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Research of influences of taxation on organizational form

税收对组织形态的影响研究

基本信息

批准号：
17530339
负责人：
SUZUKI Kazumi
金额：
$ 1.12万
依托单位：
Kobe University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2005
资助国家：
日本
起止时间：
2005 至 2007
项目状态：
已结题

项目摘要

Since 2005, many kinds of organizational forms of business entities have been introduced in Japan. It should be considered which legal organizational form maximizes after-tax cash flow for the investors when the investors choose a legal form of a business entity.The legal organizational forms of business entities can be classified into four categories from the view point of taxation: pass-thorough organization immediately imposed on investors, dividend-deductible organization where the investors pay taxes on dividends receivable, pass-thorough organization where the investors pay taxes on dividends receivable, and corporation. I compare the after-tax cash flow among these organizational forms.The results show that pass-thorough organizations immediately imposed on investors, partnerships for example, do not always have advantage of taxation. The after-tax cash flow is influenced by two factors: whether the investors get income of the entity as dividends or as capital gains, and how long the investors hold the equities. When investors get income of entity as capital gains, the tax advantage of pass-thorough organizations immediately imposed on investors get lower because in usual tax rate of capital gains is lower than tax rate applied to dividends. As long the investors hold the equities, the more the tax advantage of corporation because the investors can get the benefit of deferred tax at investor-level. For example, the corporation form is more tax advantageous than partnership form when investors hold the equities for longer than thirty years with dividend yield of 1% under current tax rate schedules in Japan.These results implies that we should consider not only pass-thorough or corporation forms but also term of investment, kinds of transfer from entity to investor, and other non-tax factors, such as flexibility of corporate governance, liabilities of investors, financing costs, and etc from the view point of the purposes of entity.

2005年以来，日本引进了多种企业实体的组织形式。投资者在选择企业实体的法律形式时，应考虑哪种法律组织形式能使投资者的税后现金流量最大化。从税收的角度来看，企业法人的法定组织形式可以分为四类：对投资者立即征收的直通组织、投资者对应收股息纳税的可抵扣股息的组织、投资者对应收股息纳税的直通组织和公司。我比较了这些组织形式的税后现金流量。研究结果表明，直接强加给投资者的“彻底通过”组织（例如合伙企业）并不总是具有税收优势。税后现金流受两个因素的影响：投资者从企业获得的收入是股息还是资本利得，以及投资者持有股票的时间长短。当投资者以资本利得的形式获得实体收入时，由于资本利得的税率通常低于股息税率，因此投资者立即享受到的通过机构的税收优惠就会降低。只要投资者持有股票，公司的税收优势就越大，因为投资者可以在投资者层面上获得递延税的好处。例如，在日本现行税率下，当投资者持有股票超过30年且股息收益率为1%时，公司形式比合伙形式更具有税收优势。这些结果表明，我们不仅要从实体目的的角度考虑通过或公司形式，还要考虑投资期限、从实体到投资者的转移方式以及其他非税因素，如公司治理的灵活性、投资者的负债、融资成本等。