企业实际所得税率影响因素及其稳定性研究——来自我国A股上市公司的经验证据  

Determinants of the Variability of Corporate Effective Tax Rates——Evidence of Listed Companies in China

作　　者：曹书军[1] 张婉君[2] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]重庆工商大学会计学院,重庆400067

出　　处：《财经论丛》2008年第6期30-36,共7页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(70772100)

摘　　要：本文采用中国非金融类A股1998-2004年425家上市公司合计2975个样本观察值的面板数据,应用随机效应模型,深入研究了影响企业实际所得税税率(ETR)的公司特征因素,在此基础上探讨了税收政策(《T2000》)的变动对这些因素的影响。结果表明,上市公司规模、固定资产密度与ETR没有显著性关系;财务杠杆与ETR呈显著性负相关;同时还发现过度雇佣职工会获得地方政府的税收优惠;但盈利能力与股权结构对ETR的影响受税收政策变动的影响,当上市公司普遍享受税收优惠时,它们与ETR呈显著正相关。当税收政策变动后,它们对ETR的影响不再显著,税收的中立性得到体现。Based on the panel data of listed companies in the Chinese stock-market during 1998 -2004, The paper examines the determinants of corporate effective tax rates at firm level. With the random effect model of panel data regression analysis, we estimate the association between ETR and a set of firm characteristics such as size, leverage, asset mix, profitability, ownership structure, over-employment. We find that there＇s no significant relation between ETR and firm size, negative and significant relation between leverage and over-employment for ETR according to the hypothesis. But the non-significant relation between capital intensity and ETR means that the tax policy of encouraging investment hasn＇t taken into effect. The interaction of profitability and ownership structure is not consistent, and changes in different panels with the different tax policy.

关 键 词：实际所得税税率 随机效应模型 面板数据 

分 类 号：F810.42[经济管理—财政学]