国有股权、税收保护与公司税负__吴联生.docVIP

国有股权、税收保护与公司税负( 吴联生 （北京大学光华管理学院 100871） 内容提要：国有股权与公司价值之间的关系，是学术界和实务界所共同关心的重大问题。然而，已有研究主要关注国有股权和公司业绩或公司效率之间的关系，但没有得到比较一致的研究结论，其重要原因在于它们没有关注国有股权影响公司价值的具体途径。税收是国有股权影响公司价值的重要途径。目前，只有很少数研究从公司税负的角度研究国有股权与公司价值之间的关系，并且它们没有考虑税收保护对国有股权与公司税负之间关系的影响问题。本文研究了我国国有股权与公司税负之间的关系以及税收保护对国有股权与公司税负关系的影响。研究结论表明，公司国有股权比例越高，其实际税率也越高；相对于税收保护公司来说，国有股权给非税收保护公司带来了额外的税收负担。本文的研究结论可以为我国国有企业改革提供重要的依据，也可以为税务部门的纳税工作和投资者的投资决策提供支持。 关键词：公司治理 公司价值 企业所得税 政府干预 联系电话：010 电子邮箱：wuls@gsm.pku.edu.cn State Ownership, Tax Protection, and Corporate Tax Burden Wu Liansheng (Guanghua School of Management, Peking University) Abstract: The relationship between state ownership and firm value is one of the most important issues in the fields of economics, finance and accounting. Extant literature examined it from the perspectives of corporate performance and efficiency, but hasn’t got a conclusion that is widely accepted. One of the main reasons is that the detailed channel through which state ownership affects firm value hasn’t been examined. Tax payment is just one of the channels. Little research has examined the relationship between state ownership and firm value from the perspective of corporate tax burden, and tax protection hasn’t been taken into account. This paper examined the effects of state ownership on corporate tax burden and tax protection on the relationship between state ownership and corporate tax burden. It shows that corporate tax burden increased with state ownership, and state ownership brought heavier tax burden to non-tax protection firms than tax protection firms. The conclusion has implications to the reform of state-owned companies, the tax levy of tax authority and investors’ decisions. Keywords: Corporate governance; Firm value; Corporate income tax; Government intervention JEL classification: G34; H25; H71; M48 一、概述 国有股权是我国公司治理的核心问题，也是我国国有企业改革过程中需要予以关注的重大问题。目前，已有研究主要直接研究了国有股权和公司业绩或公司效率之间的关系，但没有得到比较一致的研究结论。比如，Shleifer and Vishny (1998)和Boardman and Vining (1992)发现国有