上市公司税负及其影响因素——来自沪深股市的经验证据

我们以1994～2004年全国上市公司9536组数据为样本,考察上市公司税负及其影响因素,结果发现:①上市公司税负至少占利润的62.04%,上市公司总体税负并不轻;②上市公司总体税负存在地区差异,东部地区税负高于中部和西部地区;③上市公司总体税负存在行业差异,2004年度采掘业、房地产业等五个行业平均总体税负较高;④总体税负与所得税负担、流转税负担、资产规模、盈利能力、资本密集度和年度变量显著正相关,却与负债水平和投资收益显著负相关。本文的政策含义在于:①若要保持税收的可持续增长,应该紧紧抓住典型重点企业,比如资产规模大、盈利能力强的企业,这些企业是重点税源;②由于总体税负与资本密集度显著正相关,税收受到投资的强劲拉动,因此,它会显著地受到国家宏观调控之影响;③在企业方面,可以适度负债,合理地利用负债的税收档板作用;④企业可以适度地进行多元化长期投资、分散风险。

Based on 9536 data of China listed companies from 1994 to 2004, we investigate tax burden of listed companies and its affection factors, the result shows that ： ① tax burden of listed companies accounts for more than 62 percent of profit; ② there is different form area , the eastern area are higher than western ;③ there is different form industry , mining and estate are higher ; ④ tax burden is positively related with income tax burden,product tax burden ,size .earnings .capital and year, but negatively related with leverage and invest profit . The policy meanings are .①the important companies such as large size and high earnings are should hold ; ② tax is driven by investment then it will be affected deeply by control by government ; ③ companies can use leverage to make use of tax decrees ; ④ companies can invest in more industries to reduce risk.