IPO与非法定公司所得税收优惠

IPO and Non-legitimate Tax Preferences

公司上市在中国不只是一种商业行为，还与诸多非经济因素有关。拟上市公司通常会受到主管机关(条条)或地方政府(块块)的诸多政策性照顾。所得税优惠就是其中之一。所得税优惠可以分为法定优惠和非法定优惠两类。非法定税收优惠指地方政府或主管机关超越法定权限批准的税收减免或返还。本文以2000年底518家上市公司A股IPO当年及前1年的所得税优惠为研究主题。揭示上市公司的实际所得税负、非法定税收优惠的方式、持续时间和批准机构，并进一步分析非法定税收优惠泛滥的经济和体制原因以及与区域经济和公司价值的相关性。

Initial public offering (IPO) in China is not just a business behavior.There are kinds of preferential treatments by central or local government,as non-legitimate tax preferences (NLTP).We observed 518 A-share companies that have gone through in China over 1992—2000 with respect of the application and effects of NLTP on their IPO packaging.By examining the firms' effective tax rates in the pre-IPO year and IPO year respectively,we found that all sample finns have enjoyed certain types of NLTP granted by related governmental authorities.Most of NLTP utilizations occurred over 1995—1999,but there was a substantial decline in 2000 due to tightening restriction of NLTP by the central government.Our studying findings also reveal that there is no significant difference in NLTP application with respect to finn size and before-tax prof- itability of the listed companies.