CAJ | 학술논문

文章通过对比分析中美两国公司高管股权激励所得税制度差异，发现中国的所得税规定与股权激励制度的激励效果存在冲突，主要表现为：按工资薪金所得纳税，其超额累进税制导致的高边际税率会影响股权激励效用的发挥；在行权日纳税，过重的税收负担会削弱高管实施股权激励制度的积极性，或迫使高管立即抛售股票来缴税，还容易引发高管的机会主义行为；在行权日纳税还导致股权激励收益与税基不匹配。文章针对我国股权激励税收制度中存在的问题提出相应的建议，以期为进一步完善我国上市公司股权激励税收制度提供参考。
문장통과대비분석중미량국공사고관고권격려소득세제도차이，발현중국적소득세규정여고권격려제도적격려효과존재충돌，주요표현위：안공자신금소득납세，기초액루진세제도치적고변제세솔회영향고권격려효용적발휘；재행권일납세，과중적세수부담회삭약고관실시고권격려제도적적겁성，혹박사고관립즉포수고표래격세，환용역인발고관적궤회주의행위；재행권일납세환도치고권격려수익여세기불필배。문장침대아국고권격려세수제도중존재적문제제출상응적건의，이기위진일보완선아국상시공사고권격려세수제도제공삼고。
The realization of the expected aim of equity incentive system is closely related to national tax policies. Through the comparative analysis of income tax regulations of executive equity incentives in China and USA, the paper arrives at the conclusion that there are conflicts between income tax system and equity incentive effect in China. The main conflicts are as follows： firstly, the high marginal tax rate caused by progressive tax system according to the tax category of wages and salaries will curb the equity incentive effect; secondly, paying tax on exercise day will increase executives＇ tax burden, leading to their lack of enthusiasm for implementing equity incentive system or instant selling of the exercised stock to collect money for tax-paying, and the opportunistic behavior of executives will be apt to occur; thirdly, the returns of equity incentives do not match the tax base if tax is paid on exercise day. The paper provides some suggestions about the further perfection of tax regulations of equity incentives in China.