我国证券市场所得税问题研究

Studies on Income Tax in Chinese Securities Market

西方的MM理论及其涉税拓展对所得税政策与证券市场的关系作出了最好的诠释,欧美和日本等国家的实践也证明上市公司偏好于债务融资,而我国的上市公司在进行融资决策时普遍采用"轻债务重股权"的方法。这主要是因为我国的所得税税制中存在对股权收益的部分征税、重复征税,对证券的投资收益和转让利得实行差别税收政策,以及存在非债务税收保护措施,等等。因此,我们必须有针对性地改革现行税制,对股息所得征税遵循"同股同利"的原则,清理不恰当的非债务税收保护措施,采取措施减轻对股利的重复课税以及改革证券市场的资本利得税等。

MM theory and its practice wading across the tax make the best interpretation on income tax policy and the securities market. The practices of Europe, United States and Japan have proven that listed companies intent on debt financing, and it is unbelievable that the listed companies adopted＂light debt heavy stock＂method when they were making financing decisions. I think this is mainly because there are the avails part collects tax , repetition collects tax to dividend, different taxation policy to securities investment income and transfer profits, and the existence of non- tax debt protection measures, we should focus on the reform of the existing tax system, collect tax on dividends with the principle of ＂the same shares, the same benefits＂, clear up incorrect non -tax debt protection, take measures to reduce the repetition collects tax to dividend, and reform capital gains tax in the securities market.