【作者】 李娜；

【导师】 刘朝阳；

【作者基本信息】 吉林大学 ， 税务硕士（专业学位）， 2023， 硕士

【摘要】 中国经济进入新常态发展阶段以来,宏观经济遭受“需求收缩、供给冲击和预期转弱”的三重冲击,经济下行压力加大。部分民营企业出现现金流紧张、业绩下滑、资产负债率居高不下的问题,个别企业甚至深陷债务泥沼,面临着资金链断裂的风险。流动性风险凸显的背景下,并购逐渐成为国有企业挽救困境民营企业的重要手段。近年来国家和地方政府出台了许多关于并购重组的配套优惠政策,期望发挥税收政策对于纾困的激励作用。随着纾困式并购朝着纵深化方向发展,作为影响企业并购战略与投资决策的税收协同效应理应得到充分的重视和研究。本文主要研究国有企业纾困民营企业背景下的并购活动能否使双方企业获得税收协同效应,以及获得多少税收协同效应。首先,本文在概述利益相关者理论、M-M理论和税收协同效应理论的基础上,证实研究并购税收协同效应的合理性;其次,对企业并购涉税政策进行梳理,论述国有企业纾困式并购民营企业发展现状,提出当前国有企业纾困式并购民营企业存在纾困数量不足、忽视税收协同效应和并购税收政策适用门槛较高的问题;再次,对国有企业纾困式并购的税收协同效应机理进行分析,明确研究并购税收协同效应的必要性,并对并购前后的税收协同效应机理进行分类阐释,证明税收协同效应的可实现性;最后,本文以国有企业纾困民营企业的并购案例为研究对象,对双方企业在并购前后一年的税收效应边际变化进行分析,探讨纾困式并购对双方企业税收协同效应的影响。本文在前人研究的基础上,结合国有企业纾困式并购民营企业的整体态势,以实际案例的财务数据为基础,探讨并购双方税收协同效应的变化效果。研究得出以下结论:国有企业基于纾困背景救助民营企业,能够获得所得税协同、流转税协同和整体的税收协同效应,实现税收节约;基于并购中承担不同角色的视角,并购双方税收协同效应的获得情况存在着差异,作为并购方和救助方的国有企业获得的税收协同效应优于作为被并购方和纾困方的民营企业;并购双方在并购后不论实际所得税税率是否下降,衡量所得税协同的指标中至少有一项发生正向变动,获得这一方面的税收协同效应;并购双方所得税协同效应的获得情况并不一致,在同一案例中,并购方国有企业获得所得税协同效应的指标更为多样。并据此提出,从政府层面降低纾困式并购相关税收政策的适用门槛、优化纾困式并购税收优惠方式;针对企业自身,提出要将税收协同效应纳入并购决策、充分利用并购的税收优惠政策和强化并购后税收资源整合的建议,对国有企业开展纾困式并购重组的活动具有一定的参考意义。更多还原

【Abstract】 Since China’s economy entered the new normal stage of development,the macro economy has suffered from the triple shocks of "demand contraction,supply shock and weakening expectations",and the downward pressure on the economy has increased.Some private enterprises have problems such as tight cash flow,declining performance and high asset-liability ratio.Some enterprises even fall into debt quagmire and face the risk of capital chain rupture.Under the background of prominent liquidity risks,M&A has gradually become an important means for state-owned enterprises to save private enterprises in difficulties.In recent years,the national and local governments have issued many supporting preferential policies on mergers and acquisitions,hoping to play the incentive role of tax policy on rescue.With the development of bailed-out M&A in the direction of vertical deepening,the tax synergy effect,as an influence on M&A strategy and investment decision,deserves full attention and research.This thesis mainly studies whether the merger and acquisition activities under the background of state-owned enterprises bailing out private enterprises can obtain tax synergy effect,and how much tax synergy effect can be obtained.Firstly,based on the overview of stakeholder theory,M-M theory and tax synergy theory,this thesis confirms the rationality of studying the tax synergy effect of M&A.Secondly,this paper sorts out the tax-related policies of M&A,discusses the development status of stateowned enterprises’ bail-out M&A of private enterprises,and puts forward the problems of insufficient bail-out number,ignoring tax synergy effect and high threshold of tax policy application of M&A.Thirdly,the tax synergy mechanism of state-owned enterprises in bailout M&A is analyzed,the necessity of tax synergy of M&A is clarified,and the tax synergy mechanism before and after M&A is classified and explained,so as to prove the realizability of tax synergy.Finally,this paper analyzes the marginal changes of tax effects of the two enterprises in the year before and after the merger by state-owned enterprises taking the case of the M&A of state-owned enterprises as the research object,and discusses the impact of the bailout M&A on the tax synergy effect of the two enterprises.On the basis of previous research,this thesis combines the overall situation of state-owned enterprises’ bail-out merger and acquisition of private enterprises,and explores the changing effect of tax synergy between the two sides of merger and acquisition based on the financial data of actual cases.The study draws the following conclusions: state-owned enterprises can obtain income tax synergy,turnover tax synergy and overall tax synergy by bailing out private enterprises based on the background of bailing out,and realize tax savings;From the perspective of different roles in M&A,the tax synergies obtained by state-owned enterprises as the acquirer and the rescuer are better than those obtained by private enterprises as the acquirer and the rescuer.;No matter whether the actual income tax rate decreases or not,at least one of the indicators measuring income tax synergy changes positively after the merger and acquisition,so as to obtain the tax synergy effect in this aspect;In the same case,the indicators of income tax synergy obtained by the acquirer’s state-owned enterprises are more diverse.Accordingly,it is proposed to lower the threshold for the application of tax policies related to bailout mergers and acquisitions from the government level,and optimize the tax incentives for bailout mergers and acquisitions;For enterprises themselves,this paper puts forward some suggestions to incorporate tax synergy effect into M&A decision-making,make full use of preferential tax policies for M&A and strengthen the integration of tax resources after M&A,which has certain reference significance for state-owned enterprises to carry out bail-out M&A decision-making.更多还原