中国金融业税负现状及金融税制改革

我国金融税制在近十年经历了多次调整,已成为我国税收的一项重要来源。但同时金融业所承受相对较重的税收负担,也成为阻碍金融业尤其是四大国有银行发展的包袱。随着入世后金融业开放程度的加深,我们必须改革现有的金融税制,为金融业减轻税收负担,促进金融业健康和谐发展。     

金融税制与国有商业银行税赋(上)

税收是国家财政收入的主要方式,也是国家用以加强宏观调控的重要经济杠杆。而其中,金融企业税收特别是银行业税收更是中央政府税入来源的至关重地。金融税制是否科学不仅直接影响到金融企业的经营成果,而且也成为影响金融市场健康发展的重要因素。虽然自1994年税制改革以来,金融税制曾经多次调整,但现行金融税制仍遗留有明显的计划经济时期的痕迹,没有与市场经济接轨。本文通过对现行金融税制国内纵向与横向分析,以及国际比较分析,提出了完善金融税制的政策建议。     

金融税制与国有商业银行税赋(下)

税收是国家财政收入的主要方式,也是国家用以加强宏观调控的重要经济杠杆。而其中,金融企业税收特别是银行业税收更是中央政府税入来源的至关重地。金融税制是否科学不仅直接影响到金融企业的经营成果,而且也成为影响金融市场健康发展的重要因素。虽然自1994年税制改革以来,金融税制曾经多次调整,但现行金融税制仍遗留有明显的计划经济时期的痕迹,没有与市场经济接轨。本文通过对现行金融税制国内纵向与横向分析,以及国际比较分析,提出了完善金融税制的政策建议。     

中国金融税制现状、税负测算及成因分析

伴随着我国改革开放的不断深化,金融业得以迅速发展,但同时面临着许多困难和挑战,其中金融税制已逐渐成为金融业纵深发展的重要瓶颈之一。本文在对我国金融税制现状分析的基础上,对金融税收负担进行了较为全面的测算,并深入分析了税负变化的不利因素,以寻找改革与完善我国金融税制的有效路径。     

金融税制改革的主调——公平税负

1997年我国对金融税制进行了较大幅度的调整，一方面将金融保险企业的所得税税率由55％降低到33％；另一方面将金融保险企业的营业税税率由5％提高到8％。金融税收政策的这一重大调整，其目的在于更好地发挥税收对经济的调控作用，促进金融保险企业之间的平等竞争，保证国家财政收入。但从税收政策     

公平税负与金融税制改革

我国现行的金融企业税制存在着税负偏高、内外税制不统一等不合理因素,影响了金融企业的发展。建议逐步取消金融业的税收优惠、降低银行的营业税率、提高税前扣除的计税工资标准,规范金融业的税制,支持银行业的发展。     

浅谈入世与我国金融税制体系的改革

我国加入ＷＴＯ已成为必然,原有税收体制已不再适应形势的发展。我国与金融业相关的税收弊端主要是：金融业务整体税负偏高;中外资银行税负不同,不利于公平竞争;我国税制过于粗糙,不利于国家政策导向。为给外资、中资银行创造一个公平健康的金融环境,对我国金融业的税收政策改革是必要的。     

政府干预、法治、金融发展与国有企业银行贷款

本文分析我国各地区的政府干预、法治和金融发展对地方政府控制的国有企业的银行贷款的影响。研究结果发现,地区的法治水平和金融发展水平越高,企业获得的银行贷款越少,贷款期限越短。这个结果与法与金融文献的理论预期和实证结果相反。本文的证据表明,产生这种差异的主要原因是地方政府有很强的动机通过干预银行的信贷决策给国有企业提供贷款支持,而法治和金融发展可以减少地方政府干预给国有企业带来的贷款支持效应。我们还发现,地方政府通过干预银行的信贷决策给国有企业提供的贷款支持是低效率的。     

对金融税制缺陷与税制改革的思考

随着经济金融全球一体化，中国银行税制存在的问题，尤其是与国际上通行的税制不接轨的矛盾日益突出，影响了中国银行业的发展。基于此，银行税制改革应以公平和规范为基本目标，以促进金融业和国民经济的发展、保证国家财政收入、符合国际惯例为基本原则，从税收制度和税收政策方面入手，重点改革完善营业税、企业所得税等税种。     

析国有商业银行金融创新的制度障碍

国有商业银行金融创新存在着制度障碍。其中，单一的产权制度安排致使金融创新的动力机制缺失；“分业经营”的制度安排封堵了金融创新空间；资金价格管制使得金融创新缺乏应有的市场基础。因此，推动国有商业银行金融创新的关键是制度创新。     

Financial Capital and Taxation Policy*

This paper suggests a relatively simple analytical framework for taxing all financial arrangements. The debt/equity distinction is determined by the contingency principle. The accruals/realisation distinction is determined separately by the volatility principle. The capital/revenue character distinction is effectively removed directly or by a character hedging regime. Hybrids, synthetics, hedging arrangements and other portfolios are tax‐assessed on an aggregate, rather than a bifurcated, basis. The framework could be applied to both classical and dividend‐imputation‐based business tax systems.     

Bank Reserves and Financial Stability

A stochastic financial model is developed which derives the reserve levels on financial assets which minimize price level fluctuations. It is shown that these levels of reserves are a function of the structure of unanticipated shocks to asset demands and are, in general, quite different from the levels which minimize the fluctuations of either the nominal or real value of these assets. Application of the model to currency and demand deposits in the U.S.A. suggest that the price-Stablizing reserve ratio on demand deposits is approximately one-half of the 12% currently mandated by the Monetary Control Act of 1980.     

Bank and Nonbank Financial Intermediation

Conglomerates, trade credit arrangements, and banks are all instances of financial intermediation. However, these institutions differ significantly in the extent to which the projects financed absorb aggregate intermediary risk, in whether or not intermediation is carried out by a financial specialist, in the type of projects they fund and in the type of claims they issue to investors. The paper develops a simple unified model that both accounts for the continued coexistence of these different forms of intermediation, and explains why they differ. Specific applications to conglomerate firms, trade credit, and banking are discussed.     

影子银行与金融危机

本文认为,此次全球金融危机的根源在于回购市场挤提引起的银行恐慌。机构投资者是回购市场的需求者,他们向影子银行"存款",影子银行则以资产抵押支持证券保证"存款"的安全。当证券化资产的折价率大幅提高时,就出现了回购市场挤提,引起银行恐慌,从而导致了此次全球金融危机。     

Bank Competition and Financial Stability

Under the traditional “competition-fragility” view, more bank competition erodes market power, decreases profit margins, and results in reduced franchise value that encourages bank risk taking. Under the alternative “competition-stability” view, more market power in the loan market may result in higher bank risk as the higher interest rates charged to loan customers make it harder to repay loans, and exacerbate moral hazard and adverse selection problems. The two strands of the literature need not necessarily yield opposing predictions regarding the effects of competition and market power on stability in banking. Even if market power in the loan market results in riskier loan portfolios, the overall risks of banks need not increase if banks protect their franchise values by increasing their equity capital or engaging in other risk-mitigating techniques. We test these theories by regressing measures of loan risk, bank risk, and bank equity capital on several measures of market power, as well as indicators of the business environment, using data for 8,235 banks in 23 developed nations. Our results suggest that—consistent with the traditional “competition-fragility” view—banks with a higher degree of market power also have less overall risk exposure. The data also provides some support for one element of the “competition-stability” view—that market power increases loan portfolio risk. We show that this risk may be offset in part by higher equity capital ratios.

金融自由化与银行风险经营

本文分别通过理论分析和实证检验，证实金融自由化会降低银行谨慎投资收益，而扩大银行风险投资动力。因此，为维持银行部门乃至整个金融体系的稳定，政府应加强对银行部门的监管，同时扩大监管范围，建立一套涵盖面较广且行之有效的金融监管体系。     

绿色信贷、银行异质性和银行财务绩效

随着绿色经济的快速发展,商业银行逐步增加了绿色信贷投放力度,以期在满足绿色融资需求的同时开拓新的利润增长点。本文系统地梳理了绿色信贷对银行财务绩效的作用机制,并基于2007—2017年我国29家商业银行的数据,实证检验了绿色信贷对银行财务绩效的异质性影响。实证结果表明:绿色信贷占总贷款比重上升有助于提高商业银行的净息差;对规模较小、流动性水平较高的银行而言,绿色信贷对银行财务绩效的改善效果更强,但资本充足水平对绿色信贷和财务绩效的关系并无明显影响。本文研究为商业银行积极开展绿色信贷业务提供了经验依据,并且从鼓励中小银行发展绿色信贷、推动绿色信贷资产证券化和绿色金融债发行、降低绿色信贷风险权重等方面,为进一步推进绿色信贷发展提出了具体建议。