论文部分内容阅读
资本弱化是指企业通过加大借贷款(债权性筹资)而减少股份资本(权益性筹资)比例的方式增加税前扣除,以降低企业税负的一种行为。目前,我国上市公司利用资本弱化避税的情况逐年增加,已成为跨国公司乃至国内公司避税的一种重要手段。该行为既严重影响中国政府税收收入的增长,又极可能扭曲上市公司资本结构构成。因为,从资本弱化防范对资本结构的影响看,资本弱化制度设计与最优资本结构选择之间有着相当大的矛盾。本文在对我国后金融危机时代上市公司资本弱化现状进行较全面调研的基础上,分析其对中国上市公司资本结构的影响力,借鉴国际税制变革的相关经验,提出了建立与完善中国资本弱化税制的若干建议。
Capital weakening refers to an act of increasing the tax deduction of enterprises by reducing the proportion of equity capital (equity financing) by increasing loans (debt financing) and reducing the corporate tax burden. At present, the use of capital to weaken the tax avoidance of listed companies in our country increases year by year, which has become an important means of tax avoidance for multinational corporations and even domestic companies. This act will seriously affect the growth of tax revenues of the Chinese government and may most likely distort the composition of the capital structure of listed companies. Because, from the impact of capital weakening prevention on the capital structure, there is a considerable contradiction between the design of the capital weakening system and the choice of the optimal capital structure. Based on a more comprehensive survey of the state-owned capital weakened in the post-financial crisis era, this paper analyzes its influence on the capital structure of listed companies in China, draws on the relevant experience of the international tax system reform, and proposes the establishment and improvement of China’s capital weakening tax system Some suggestions.