| With the further development of social economy, we have already entered a new economic era which is taking network and Hi-Tech as the symbol. The combination of new economic and traditional industry is an irresistible trend。As far as enterprises of our country are concerned, it is inevitable to Merger&Acquisition(M&A) to catch opportunity of this era. To both of public enterprises and non-public enterprises, M&A is an important external strategy. Enterprises can carry on strategic recombination through M&A and reach their goals. Stigler, famous economist of U.S.A., says: "There are nearly no big companies of U.S.A. to have grown up by M&A to some extent. Nearly no big companies can have grown up mainly by interior expansion. " Under the socialist market economyic terms, M&A will also become the main way of growing up of Chinese enterprises. It is an effective expansion means from product management to capital management. It fully demonstrates the competitive rule of selecting the superior and eliminating the inferior under the market economic terms.Tax is one of the important costs. Since the new tax system took effect in 1994. Chinese enterprises have been sent into the fierce market competition within the tax restraint. Hence it is necessary for enterprises to take advantage of the lever of tax to reduce their tax burden as much as possible within the tax law in order to reach the largest profit after tax. How to pay taxes in accordance with the law and utilize the tax lever voluntarily to combine each link of enterprise M&A with lessening the burden of taxation to seek the greatest economic benefits has already become one of the important components of corporation finance . This is not only the right of the enterprises but also the desirability for theenterprises to win in the global competition . This thesis intends to help enterprises to renew their tax paying consciousness and to improve tax planning in their financial management. In the long run, tax planning benefits both enterprises and the government. The thesis aims to helping enterprises to upgrade the idea of paying taxes, make M&A more scientific and impel the behaviors of enterprises more rationally. The method of economic analysis is essential to economic analysis itself. Because it is a means to reach goals. A workman who wants to do his work well must sharpen his tools first. Without rational methods, it is extremely difficult to finish the study of the main thesis. Buchanan regarded economic analytical methods as a street map of economic research. The main methods in this thesis are as the following:(1) Standard analysis and case analysis are used widely in modern economic theoretical research. The former pays attention to economic objective description of course and overweight quantitative analysis;while the latter lays particular emphasis on the value judgment of the economic behavior as well as overweight qualitative analysis. (2) In the course of study, enterprise tax planning in M&A has two characteristics in two respects: distinction and generality. Applying comparative analytical method contributes to discloseing the essence, law and inherent operating mechanism of the tax planning in M&A, which will contribute to forming the theory and guide practice. (3) Systematical analyses method means to put the research objects into the system and to integrally to observe the research objects from the systematical opinion. From the opinion of systematical analyses method, enterprise's tax planning in M&A is one of the subsystems of the enterprises' financial decision system . Tax planning in M&A is decided by many interior factors of the merging enterprise and is restrained and influenced by the external environment of the enterprises so that we should put the tax planning into the enterprise's whole merging financial decision to analyze. Thus we can make andchoose the optimum tax planning. The main body of the thesis is divided into three chapters:Chapter One is about Enterprise's M&A and tax planning which is... |
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