企业购并行为中的税收政策效应

本主要分析所得税对企业市场购并行为的影响。国外学所分析企业购并时,通常假设市场完全竞争,企业的决策不受非市场因素的干扰。他们认为,企业购并中,购并方的收益率只受两个因素的影响,即企业已分配股息的纳税比率和资本利得税率。笔从两方面对以上模型进行了修正：一是修正了其中“债务利息可以全部税前扣除”的假设前提,二是修正了被购并方在交易中的交易条件。以上修正使模型能够更加准确地描述中国的现实经济环境,也得出了完全不同的结论。

The Effect of Tax Policies on Mergers & Acquisition

This paper mainly study the effect of income tax policies on Mergers & Acquisition. When foreign scholars study M&A, they usually suppose that the market is perfect competition, and companies make their decision without the interference of non-market factors. They think that two factors affect the earning rate of purchaser in M&A: the tax rate on paid dividends and capital gains tax rate. The writer makes two amendments about their models: firstly, she amends the supposing of "loan interest can be fully deduct from profit before taxation"; Secondly, she amends the transaction conditions of sellers in M&A. These amendments make the model describes the economic conditions in China more exactly, and draws very different conclusions.