CAJ | 학술논문

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（《他000》）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。
본문채용중국비금융류A고1998—2004년425가상시공사합계2975개양본관찰치적면판수거，응용수궤효응모형，심입연구료영향기업실제소득세세솔（ETR）적공사특정인소，재차기출상탐토료세수정책（《타000》）적변동대저사인소적영향。결과표명，상시공사규모、고정자산밀도여ETR몰유현저성관계；재무강간여ETR정현저성부상관；동시환발현과도고용직공회획득지방정부적세수우혜；단영리능력여고권결구대ETR적영향수세수정책변동적영향，당상시공사보편향수세수우혜시，타문여ETR정현저정상관。당세수정책변동후，타문대ETR적영향불재현저，세수적중립성득도체현。
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.