| When we pay attention to and study the income tax burden of coporate,we tend to pay more attention to tax subsidy to reduce the tax burden of coporate,while ignoring the fact that coporate enjoy implicit taxation while enjoying tax benefits(Wilkie,1992;Callihan and White).,1999;Erickson and Maydew,2007).Therefore,we are paying attention to the tax burden of coporate and should examine them from a more comprehensive perspective.Not only pay attention to the explicit tax burden of coporate,but also pay attention to the implicit tax burden of coporate.The "implicit taxes" studied in this paper is a concept in economics.It is different from the actual income tax paid by coporate.In a completely competitive market,since there is no friction factor,the after-tax profit rate of all assets should be equal,so Capital inflows in the market enjoy preferential taxation industries(or regions),resulting in increased competition in the industry(or region),rising costs,increased supply of products in the industry(or region),and lower prices,due to the large number of investors entering the tax incentive industry.The part of the company's pre-tax profit reduction,which is accompanied by the tax benefit of the enterprise,is equivalent to the investor's implicitly taking part of the tax,which is called implicit taxation.In the actual economic operation,there is no absolute perfect competition market.There are many friction factors in the market.For example,the market concentration of the industry in which the enterprise is located and the market share of the enterprise will have an impact on the implicit taxation of the enterprise due to its barriers.(Callihan and White,1999).Previous studies have paid more attention to the impact of macro-level factors on the implicit taxation of coporate.Few studies have focused on the impact of corporate Political Connections on corporate implicit taxation.Chinese society is a typical relationship society,and the Political Connectionship of coporate has certain influence on the behavior of coporate and governments in Chinese society.It can obtain more resources for coporate,and such resources are difficult to obtain for coporate that have no relationship.Here,we can regard the relationship as a friction factor that affects the free flow of market capital.Therefore,the barrier effect formed by the relationship will also have an impact on the implicit taxation of the enterprise.This paper focuses on the main line of implicit taxation.From the perspective of Political Connections,it forms the five major contents of this paper.One is the existence of implicit tax burden of coporate;the other is the influence of Political Connections on the degree of implicit tax burden of coporate;The third is to study the mechanism of the impact of Political Connections on implicit taxation.The impact mechanism is examined from the opportunity of coporate to obtain tax subsidy through Political Connections before and after tax reform.Fourth,the market faced by Chinese coporate through industry regulation.The environment examines the impact mechanism of Political Connections on implicit taxation.Fifth,through the study of nine Asian countries,the extent of the existence of invisible taxation in the entire economy and the degree of influence of Political Connections in different countries affecting implicit taxation are examined.First,there is a negative correlation between tax subsidy and pre-tax profits of listed companies in China,which is consistent with implicit tax theory predictions,that is,China's listed companies bear implicit tax costs,and the existence of implicit taxation in China verifies the central government.The effectiveness of macroeconomic regulation and control of taxation policies.The higher the degree of marketization,the higher the degree of implicit taxation of coporate in the region,indicating that the higher the degree of marketization in China,the more favorable the competitive environment for coporate in the region,the less restrictive the flow of capital,the competition The friction factor of the market is relatively small,and the country's tax preferential policies have played the role of resource allocation,thus achieving the purpose of adjusting industrial policies,and verifying the efficiency of taxation policies from another aspect;the more implicit the degree of competition in regional coporate The higher the degree of taxation,the goal of adjusting industrial policies,and the efficiency of taxation policies from another perspective;the implicit taxs of high-tech coporate is relatively small compared to nonhigh-tech,and the results prove high.The technology industry itself has barriers to entry,and capital is not easy to enter.Second,the existence of corporate Political Connections can reduce its implicit taxes costs.Enterprises with Political Connections have objectively hindered the implementation goals of tax subsidy because of the political barriers.Enterprises with Political Connections can get more tax concessions.Since such tax concessions are not available to coporate without Political Connections,such tax concessions cannot be freely flowed into the preferential industries.The original purpose of the state's tax subsidy cannot be achieved.In areas with high degree of marketization,coporate with Political Connections and higher tax subsidy have higher pre-tax profits,and the degree of implicit taxation is smaller than that of coporate without Political Connections.Among coporate with high degree of monopoly in the industry,coporate with Political Connections and higher tax subsidy have higher pre-tax profits,and the degree of implicit taxation is smaller than that of coporate without Political Connections.Third,after the tax reform in 2008 put the tax concession right into the central government,the local government's intervention on tax policy was reduced.After the tax reform,the tax incentive between Chinese coporate and the pre-tax profit showed a more negative correlation,namely tax reform.Subsidiaries have a higher degree of implicit taxation.This is because after the tax reform,the preferential scope and preferential tax rate of income tax are uniformly formulated by the central government.The discretionary power of local governments for tax subsidy is severely weakened.The change and implementation of the new tax law provides competition for coporate.A more equitable environment.After the tax reform,there is a greater increase in the implicit taxation of coporate with Political Connections,that is,the offsetting effect of corporate Political Connections on implicit taxation after 2008 is weakened.That is to say,coporate with Political Connections have a greater increase in implicit taxation after tax reform,indicating that under the new policy,it is difficult for coporate to obtain exclusive tax benefits,so the benefits of tax subsidy cannot be left in the enterprise.The pre-tax profit of the company has fallen.After the tax reform in 2008,the coporate with Political Connections were significantly reduced by the implicit taxation brought about by the barriers of Political Connections in areas with high marketization,that is,the implicit taxs was significantly improved,when the listed companies were in the market.In a high degree of area, the friction factors in the market are relatively small,and the flow of funds between coporate will be relatively easy,indicating that the new tax policy has broken the market barriers caused by tax subsidy and created more fair competition for coporate.The environment has played a role in resource allocation.Fourth,the implementation of the new tax policy,it is difficult to obtain exclusive tax benefits for the relationship between coporate,so compared with coporate that do not have Political Connections,the implicit taxes increase of coporate with Political Connections after the tax reform is greater.After 2008,the offsetting effect of corporate Political Connections on implicit taxation is weakened.That is to say,coporate with Political Connections have a greater increase in implicit taxation after tax reform,indicating that under the new policy,it is difficult for coporate to obtain independence.If you enjoy tax benefits,then the benefits of tax subsidy cannot be left in the enterprise,and the pre-tax profit of the company declines.After the tax reform in 2008,coporate with Political Connections were significantly reduced by the reduction of implicit taxation brought about by political barriers in areas with high marketization.When listed companies are in a market-oriented region,the friction factors in the market are relatively small,and the flow of funds between coporate will be relatively easy,indicating that the new tax policy has broken the market barriers caused by tax subsidy for Political Connections and created for coporate.A more equitable competitive environment has played a role in resource allocation.After the tax reform in 2008,the existing non-monopoly industries in the Political Connectionship have been significantly reduced by the reduction of implicit taxation brought about by the barriers of Political Connections. Taxes have increased significantly.After the tax reform in 2008,the offsetting effect of the Political Connectionship between the non-hightech industry and the implicit tax burden was reduced.The implicit taxes cost of the non-hightech industry with Political Connections increased significantly,indicating that the new tax policy broke in the non-high-tech industry.The political barriers brought about by political concessions have played a role in resource allocation.Fifth,compared with coporate that are not in the regulated industry,the overall implicit tax burden of coporate in the regulated industry is significantly reduced.This is because administrative monopolies caused by industry regulation can also hinder the inflow of investors' funds,thus making companies in the regulated industry bear less implicit taxes.Sixth,compared with non-political coporate in non-regulated industries,the degree of offsetting the implicit political taxation of corporate Political Connections in regulated industries has increased.That is to say,coporate with Political Connections have a greater degree of implicit tax reduction in the regulatory industry,indicating that in the context of industry regulation in China,coporate with Political Connections can enter the regulated industry through industry access,due to industry regulation.The role of barriers,tax benefits can stay in the enterprise,so that companies bear less implicit taxes.Seventh,in different countries,the tax subsidy of coporate are inversely related to pre-tax profits,that is,implicit taxation exists in different degrees.The stronger the degree of political association,the smaller the implicit tax that the enterprise bears.This is because Political Connections are the friction factor in the market,and the role of barriers still exists in different countries.In addition,the economic growth rate of different economies has an impact on implicit taxation.The fast recessive taxation of countries with fast economic growth is weak.At the same time,the Political Connectionship of economic growth with faster economic growth can play its role as a barrier and reduce the hiddenness of coporate.The degree of taxation.In short,the test based on implicit taxation finds that tax subsidy can attract capital inflows and reflect government tax targets.The government's tax subsidy can improve the efficiency of resource allocation in coporate(industry),but this improvement is affected by different industries.The impact of nature.However,this improvement is affected by the nature of different industries in different regions.The conclusions of this paper indicate that in the process of perfecting the market in China,Political Connections is an important factor affecting the implicit tax burden of coporate.Not only does our country's Political Connections affect the implicit tax burden of coporate,but also in Asian countries,this article provides some evidence.The thesis enriches the literature research related to implicit taxation and Political Connections,and embodies the research innovation of this paper in the following aspects: Firstly,there is a lack of implicit tax research in China.The research in this paper enriches the implicit taxes and its influencing factors.Research literature;Second,the research in this paper may provide a new way of thinking from the perspective of implicit taxation and taxation market for the literature on tax reform.Previous literatures have examined the effectiveness of taxation policies from the perspective of explicit tax incentives;third,related literature research on rich governance and implicit taxation;and fourth,provided preliminary research on international research on implicit taxation.evidence.In addition,this article has many shortcomings.At present,foreign recessive tax research has achieved a series of results in both theoretical and empirical research.However,due to the many difficulties in implicit tax research,there is a bottleneck in quantification,and researchers need to innovate in methods. |
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