A Study On The Tax Burden Of MAR Of Listed Companies In China

Merger,Acquisition and Reorganization(MAR),as a very important event in the capital market,has a very important influence on the growth and development of enterprises.Tax policy for MAR support has always been the focus of attention.Some studies have shown that tax policy as an important factor for consideration,the merger and reorganization of enterprises has a very important decision-making.In response to this question,most of the existing literature at home and abroad focuses on the impact of mergers and acquisitions on the company's operating performance,and seldom pay attention to the impact of mergers and acquisitions on the tax burden of all parties involved in the mergers and acquisitions.Based on domestic and foreign literatures,this paper builds a panel based on the tax synergy effect,using the corporate tax burden as dependent variable,whether mergers and acquisitions take place as independent variable,and the financial characteristics of companies that affect the tax burden as control variables Fixed effect model.At the same time,Heckman two-stage selection model and PSM matching analysis are used to examine the relationship between M&A and corporate tax burden.The result of the research shows that after the merger and reorganization,the buyer's tax burden will rise,the seller is not sure and the overall tax burden will rise.In addition,taking into account the robustness of the results,the robustness test was conducted by changing the explained metric and changing the PSM matching method.In addition,the corresponding policy recommendations and research prospects are put forward according to the conclusion of the thesis.