财税政策、产权性质与文化企业并购行为研究

发布时间：2018-02-15 08:47

本文关键词： 文化企业财税政策产权性质产业整合并购跨区域并购　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国"十二五"规划纲要中提出"繁荣发展文化事业和文化产业"的要求,但是,长期以来我国文化产业面临着市场集中度差、整体实力弱的问题,再加上互联网时代的到来使得文化产业升级需求增加。通过并购,企业可以扩大自有优势或者进入新领域,对于改变我国文化企业业务单一、抗风险能力差的弱点以及构建国内大型文化集团将会产生很好的促进作用。为此,近年来财政部等部委相继出台了一系列财税政策来支持文化产业的发展,主要包括增加财政支出和提供税收优惠两个方面。但是,国家财税政策的出台和施行对文化企业并购带来的直接影响还值得验证。在文献述评和理论分析的基础上,本文筛选出2010-2015年间宣告并购的文化类上市公司的样本,进行了实证检验,以此来评价"十二五"期间财税政策对文化企业产业整合并购和跨区域并购行为的影响。首先,本文探究了地方宏观财政与税收对文化企业并购行为的影响。实证研究发现各地政府对文化产业的财政扶持政策如期促成了产业整合的发生,但却抑制了资本跨区域流动。同时,文化企业所处地税负水平较高会刺激其实施并购,此时,企业更愿意选择跨区域并购,以此来降低税负。其次,本文以微观政府补助与实际税率对宏观数据进行了补充,研究发现在国有企业中虽然财税政策能刺激其实施产业整合并购,但直接进行政府补助的方式反而会抑制并购的发生。另外,国有企业在其自身实际税负低时并购意愿会更强。再次,本文对"国企"和"民企"样本进行了分组检验,研究发现地方财政对产业整合并购发生的刺激作用在国有企业中更明显,但是,国有性质抑制了财政区域竞争下跨区域并购行为的发生,却能促进税负竞争下跨区域并购行为的发生。为此,本文也提出了如下建议:一是从中央政策层面,首先应承认财税区域竞争存在的价值;其次,应采取基建、信贷、降税负等其他财税政策来促进文化产业健康发展,而减少直接政府补助的方式。二是从地方政策层面,财政投入及降低税负等措施能刺激当地文化企业并购及减少资本流出。
[Abstract]:In the outline of the 12th Five-Year Plan of our country, the requirement of "prospering and developing cultural undertakings and industries" has been put forward. However, for a long time, China's cultural industry has been faced with the problem of poor market concentration and weak overall strength. In addition, the advent of the Internet era has increased the demand for the upgrading of the cultural industry. Through mergers and acquisitions, enterprises can expand their own advantages or enter new fields. The weakness of poor ability to resist risks and the construction of large cultural blocs in China will have a good promoting effect. Therefore, in recent years, the Ministry of Finance and other ministries have issued a series of fiscal and taxation policies to support the development of the cultural industry. It mainly includes two aspects: increasing fiscal expenditure and providing tax preference. However, the direct impact of the introduction and implementation of the national fiscal and taxation policy on the mergers and acquisitions of cultural enterprises is worth verifying. On the basis of literature review and theoretical analysis, This paper selects samples of cultural listed companies that announced mergers and acquisitions in 2010-2015, and carries out an empirical test to evaluate the impact of fiscal and taxation policies on industrial integration and cross-regional mergers and acquisitions of cultural enterprises during the 12th Five-Year Plan period. First of all, This paper explores the impact of local macro finance and taxation on the merger and acquisition of cultural enterprises. At the same time, the higher tax burden of cultural enterprises will stimulate them to carry out mergers and acquisitions. At this time, enterprises are more willing to choose cross-regional mergers and acquisitions in order to reduce the tax burden. This paper supplements the macro data with micro government subsidies and actual tax rates, and finds out that although fiscal and taxation policies can stimulate the implementation of industrial integration mergers and acquisitions in state-owned enterprises, In addition, state-owned enterprises will be more willing to acquire when their actual tax burden is low. Thirdly, this paper conducts a grouping test on the samples of "state-owned enterprises" and "private enterprises". It is found that the stimulating effect of local finance on industrial integration and merger is more obvious in state-owned enterprises, but the nature of state-owned has restrained the occurrence of cross-regional M & A under financial regional competition. Therefore, this paper also puts forward the following suggestions: first, the value of fiscal and tax regional competition should be recognized at the central policy level; secondly, capital construction and credit should be adopted. Other fiscal and tax policies, such as reducing tax burden, can promote the healthy development of cultural industry, and reduce the direct government subsidy. Second, from the local policy level, financial input and tax reduction can stimulate local cultural enterprises to merge and reduce the outflow of capital.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F812.0;F271;F275;G124

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