【作者】 李继萍；

【导师】 耿志民；

【作者基本信息】 郑州大学 ， 工商管理， 2010， 硕士

【摘要】 并购是企业实现规模扩张、增加生产能力、提高利润最快捷的方法,但企业并购同时也蕴涵了潜在的财务风险、人员风险、管理风险。企业进行并购决策时,首先考虑并购目的,其实需考虑融资支付风险,以及财务税收负担,其中税收负担是并购企业必须考虑的,并购重组行为对企业税负的影响,有时会成为企业并购的直接原因。目前新会计准则,新企业所得税法,新营业税条例,新增值税条例刚刚推行,在新税制环境下,企业并购中的税负问题产生新的变化,需要提示并购企业注意。特别是原《国家税务总局关于企业股权投资业务若干所得税问题的通知》(国税发[2000]118号)文件的废止,新《关于企业重组业务企业所得税处理若干问题的通知》(财税[2009]59号)文件的实施,对企业并购的税收负担产生重大影响。企业选择何种并购方案才能确保税负最低,应当遵从不触犯税法、事前周密筹划、具体问题具体分析、纳税筹划成本最小的基本原则。本文从并购企业的角度出发,结合并购步骤,实际分析了不同并购方式(包括横项并购、纵项并购、混合并购)、不同并购支付方式(包括现金支付方式、股票支付方式、债权债务承接式)对并购的税负影响。并购方案分析与现行税收政策结合紧密,具有一定的时效性与指导意义。本文剖析了河南九冶并购九冶重工的实际案例。通过介绍并购背景,提出并购流程,根据尽职调查结果,提出并购方案,通过对不同并购方案的税负比对,明确不同的并购方式、并购支付方式对企业并购税负的实际影响。通过对案例的解析,为企业并购的实际操作提供参考。更多还原

【Abstract】 Mergers and acquisitions (M&A) is the most direct way for companies to achieve rapid expansion, increase productivity, boost profit, but it also includes financial risk, personnel risk, management risk. To make a merger or an acquisition decision, in addition to the achievement, the main considerations are financing risk, payment risk and financial tax risk. Among these,tax issue is especially important. In some cases,the impact on corporation tax burden could be the direct reason for a merger or an acquisition.The new accounting standards, the new enterprise income tax law, the new business tax regulations,the new value-added tax regulations have just launched.Under these new settings, there are some changes on corporation tax burden in M&A process which should be paid attention to,especially the significant changes caused by the abolishment of State Administration of Taxation on corporate equity investment business of the Income Tax Issues and the implementation of Business Enterprise Income Tax:on corporate restructuring a number of issues of notice.When arranging the M&A transaction,while minimizing the corporate tax burden,one should obey the follow principles:no violation of tax laws, careful advanced planning,analyzing specific issues, tax planning of minimum cost. This thesis, from the perspective of acquirers, has analized the impact on corporation tax burden caused by various M&A methods (including cross-item M&A, vertical M&A, mixed M&A) and different choices of payment ways (including the cash payment, stock payment, credit and debt carry-type).The analysis of M&A cases is closely combined with the existing tax policy,which is practical and effective.This thesis provides the Henan Jiuye vs.Jiuye Heavy Industry M&A case, which introduces the background and M&A process of the case. With consideration of M&A methods,timing, payment ways and other aspects, various M&A plans are proposed. Through comparing the corporation tax burden caused by different M&A plans, it demonstrates corresponding impacts of various M&A methods and payment ways on corporation tax.Such analysis of the case has reference value for a merger or an acquisition.更多还原