我国外国航空运输业营业税征管现状与思考

本文以北京市地方税务局涉外税务分局所管辖的外国航空运输公司为例,从税收协定和税收政策方面分析我国税务机关在对外国航空运输业营业税征管中存在的问题,并针对问题提出建议。     

The Financial Crisis and the Value‐relevance of Recognised Deferred Tax Assets

The objective of this study is to consider if the value‐relevance of recognised deferred tax assets, which often represent unused tax losses, was affected by the financial crisis. A regression analysis of a sample of Australian and United Kingdom firms reveals that the value‐relevance of recognised deferred tax assets was affected by the financial crisis. However, the impact of the financial crisis differed between the sample countries. The study shows that a plausible explanation for this difference might be found in the tax law of the two countries. Findings of this paper will be of interest to regulators and standard setters, as they highlight how interaction between accounting requirements and tax law affects the relevance of accounting and tax information.     

银行业营改增的必要性、当前影响和未来演进

2016年3月24日,财政部、国家税务局联合对外发布了《关于全面推开营业税改征增值税试点的通知》,明确了银行业营改增的相关规定,引起社会广泛关注。本文介绍了银行业征收营业税的现状和存在的问题,由此引出对银行业营业税改增值税必要性的讨论,并对本次营改增的试点办法进行了分析和研判。在此基础上,通过借鉴西方税制经验并结合我国实际,提出了我国银行业未来增值税改革的三种可能方案,通过多角度比较分析,认为对银行业净利息收入进行差额征税的方案应是目前最符合我国实际的政策选择,可能成为银行业增值税改革的下一步目标。     

The Impact of Institutional Cross-ownership on Corporate Tax Avoidance: Evidence from Chinese Listed Firms

This study investigates the relationship between institutional cross-ownership and corporate tax avoidance in Chinese listed firms. Our findings indicate that the tax avoidance aggressiveness of Chinese listed firms could be significantly motivated by institutional cross-ownership. This finding is robust to endogeneity tests, namely, propensity score matching estimation, two-stage least squares regression, generalised method of moments test, and a falsification concern. Further, this positive relationship between institutional cross-ownership and tax avoidance is more pronounced for listed firms with greater managerial ability and those with higher auditor industry expertise. Finally, such a relationship is more obvious for cross-owners within the same industry, but only significant for independent cross-owners, non-state-owned enterprises and firms within a less competitive industry. All main findings are robust to various robustness tests.     

金融业流转税:税负均衡及税制改革

我国金融业流转税实行的是营业税制,且强调金融业内部不同业务的差别,遵循了最优商品课税理论关于实施差别税制的原则,但过分强调其差别性,违背了税负公平原则和税收效率原则.因此,应取消金融业营业税制,实行增值税制;扩大并统一金融业流转税征税范围,实现税收优惠方式的转型,均衡金融业与其他行业的税负及金融业内部税负.以促进我国金融业发展,进一步提高其国内外竞争力.     

我国金融业深度变革中金融市场业务的发展

近年来,金融市场化改革的深入、互联网金融大潮以及传统金融业务的缓增长等因素,都从内外两方面迫使着我国传统的商业性金融做出变革,金融市场业务则是应对当下变革的重要推动器。面临国际国内金融深度变革形势,我国商业性金融需要借鉴国际先进同业的经验,紧密依附自身特点,在合法的监管框架之下,有序开展金融市场业务创新,逐步形成各具特色的金融市场产品供给体系和风险防控体系。     

CAP Forum on E‐Business: E‐Commerce and Tax Planning: Canadian Experiences*

This paper explores the deployment of e‐commerce by Canadian firms in the global marketplace, with an emphasis on the implications of e‐commerce for tax planning. The business press and various government task forces have discussed challenges raised by e‐commerce for traditional “source‐based” tax systems; however, these discussions have presented little evidence of firms' reliance on e‐commerce for tax‐planning purposes. Similarly, academic research has seldom examined whether firms' decisions to implement e‐commerce are by tax‐planning considerations. It is thus largely unknown whether firms actively consider taxation issues when evaluating e‐commerce, how the factors that have been identified as influencing decisions to implement e‐commerce systems are balanced against tax‐planning considerations, and what barriers might exist in practice to using e‐commerce for tax planning. We choose a qualitative interview‐based approach to explore these issues. Our findings suggest that tax planning is not considered by most of our respondent companies in their decisions to deploy e‐commerce. The companies we interviewed tended to implement e‐commerce over several years, starting with back‐office technologies like enterprise resource planning (ERP) systems. Accordingly, the ability to perform online sales transactions, which is a key component of using e‐commerce for tax planning, often was not yet in place. One implication of these results is that if concerns over tax revenue losses are realistic, tax policymakers may have some time to refine tax legislation to address the challenges raised by e‐commerce.     

中国税制改革的制度供求分析

从新制度经济学的视角来看，中国新一轮税制改革是一种正在发生的制度安排变化，或者说是一种制度变迁。就一个集权国家而言，税收制度的再安排或变迁更多的是属于政府供给主导型的制度变迁，其程序表现为自上而下的变迁。在此类制度变迁中，政府主体将是决定税收制度供给的方向、形式、进程及战略安排的主导力量。     

“营改增”对现代服务业企业的财务效应——基于双重差分模型的检验

"十三五"规划的结构性调整中,"营改增"是一项重要的改革项目。这种按照行业的分批次政策改革试点效果,适合使用双重差分法来检验其作用。本文利用"营改增"试点前后的企业指标,使用双重差分法对比了早期试点行业与晚期试点行业的差异,探究了"营改增"对试点行业的财务效应。研究发现,由于"营改增"可以抵扣进项税额,所以促进了现代服务业的投资水平。"营改增"还明显提高了企业的税负转嫁能力。进一步发现,"营改增"政策的实施不仅提高了企业当期的获利水平,同时也显著地促进了企业未来的盈利能力。     

The Dark Side of International Cross‐Listing: Effects on Rival Firms at Home

We analyse the stock price impact of firms' US cross‐listing on home‐market rival firms. Using an empirical event study approach we find negative cumulative average abnormal returns for the rival firms around both the listing and announcement of listing dates. The evidence suggests both positive and negative spillover effects on rival firms, where the dominant effect is that investors see rivals at a relative disadvantage to the cross‐listing firm. As firms cross‐list in the US and commit to the increased disclosure and investor protection associated with the US listing, they are better able to take advantage of growth opportunities relative to their non cross‐listing counterparts, and this results in negative spillover effects on rival firms. Our results are consistent with the idea that firms cross‐list as a means to reduce agency costs of controlling shareholders and thus are able to exploit growth opportunities as they have better access to external finance.     

借房产税改革促房地产业反洗钱

《中华人民共和国反洗钱法》（以下简称《反洗钱法》）第三十五条从法律层面上明确特定非金融机构必须履行反洗钱义务,但对特定非金融机构的范围、其履行反洗钱义务和对其监督管理的具体办法,未予明确规定。房地产业无论从其交易方式、交易规模或是对国民经济影响力来看,都应成为反洗钱工作向特定非金融行业拓展的主要目标之一。在以风险为本监管原则的指引下,本文依托房地产业的时代背景和国家宏观调控的政策背景,结合当前反洗钱工作现状,借助房产税改革之机,提出构建房地产业反洗钱工作机制的可行性举措。     

The Impact of Recession on the Value‐relevance of Accounting Information

The Global Financial Crisis of 2007–2008, and the subsequent global economic downturn, has heightened the need for research on whether the value‐relevance of accounting information is impacted by periods of macroeconomic decline. In this study, we examine whether the occurrence of a recession impacts the value‐relevance of two key accounting constructs: book value of equity and earnings. Consistent with our priors, we find that controlling for recession significantly increases the value‐relevance of both the book value of equity and earnings. Our findings indicate the importance of controlling for recession in value‐relevance studies. Sample periods that include recession events, and that do not incorporate such conditioning, may be mis‐specified, with results difficult, if not impossible, to interpret.     

The Impact of the 1986 Tax Reform Act on Income Shifting from Corporate to Shareholder Tax Bases: Evidence from the Motor Carrier Industry

Using a sample of privately held C corporations and S corporations from the motor carrier industry during 1984–92, we assess the effect of the 1986 Tax Reform Act on the amount of corporate income shareholders of privately held C corporations shifted to their personal tax bases. We estimate that the C corporations shifted a mean of $130,587 taxable income each year to shareholders (representing 29% of their mean accounting earnings before income shifting) after the 1986 tax law change. The C corporations used deductible managerial compensation and rent expense, but not interest expense, to shift income to shareholders.     

论我国会计师事务所有限责任合伙制改造

通过对我国会计师事务所体制的基本状况及会计师事务所问卷调查,分析了国际上主要国家有限责任合伙制会计师事务所的改制历程,认为有限责任合伙制会计师事务所具有比较优势。为此,我国应创造条件尽快实行会计师事务所有限责任合伙制改造。     

继续推进营业税改征增值税:税制协同与路径选择

营业税改征增值税的试点已经扩大到8省3市,并有望继续快速推进。改革涉及到我国中央和地方财政体制的重大调整,并影响现有中央和地方财政分配体制的整体格局。营改增的全面实施不宜单兵突进,应与其它税制改革措施协同进行,以构建一个科学、合理的增值税收入分享体制以及重建地方税体系的主体税种为前提,在中央和地方财政体制调整的框架内有序进行。     

The Informational Role of Short Sellers: The Evidence from Short Sellers’ Reports on US‐Listed Chinese Firms

Using US‐listed Chinese firms as the setting, this paper studies a novel channel through which investors can acquire information about firms’ financial reporting quality, that is, the reports published voluntarily by short sellers. I find that short sellers tend to target firms that have financial reporting red flags and that exhibit ‘good’ operating performance and stock valuations. Targeted firms experience an average three‐day cumulative abnormal return (CAR) of ?6.4%, and ?13.6% for initial coverage of the firm, and the CARs are more negative when the reports allege more severe misconduct of the firms. Non‐targeted firms also experience losses in value following short seller reports, especially when they hire the same non‐Big 4 auditors as targeted firms and when their earnings quality is poor. In comparison, analysts fail to perform proper due diligence and are much less effective than short sellers in exposing misreporting risk in Chinese firms.     

A Primer on the Financial Policies of Chinese Firms: A Multi‐country Comparison

Chinese companies have grown rapidly over the past few decades, and become increasingly global in the process. In the past five years, the aggregate market capitalization of public companies in China increased more than ten‐fold and their revenue from outside China grew 60%. Nevertheless, Chinese companies have financial policies that are notably different from those of their global counterparts in North America and Europe, and that difference could end up limiting their future profitability and growth. In this report, J.P. Morgan's Corporate Finance Advisory team compares the capital structures of large Chinese companies to those of the largest companies in the U.S., the U.K. and Germany. Among the most important findings, Chinese companies have materially more leverage, much greater reliance on bank loans than bonds, and maturities that are almost 80% shorter than those of typical U.S. companies. To bring their balance sheets in line with those of their global peers, Chinese companies are likely to have to raise over 5 trillion yuan (over $750 billion) in equity while also issuing roughly the same amount in bonds. At the same time, in order to attract that capital on economic terms, they will likely need to find ways to increase the profitability of their businesses, whose return on equity is well below international standards. As the authors point out in closing, making such significant changes in financial and operating policies could be challenging for all stakeholders, and cause some potential dislocation in the short run. But however disruptive, such changes are most likely to ensure the ability of Chinese companies to create the most value in the long run.     

中国古代的农村税费改革及其历史启示

本文概述了我国历史上的三次重要的税费改革:唐朝的"两税法"、明朝的"一条鞭法"和清朝的"摊丁入亩".总结了三次税费改革的背景、内容及结果,分析了三次税费改革的经验教训,对我国当前农村税费改革提供了深层次的启示.