企业集团的内部资本配置，犹如“黑匣子”一般，理论界和实务界都极力揭示。税收，作为决定资本回报的重要因素，会如何影响其运行呢？囿于国外同一税收管辖权内名义税率差异较小以及合并纳税等原因，以往该问题的经验研究大多基于跨国企业集团展开，无疑这会对结论的可靠性和一般化形成挑战。中国在经济转轨过程中实施的税收优惠政策，以及对合并纳税的严格限制，使得集团境内各公司的名义税率也可能存在较大差异，为研究上述问题提供了绝佳的场景。鉴于此，基于中国资本市场“双重披露制”提供的数据，本项目拟探究税收激励下，企业集团母、子公司税率关系模式对内部资本配置（利润转移、对外债务安排、投资集权程度、子公司利润分回、现金分布等）及其经济后果的影响。预期成果不仅能够从新的角度揭示中国企业集团的运作规律，为发展本土化理论做出贡献，而且能够弥补已有国内外文献的不足。此外，也对企业集团的管理实践和税务部门的反避税工作具有启示意义。

The internal capital allocation of business group is like a “black box”. Both theorists and practitioners try to reveal it. Since tax is an important factor in determining capital return, does tax affect the operation of internal capital allocation of business group? Due to the fact that it does not provide much variation in nominal tax rates, and consolidated tax reporting system is allowed in the same tax jurisdiction, most of the previous research on this issue is carried out for multinational business groups. This will undoubtedly challenge the reliability and generalization of the conclusions. The preferential tax policy implemented in China during the economic transition, and the strict limits on consolidated tax reporting, make it possible for domestic business groups to have large differences in their nominal tax rates. This phenomenon provides a unique setting to study above issue. In view of this, by utilizing the information under China’s "dual disclosure system", this paper intends to study the impact of the tax relationship between parent and subsidiaries on business group’s internal capital allocation (i.e., income shifting, external debt arrangements, investment centralization, subsidiaries’ dividend payments, and cash distribution) and its economic consequences under tax incentive. The expected results could not only reveal the operating rules of Chinese business groups, contributing to the development of localized theory, but also, to some extent, make up for the lack of domestic and foreign literature. In addition, the results could also provide ideas for the management practice of the business groups and the anti-tax avoidance activities of tax authorities.