税收优惠对文化资本配置的影响——基于文化企业并购视角的研究  

The Impact of Tax Preference on Cultural Capital Allocation——From the Perspective of Mergers and Acquisitions of Cultural Enterprises

作　　者：刘慧凤[1] Liu Huifeng(School of Management, Shandong University, Jinan 250100, P.R.China)

机构地区：[1]山东大学管理学院

出　　处：《山东大学学报（哲学社会科学版）》2019年第3期44-57,共14页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：山东省人文社科重点项目"财税政策激励情境下文化企业并购行为的选择与资源配置效率研究"(15BGLJ05)

摘　　要：为了促进文化产业的发展,中央和地方政府出台了系列税收优惠政策。文化企业享受的税收优惠不仅有来自文化产业多税种的制度优惠,还有来自地方政府的税收返还。税收优惠政策客观上形成了文化企业政策环境的行业比较优势与区域差异,这种税收优惠上的差异化格局为文化企业通过并购进行资源整合和制度套利提供了机会。已有聚焦于所得税政策优惠与企业并购相关性的研究成果尚未客观反映税收政策的激励效果。以2011■2016年文化企业上市公司数据为样本研究发现:税收优惠能促发文化企业并购行为,并购后企业税负显著下降,财务业绩(ROE)得到提升;税收优惠也能促发跨行业并购,跨行业并购后企业税负虽然没有显著降低,但通过业务多元化分工协作,能够显著提高企业财务业绩;但税收优惠抑制了文化企业跨地区并购,跨地区并购能显著降低企业并购后税负,但未能显著提升财务业绩。企业产权性质、多元化程度和区域环境影响税收优惠政策的激励效果。The differential pattern of tax preference provides opportunities for cultural enterprises to integrate resources and arbitrage through M&A. This paper is to test whether and how preferential tax policies influence on the M&A behavior of Chinese listed cultural companies from 2011 2016.The results show that tax preferential level is significantly and positively related to M&A of cultural companies. After the M&A, the corporate tax burden decreases significantly, and ROE improves. The tax preferential policies are significantly incentive to cross-industry M&A, which is more obvious in the state-owned enterprises than in the private enterprises. Cross-industry M&A do not reduce the tax burdens, but improve ROE. However, tax policies inhibit the occurrence of cross-regional M&A and this phenomenon is more obvious in the private enterprises. Cross-regional M&A can significantly reduce the tax burden, but do not improve ROE. The property of listed cultural companies, degree of diversification and business environments influence the tax incentives on M&A of cultural companies.

关 键 词：文化企业 税收优惠 跨地区并购 跨行业并购 资本配置效果 

分 类 号：F271[经济管理—企业管理]