本研究以2000年至2006年中國大陸上市公司之財務資料及股價資料，探討中國上市公司是否因租稅優惠而負擔隱含稅，及其負擔之隱含稅與有效稅率、股東權益稅前報酬率、市場結構及產業別之關係。實證結果顯示，中國大陸上市公司有效稅率之平均值遠低於其稅法上之名目稅率，顯示上市公司整體而言因稅法而享有租稅優惠，其中以農林漁牧業與信息技術業之有效稅率最低，反映中國扶植農業以及獎勵高科技產業之租稅政策。上市公司隱含稅率之平均值約為17.91%，顯示在中國大陸經濟成長率高之市場下，其上市公司仍須負擔隱含稅，且實證結果發現中國上市公司之有效稅率與隱含稅率呈顯著正向關係，即當有效稅率下降時，隱含稅率將會相對提高，呈現如Scholes and Wolfson(1992)所提出之隱含稅理論。
本研究實證結果亦發現，中國上市公司之股東權益稅前報酬率與隱含稅負間呈現顯著負向關係，即享受租稅優惠較多的公司，因負擔隱含稅成本，故整體報酬率未必高於享有較少租稅優惠的公司。非製造業公司之市場結構變數與隱含稅率間具有顯著關係性，即市場集中度越高時，廠商的市場支配力越大，也就越接近壟斷市場，造成該產業租稅優惠隱含稅負之負擔者多為消費者，而公司負擔之隱含稅則相對較低。 / This study uses financial and stock price data of the listed companies in China from 2000 to 2006, to examine if the listed companies have to bear implicit taxes because of tax preferential treatments, and to examine the relationship between implicit taxes and effective tax rates. The empirical results indicate that the average of ETRs of listed companies in China is lower than the statutory tax rate, indicating that overall listed Chinese companies have enjoyed substantial preferential tax treatments. The ETRs of the companies of agriculture and information technological industries are the lowest ones of all industries, reflecting China's tax policy aimed at developing agriculture and hi-tech industries.
The average of implicit tax rates of listed companies in China is about 17.91%, indicating that listed companies in a high economics growth market, such as China, still have to bear implicit taxes. The empirical results show that implicit taxes are negatively related to ETRs, and the results support the implicit tax theory by Scholes and Wolfson(1992).The empirical results indicate the relationship between implicit tax and PEROEs is negatively, meaning the returns of tax-favored companies are less than tax-disfavored ones. The variables of market structures are significantly related to implicit tax, meaning the more market power the companies have, the less implicit tax they will bear. The empirical results of this study have implications for the government to further use tax incentives as a vehicle to stimulate economic development.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0095353059 |
| Creators | 周依潔 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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