摘要
本文遵循转让定价中价值创造与经济实质相匹配的理念,针对转让定价中市场溢价难以计量的问题,构建计量模型量化市场溢价大小。文章通过引入金融学中解释超额收益率的Fama-French三因子模型建模方法,探索如何确定转让定价中市场溢价带来超额收益的问题,并对我国汽车行业的市场溢价问题进行实证检验。
According to the alignment of taxation with the location of economic activity and value creation, this paper introduces a quantitative model to quantify the market premium in transfer pricing. The model is based on the method of Fama-French 3- factor model which is usually used to describe stock returns in asset pricing and portfolio management. The paper constructs the model to quantify the additional profit in market premium, and then makes an empirical test on China＇s automobile industry.
出处
《税务研究》
CSSCI
北大核心
2017年第4期77-81,共5页
关键词
转让定价
市场溢价
超额收益
量化分析
Transfer pricing
Market premium
Additional profit
Quantitative analysis
