【作者】 张婷婷；

【导师】 丛中笑；

【作者基本信息】 吉林大学 ， 经济法学， 2012， 硕士

【摘要】 资本弱化是指企业通过改变资本结构，使债权性资本不合理的高于权益性资本，以达到规避纳税义务目的的行为。通过资本弱化方式进行避税有着深刻的理论基础，从经济学上讲，包括企业追求经济利润最大化的本质、债权性资本增加会使企业价值增大的资本结构理论以及相关的企业会计制度设计原因；从法学上讲，减少企业的应纳税额与降低企业破产风险是推动企业利用资本弱化方式进行避税的两大动力，其中纳税因素最为关键；从其他角度考虑，主要包括资本弱化可以降低企业经营的非税成本、经营风险以及增强资金的流动性，也有的企业通过弱化资本的方式进行融资实属一种不得已的选择。因资本弱化严重侵害了国家税收权力，同时亦对企业的经营权、竞争权，债权人的债权请求权，股东的利润分配请求权以及劳动者的报酬权等诸多权利都进行了侵犯，所以，税法对资本弱化进行规制是非常必要的，对资本弱化进行规制是充分建立在量能课税原则、实质课税原则与税收中性原则的法理基础之上的。在规制资本弱化的过程中，规则的适用主体、适用范围、适用方式以及适用结果是非常值得探讨的几个方面。从适用主体角度讲，为了防止资本弱化的规制范围过宽，故应将主体限定为关联方之间。至于关联关系的认定标准，应结合各国的具体国情来分别确定。就我国而言，现行法律分别从持股份额标准、人身关系标准与其他标准三方面来进行详尽的规定，但学者多认为我国现行标准过严，不利于企业正常经营活动的进行。关于关联方的具体范围，大多数国家已由非居民投资者扩大至所有的投资者，不再区别对待居民投资者与非居民投资者。从适用范围角度讲，对债权性投资与权益性投资限定的不同将直接反映国家对资本弱化避税规制力度的强弱。债权性投资是指贷款方向企业出借资金，定期收取利息，到期回收本金的一种投资方式。其外延不仅包括常规意义上的中长期贷款、发行的债券，还应包括关联方担保的债权性投资、背靠背贷款、在租赁物的最终所有权归属于承租人且双方存在关联关系情况下的融资租赁产生的应付款项等，但排除了无息贷款与短期贷款。权益性投资是指投资人以拥有企业净资产份额并参与企业经营决策、享有利润分配请求权等权利为目的而进行的投资。权益性投资通常包括股本、公积金、准备金以及结转的收益等，混合融资工具以及短期股权也应依据实质课税原则而划入权益性投资的范畴当中。从适用方式角度讲，主要包括正常交易法、固定比例法与利润剥离法。多数国家选择正常交易法与固定比例法同时使用的方式。在固定比例法下，各国对债权性投资、权益性投资以及具体比例的计算方法也不尽相同。同时，具体比例数值的确定也反映了各国对资本弱化避税规制的宽严程度。从适用结果角度讲，未按正常交易原则进行的债权性投资以及超过法定债资比例的债权性投资所产生的利息不得在计算应纳税所得额时扣除。该适用结果在各国已基本达成一致，但对该部分利息的定性却没有统一的结论。在国际税法范畴中，为了防止对税收权力的分配产生分歧，各国多通过税收协定的方式对该部分利息的性质做出明确的规定；但在国内法领域，各国却规定不一，导致在适用中，尤其对跨国贸易而言，较易产生争议。就我国国内税法而言，我国将相关主体划分为“实际税负高于企业的境内关联方”和“境外关联方”，遗漏了实际税负不高于企业的境内关联方的情况，且严重地违反了税法的非歧视原则，因而成为我国税收立法上的有待完善之处。更多还原

【Abstract】 The definition of thin capitalization is that it is a behavior which aims at taxavoidance by changing the capital structure of the corporation which leads tocreditor’s investment is much higher than shareholder’s investment without any goodreason. There are several theory bases for tax avoidance by thin capitalization. Fromthe view of economics, it includes the essence of corporation which is seekingprofits, the theory of capital structure that the increase of creditor’s investmentmeans the increase of the corporation’s value and the reason of the related design ofcorporation’s institution of accounting. From the view of law, reducing thecorporation’s amount of payable tax and the risk of bankruptcy are the motives of taxavoidance by thin capitalization, and the tax reason is the key point. From the viewof others, it mostly includes that thin capitalization can reduce the cost of theoperation which excludes tax cost, the risk of operation and strengthen the fluidity ofthe capital, and there are some other corporations which have to weaken the capitalbecause of no choice.Thin capitalization does great damage to country’s taxing power, corporation’soperation right and competition right, creditor’s right, shareholder’s right,employee’s right and so on. So, it is necessary to regulate thin capitalization. The taxlaw’s regulation of thin capitalization is based on the principle of ability-to-pay, theprinciple of material imposition and the principle of tax neutrality.In the course of regulating thin capitalization, the subject of the appliance, therange of the appliance, the method of the appliance and the result of the applianceare the aspects which are deserved to be discussed deeply.From the angle of subject, in order to avoid a wide regulation scope, we shouldlimit it in related sides. And we should draw up a proper standard for relatedrelationship according to different national conditions. Laws in our country have setthree standards which are the percent of stock, the relationship of the people and other standards on it. But most people think the standard is too strict for thetaxpayers, and it is not good for corporation’s operation. Concerning the scope ofrelated sides, most countries have already expanded it from foreign investors to allinvestors. They do not treat domestic investors and foreign investors differently.From the angle of range, the different limitation of creditor’s investment andshareholder’s investment means the dynamics of regulation. The definition ofcreditor’s investment is that the loaner lends money to the corporation, and getsinterest regularly, and gets capital back at last. It not only includes mid-term andlong-term loans and bonds, but also includes the creditor’s investment which isguaranteed by related sides, back-to-back loans, the payable fund of financial leasingin the situation that the ownership of the lease belongs to the lessee and the subjectsare related and so on, but it excludes interest-free loans and short-term loans. Thedefinition of shareholder’s investment is that it is a kind of investment which aims atpossessing the corporation’s net assets, taking part in corporation’s operationstrategy and having the right of profit distribution. It usually includes capital stock,accumulation fund, reserve, carry-over income and so on. According to the principleof material imposition, hybrid financing instruments and short-term equity should beincluded too.From the angle of method, it comprises arm’s length approach, fixes ratioapproach and profit stripping approach. Most countries use the first two approachestogether. In fixes ratio approach, countries use different methods to calculatecreditor’s investment, shareholder’s investment and the specific ratio. At the sametime, the specific ratio reflects the dynamics of regulation.From the angle of result, the interest is not deductible when it is not investedconforming to arm’s length principle or the ratio of creditor’s investment is muchmore than the statutory ratio. Most countries agree with that, but they haven’t drawna final conclusion on the nature of the surpassed interest. In international tax law’scategory, in order to avoid divergence of taxing power’s distribution, most countriesmake a clear rule on the nature of the surpassed interest in the tax convention. Whilein the domestic law’s category, countries regulate differently, and this leads to adivergence when it is carried out, especially in international trade. In China’s tax law, the subject is divided into two parts. One is domestic related sides whose tax burdenis higher than the corporation’s, and the other one is foreign related sides. It is easyto see that the situation of domestic related sides whose tax burden is not higher thanthe corporation’s is missing. At the same time, this classification violates theprinciple of discrimination, so it is the part we should improve.更多还原