中国概念股回归的税收驱动

On the Tax Driving for Initial Public Offering of the Chinese Concept Shares in the A-stocks Market

基于市值管理和价值最大化的判断,中国概念股的海外上市与回归,都有税收因素的影响。由于中外资本市场的税收差异巨大,企业在上市地点选择中必须考虑税收因素,重构业务框架成为规避税收的隐形途径,实现资本跨境的税收套利。随着税收政策不断完善和中国资本市场崛起,在A股市场上,即使剔除税收因素,也可以获得更高的股权价值,中国概念股的回归就成为追求市值管理的理性选择。税收制度不仅影响着市场估值体系,也成为推进资本市场国际化必然考虑的重要因素。

Based on judgement on market capitalization management and value maximization, tax factors have an influence on both overseas listing of Chinese concept shares and their initial public offering in Chinese A-stocks Market. Due to great tax differences between Chinese and foreign capital markets, a company has to take tax into consideration when choosing its listing place. To make tax arbitrage for cross-border capitals, rebuilding the business framework of the company becomes an invisible way in tax evasion. Nevertheless, with the improvement of tax policy and emerging of Chinese capital market, a higher equity value can be achieved in Chinese A-stocks Market even if the tax effects ignored. Therefore, Chinese concept stocks going public in Chinese A-stocks Market is a rational choice in the pursuit of market capitalization management. The tax system not only influences the market value assessment, but also becomes a key factor in the advance of capital market internationalization.