Study On The Effect Of Tax Policy Of Enterprise Merger

M&A is the main way for enterprises to expand both at home and abroad. In our country,mergers are divided into merger of general tax treatment and merger of special tax treatment according to its difference of using tax policies recorded on Caishui [2009] No.59. Some western scholars think that the M&A of general tax treatment have already paid the tax when they finished the business,so vividly described it as taxable M&A.while M&A of special tax treatment had not paid the tax yet,so they called it tax-free M&A.The writer counted the statistics recorded in China Tai’an database and find that there are 1044 enterprises had a M&A business from year 2010 to year 2015,in which As much as seventy-five percent of them using special tax treatment and the accurate number is 793 cases.Thus it is obvious that using special treatment in their M&A business has became a main trend.This article stated from the different tax treatment regulated in Caishui[2009]No.59,bring two comparable M&A cases of Lijiang Tourism and Yunnan Tourism into comparison.Conclude the different influences on the financial situation after using different tax policies by analyze the financial statement of the two enterprises,and see if there were any financial effect of tax policy.This whole text include four parts totally. The first chapter is the introduction,including the background and significance of the topic, literature review, the structure and ideas, innovations and shortcomings. The second chapter is the basic theory of M&A and policy analysis, including the pay type of M&A, relevant concept of M&A and related tax policies for enterprises M&A.This chapter is the foundation for the following writing,explained the basic concept of mergers and acquisitions, combed related laws on enterprises M&A and cleared the applicable condition of general tax treatment and special tax treatment, specific tax pay way and the time that tax obligations to fulfill. The third chapter is the case analysis,it is also the core part of this paper.Divided into case selection and financial index system building, mergers and acquisitions of introduction and the index system of financial analysis.The case selection and the construction of the index system of financial section explains the why selecting Lijiang Tourism and Yunnan Tourism as the research object and the processes of building the Index system of financial; M&A cases introduction section introduced the background and transaction details of the two cases,and then compared them in this two aspects.In Index system of financial analysis section, I compared the financial indicators of the two cases,and analyzed the change of this two enterprises in four aspects,which are profit ability, debt paying ability, operating ability and development ability.Then get to the conclusion on the influences of different tax policies after M&A by horizontal and vertical comparison.The fourth chapter is the conclusion, also it is the foothold of this paper and the analysis of further research, the third chapter has carried on the results of the analysis before,and obtained the inspiration of writing, has been clear about the next research direction.