The tax burden of listed companies in China

Autor:	Der-Fen Huang, Ko-Wei Gao, Ni-Yun Chen
Rok vydání:	2013
Předmět:	Finance Economics and Econometrics Double taxation business.industry Monetary economics Tax reform Value-added tax Ad valorem tax Tax credit Deferred tax Economics State income tax business Indirect tax
Zdroj:	Applied Financial Economics. 23:1169-1183
ISSN:	1466-4305 0960-3107
DOI:	10.1080/09603107.2013.786163
Popis:	This study examines factors affecting effective tax rates (ETRs) in China, using firms trading in the Shanghai and Shenzhen stock exchange markets from 1999 to 2008, and documents four key determinants, including (i) firm-specific attributes, (ii) ownership structure, (iii) industry upgrading and (iv) tax reforms in the form of cutting tax incentives. Consistent with prior findings, ETRs are positively related to firm size, as suggested by the political cost theory. Moreover, the relation between ETRs and financial leverage is nonlinear. ETRs are negatively related to financial leverage, but this relation becomes less negative as leverage keeps increasing. ETRs are also positively related to inventory intensity. On the other hand, ETRs are negatively related to the percentage of shares held by foreign stockholders. In addition, lower ETRs are found in high-tech industries which have been deemed more valuable by the government, and therefore receive more tax incentives. Finally, ETRs have increased followi...
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::cb1c67e79164c89c252c38f3e928dd54 https://doi.org/10.1080/09603107.2013.786163 Zobrazit plný text záznamu