(qū)域稅收差異　切入點(diǎn)：跨區(qū)域并購　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：目前,我國企業(yè)并購的動(dòng)機(jī)主要是擴(kuò)張整合,稅收最小化不是并購交易中最主要的考慮因素,但在我國經(jīng)濟(jì)發(fā)展的進(jìn)程中,稅收優(yōu)惠政策為調(diào)控地區(qū)間經(jīng)濟(jì)的不平衡發(fā)展,縮小貧富差距發(fā)揮了重要的作用,同時(shí)在微觀層面也給企業(yè)提供了節(jié)稅空間。已有研究中,較少文獻(xiàn)從稅收差異的視角探究企業(yè)并購決策的影響因素,基于此,本文通過案例引出核心研究問題:區(qū)域稅收差異能否影響企業(yè)的并購決策?圍繞該問題,本文提出以下三個(gè)具體研究問題:(1)企業(yè)的避稅需求是否會(huì)提高并購發(fā)生的概率?(2)地區(qū)間稅收差異是否能影響企業(yè)跨區(qū)域并購決策?(3)進(jìn)一步地,在分別考慮地區(qū)經(jīng)濟(jì)發(fā)展程度、收購方企業(yè)性質(zhì)的條件下,區(qū)域稅收差異與企業(yè)并購決策的內(nèi)在關(guān)系是什么?針對上述問題,本文以并購協(xié)同效應(yīng)、交易成本等理論為基礎(chǔ),基于稅收因素構(gòu)建了理論分析框架及研究假說。為驗(yàn)證研究問題,本文選取2009-2015年A股上市公司股權(quán)收購非上市公司事件為樣本,構(gòu)建Logit計(jì)量模型進(jìn)行了實(shí)證檢驗(yàn),得出以下結(jié)論:(1)企業(yè)的避稅需求會(huì)提高并購發(fā)生的概率。(2)地區(qū)間稅收差異越大,企業(yè)跨區(qū)域并購的概率越高。相較于多元化并購,地區(qū)間稅收差異對跨區(qū)域并購的促進(jìn)作用在一體化并購中更為顯著。(3)地區(qū)間稅收差異對跨區(qū)域并購的影響會(huì)隨著標(biāo)的企業(yè)所在地經(jīng)濟(jì)發(fā)展程度的提高而降低。相比于地方國有企業(yè),地區(qū)間稅收差異對跨區(qū)域并購的促進(jìn)作用在民營企業(yè)中更為顯著。本文的貢獻(xiàn)在于:(1)結(jié)合我國經(jīng)濟(jì)背景,從差異性稅收的視角具體分析稅收對企業(yè)跨區(qū)域并購決策的影響,并采用了新的度量方式,同時(shí)分別引入地區(qū)經(jīng)濟(jì)發(fā)展程度、收購方企業(yè)性質(zhì),探究在其中的作用,更為細(xì)致地論證了稅收與并購決策的作用機(jī)理。(2)增加多維度的考察。為驗(yàn)證核心研究問題,本文加入并購和非并購樣本,先揭示了企業(yè)在尋找標(biāo)的資源的過程中存在避稅需求。本文進(jìn)一步將并購樣本劃分為一體化和多元化并購,從多維度考察了區(qū)域稅收差異對企業(yè)并購決策的影響。本文為企業(yè)通過并購交易享受稅收優(yōu)惠以獲得收益提供啟示,也為完善相關(guān)稅收政策和監(jiān)管機(jī)制,有效實(shí)現(xiàn)稅收的調(diào)控作用提供理論支持。
[Abstract]:At present, the motivation of M & A in our country is mainly the expansion and integration, and the tax minimization is not the most important factor in the M & A transaction. However, in the process of economic development of our country, the preferential tax policy is to regulate the unbalanced development of the regional economy. Narrowing the gap between the rich and the poor plays an important role, and at the same time provides tax saving space for enterprises at the micro level. This article leads to the core research question through the case: can the regional tax difference influence the M & A decision of the enterprise? Around this problem, this paper raises the following three specific research questions: 1) whether the tax avoidance demand of enterprises will increase the probability of mergers and acquisitions? (2) can inter-regional tax differences affect the cross-regional M & A decisions of enterprises? Further, what is the internal relationship between the regional tax difference and the M & A decision under the condition of considering the degree of regional economic development and the nature of the enterprise of the acquirer respectively? Aiming at the above problems, based on the theories of merger and acquisition synergy and transaction cost, this paper constructs a theoretical analysis framework and a research hypothesis based on tax factors. In this paper, we choose the case of A share listed companies to acquire non-listed companies from 2009 to 2015 as a sample, and construct an Logit econometric model for empirical testing. We draw the following conclusion: 1) the tax avoidance demand of enterprises will increase the probability of mergers and acquisitions. The greater the tax difference among regions, the greater the tax difference between regions. The higher the probability of cross-regional mergers and acquisitions, the higher the probability of multi-regional mergers and acquisitions. The effect of inter-regional tax differences on cross-regional M & A is more significant in integrated M & A. the impact of inter-regional tax differences on cross-regional M & A will decrease with the improvement of the economic development degree of the underlying enterprises. Compared with local state-owned enterprises, The contribution of this paper is that the contribution of this paper is to analyze the impact of tax on the decision of cross-regional M & A from the perspective of different taxation in the light of the economic background of our country. At the same time, it introduces the degree of regional economic development, the nature of the enterprise of the acquirer, and explores the role in it. In order to verify the core research issues, this paper adds samples of M & A and non-M A to prove the mechanism of taxation and M & A decision in more detail. This paper first reveals the tax avoidance needs of enterprises in the process of searching for the target resources. This paper further divides the M & A sample into integration and diversification M & A. This paper examines the impact of regional tax differences on corporate M & A decisions from multiple dimensions. This paper provides inspiration for enterprises to enjoy tax benefits through M & A transactions, and also for the improvement of relevant tax policies and regulatory mechanisms. Effective realization of tax regulation and control role to provide theoretical support.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F812.42

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