我国证券市场中的所得税问题研究

Issues on Income Tax of China's Securities Market

欧美和日本等国家的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。本文认为这主要是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,所以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,减轻对股利的重复课税以及改革证券市场的资本利得税。

The taxation practices of Europe, the United States and Japan have been proven that their listed companies intent on debt financing, but China＇s listed companies generally adopt the methods of ＂light debt, heavy stock＂ in their financing decision-making. This paper believes that the main reason lies in the avails part collects tax, repetition collects tax to dividend, different taxation policies to securities investment income and transfer profits, and the existence of non-tax debt protection measures. So we should focus on the reform of existing tax system, abiding by the principle of ＂the same shares ,the same benefits＂ to collect tax on dividends, clearing up incorrect non-tax debt taking protection measures, reducing the repetition collecting tax to dividend and reforming capital gain tax in the securities market.