所得税政策与证券市场结构

Income Tax Policy and Securities Market Structure

西方的MM理论及其涉税拓展对所得税政策与证劵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,我国的上市公司进行融资决策时普遍采用"轻债务重股权"的方法。因为我国的所得税制中存在对股权收益的部分征税、重复征税,对证劵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。必须有针对性的改革现行税制,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劵市场的资本利得税等。

Western MM Theory and the tax - related expanding make the best interpretation on the relationship between income tax policy and the securities market. The practice of European countries, the United States and Japan has proven that listed companies favor debt financing. When carrying out financing decision - making, the listed companies in our country generally adopt the method of ＂valuing stock more than debt＂. This is mainly because there are the partial taxation and repetition taxation on dividend, different taxation policies for investment income and transfer profits of securities, and the non - debt tax protection measures, etc. in our income tax system. We should reform the existing tax system with a clear aim, observe the principle of ＂the same shares, the same benefits＂ for taxation on dividend, clear up incorrect non - debt tax protection methods, take measures to reduce the repetition taxation on dividend, and reform the capital gains tax in the securities market.