The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share ma...The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.展开更多
Using a New Economic Geography OVEG） model, this paper investigates the effect of market potential, natural resource endowment and tax burden on the location distribution of industrial enterprises in China. By applyi...Using a New Economic Geography OVEG） model, this paper investigates the effect of market potential, natural resource endowment and tax burden on the location distribution of industrial enterprises in China. By applying data from 2000 to 2010 of 286 Chinese cities, this paper conducts an empirical analysis on the location of industrial enterprises of different time periods, regions and ownership systems. The results indicate that greater domestic market potential and international market demand are favorable to fostering or introduction of new enterprises. It also shows that coastal cities with better resource endowment are more attractive to corporate investment, while cities in interior regions have heavy and highly differentiated industrial tax burdens, which is unfavorable to the attraction of enterprises. In comparison, infrastructure and wage of cities have no obvious effect on enterprises＇ location choice. When it comes to enterprises of different ownership, domestic market potential and international market demand all have significant positive effects on the location distribution of foreign-funded enterprises, private enterprises and enterprises with investment from Hong Kong, Macao and Taiwan, while the level of urban industrial tax burden has an opposite effect. We find that the NEG model has a relatively strong explanatory power to the location of industrial enterprises in China.展开更多
This study uses the new classical Ramsey growth model to analyze the impacts of lowered estate tax rates in Taiwan. Simulation results indicate a decrease in capital stock and economic growth when post-adjusted estate...This study uses the new classical Ramsey growth model to analyze the impacts of lowered estate tax rates in Taiwan. Simulation results indicate a decrease in capital stock and economic growth when post-adjusted estate tax rate falls below 28.22%, which resembles the optimal estate tax rate to keep capital stock unchanged. The results also show that estate tax rate cuts have caused changes in relative prices, resulting in excess burden （EB）. The implication of our simulation results is that Taiwan＇s current estate tax rate cut to 10% will not be able to increase capital stock and promote economic growth.展开更多
增强ESG(Environment,Social and Governance,环境、社会和企业治理)绩效已成为提升企业价值的新方式,而内外部良性互动是企业可持续发展的重要途径。使用2009—2022年中国上市公司数据,探究税收激励政策对企业ESG绩效的影响及其与外部...增强ESG(Environment,Social and Governance,环境、社会和企业治理)绩效已成为提升企业价值的新方式,而内外部良性互动是企业可持续发展的重要途径。使用2009—2022年中国上市公司数据,探究税收激励政策对企业ESG绩效的影响及其与外部市场监管、内部财务冗余的互动效应。实证结果表明:税收激励总体上能显著促进企业ESG绩效,经多种稳健性检验后结论仍然成立。考虑到企业内外部环境因素,资本市场监管程度较高或企业财务冗余较丰富时,税收激励对企业ESG绩效的提升作用更强,其中市场监督与税收激励的互动效应尤为显著。进一步研究表明,税收激励政策对制造业企业绿色转型的影响更明显。经济后果研究表明,税收激励能进一步促进ESG绩效对企业价值提升的作用。展开更多
Starring from MM's theories,we discuss some important topics in capital market research in taxation.We use this article to introduce intuitions and techniques of capital market research in taxation to Chinese rese...Starring from MM's theories,we discuss some important topics in capital market research in taxation.We use this article to introduce intuitions and techniques of capital market research in taxation to Chinese researchers.While it is apparent that many Chinese researchers have already mastered these techniques,we hope that more researchers will be interested in this line of research.We believe that China provides fertile ground for capital market research in taxation.展开更多
文摘The sustainability of a country inevitably depends on proper taxation system. To date, there are many taxes implemented by the ruling authorities of a country. The taxes that are sourced from stock markets or share markets are paramount to better govern a country. The capital gain tax (CGT), which is incurred in disposing the shares or stocks owned by an investor or an institution, is one of the taxes implemented in stock markets. Though in the past many attempts have been made to properly streamline the CGT, the methodologies or the approaches used in the implementation of CGT, even in the United States, are not well-grounded from a scientific point of view. Therefore, in this paper, a simplified approach based on the assumption that the CGT is implemented on a yearly basis is proposed. The CGT is calculated for each stock owned by an investor or an institution. The approach is implemented using an open access platform: AMP (Apache-MySQL-PHP). Subsequently, the proposed approach is tested using some hypothetical data. The proposed approach, which is easy-to-use, practical and un-biased, is of use to any country that is willing to progress towards the sustainability. Moreover, the proposed approach with the current technology will enhance the developing nations which have large size of informal economy, on designing and implementing effective tax policies and administrations.
文摘Using a New Economic Geography OVEG） model, this paper investigates the effect of market potential, natural resource endowment and tax burden on the location distribution of industrial enterprises in China. By applying data from 2000 to 2010 of 286 Chinese cities, this paper conducts an empirical analysis on the location of industrial enterprises of different time periods, regions and ownership systems. The results indicate that greater domestic market potential and international market demand are favorable to fostering or introduction of new enterprises. It also shows that coastal cities with better resource endowment are more attractive to corporate investment, while cities in interior regions have heavy and highly differentiated industrial tax burdens, which is unfavorable to the attraction of enterprises. In comparison, infrastructure and wage of cities have no obvious effect on enterprises＇ location choice. When it comes to enterprises of different ownership, domestic market potential and international market demand all have significant positive effects on the location distribution of foreign-funded enterprises, private enterprises and enterprises with investment from Hong Kong, Macao and Taiwan, while the level of urban industrial tax burden has an opposite effect. We find that the NEG model has a relatively strong explanatory power to the location of industrial enterprises in China.
文摘This study uses the new classical Ramsey growth model to analyze the impacts of lowered estate tax rates in Taiwan. Simulation results indicate a decrease in capital stock and economic growth when post-adjusted estate tax rate falls below 28.22%, which resembles the optimal estate tax rate to keep capital stock unchanged. The results also show that estate tax rate cuts have caused changes in relative prices, resulting in excess burden （EB）. The implication of our simulation results is that Taiwan＇s current estate tax rate cut to 10% will not be able to increase capital stock and promote economic growth.
文摘增强ESG(Environment,Social and Governance,环境、社会和企业治理)绩效已成为提升企业价值的新方式,而内外部良性互动是企业可持续发展的重要途径。使用2009—2022年中国上市公司数据,探究税收激励政策对企业ESG绩效的影响及其与外部市场监管、内部财务冗余的互动效应。实证结果表明:税收激励总体上能显著促进企业ESG绩效,经多种稳健性检验后结论仍然成立。考虑到企业内外部环境因素,资本市场监管程度较高或企业财务冗余较丰富时,税收激励对企业ESG绩效的提升作用更强,其中市场监督与税收激励的互动效应尤为显著。进一步研究表明,税收激励政策对制造业企业绿色转型的影响更明显。经济后果研究表明,税收激励能进一步促进ESG绩效对企业价值提升的作用。
文摘Starring from MM's theories,we discuss some important topics in capital market research in taxation.We use this article to introduce intuitions and techniques of capital market research in taxation to Chinese researchers.While it is apparent that many Chinese researchers have already mastered these techniques,we hope that more researchers will be interested in this line of research.We believe that China provides fertile ground for capital market research in taxation.
