区域税收环境差异、金字塔结构与企业避税

Differences of Regional Tax Environments,Pyramidal Structure and Tax Avoidance

金字塔控股结构在全世界范围内广泛存在。我国特殊的制度背景是我国上市公司选择金字塔结构的重要原因。以2003—2007年沪深A股IPO的163家民营上市公司为研究样本,可从区域税收环境双重差异的背景出发,解释我国民营企业选择金字塔控股结构的原因。研究发现:企业集团母公司所在地适用的法定税率越高,其企业集团金字塔结构的层级数也越多;进一步,企业集团金字塔层级愈多,企业税收规避也越高。这说明,我国区域间税收优惠差异以及税收竞争行为使得我国民营上市公司有动机选择金字塔控股结构,并通过延伸链条企业的方式获得"税收低地"的额外税收利益。复杂的金字塔结构设计及交易,能够降低企业的财务信息透明度,为企业利用"转让定价"等方式进行税收规避提供了路径。

Pyramidal holding structures are used by listed companies worldwide. However,in contrast to other countries,an important reason why Chinese listed companies choose to have a pyramid structure is the special institutional background in China. Using the data of 163 A- shares companies with IPOs from 2003 to 2007,this study demonstrates why private firms choose to have a pyramid holding structure,based on the double differentiation of China＇s regional tax environments. The results reveal that enterprise groups with higher applicable tax rates in the cities where their group parents are located have more layers in their pyramid structures. Furthermore,enterprise groups with more layers have higher tax avoidance. The results suggest that it is the difference of regional tax preferences and tax competitive behaviors of the companies that motivate private enterprises to choose a pyramidal holding structure and gain an ＂extra tax income＂by extending the enterprise chain. Complicated design and transactions within pyramidal structures can lower financial information transparency and provide enterprises with ways to avoid taxes by transfer prices and other means.