Research On The Tax Policy Of Enterprise Merger And Acquisition In China

In our country，Merger and acquisition of enterprises is not unfamiliar topic.Since20years ago, the first merger case take place in Hebei Baoding, M&A hasbecome one of the hot topics in Chinese enterprises. In November11,2011, TheChina Petrochemical Corp with$5180000000acquisition of Galp energy, Portugalleft a deep imprint in the Chinese history of M&A. In recent years, the scale andquantity of merger and acquisition in China are showing rapid upward trend, in2012China M&A market transaction for$307790000000, an increasing of37%over2011,the highest value nearly6years. Facing the warming of the mergers and acquisitions,as an important lever, tax policy should play its guiding role.In the system of socialist market economy, as an effective means, corporatemergers and acquisitions plays an important role in adjusting the industrial structure,and optimizing the allocation of resources, therefore, M&A is to implement the"Twelfth Five-Year Plan", and M&A has the important way of improving industrialconcentration and development international recognition. In foreign mergers andacquisitions, any changes in tax policy will have an impact on mergers andacquisitions, so the developed countries study the enterprise M&A tax policythoroughly, and set reasonable tax policy to promote the enterprise’s M&A. While inour country, due to the short history of mergers and acquisitions, the M&A marketdevelopment is slow, the tax policy of our country enterprise mergers and acquisitionsare not completed, there is insufficient. Therefore, the research on corporate M&Atax policy has very important theoretical and practical significance.First of all, this paper defines the concept of enterprise merger and acquisition,and introduced the classification of enterprise M&A. At the same time, the theory ofenterprise merger and acquisition is introduced thoroughly, the relationship of M&Aand tax policy, and on the basis of the analysis, and then elaborates the principle of M&A.Secondly, this paper analyzes the policy evolution and the present situation ofChinese enterprise restructuring, And through empirical research, that Chineseenterprise M&A tax policy guidance for mergers and acquisitions behavior was notsignificant, on this basis, compared with the developed countries about M&A tax policy, concluded that lack of M&A tax policy in our country.Finally, on the basis of the above theoretical and practice analysis, this paper putforward tax policy countermeasures and suggestions on perfecting the M&A, tofurther perfect the relevant laws and regulations.