Research of influences of taxation on organizational form

自2005年以来，日本相继引入了多种经营实体组织形式。从税收角度看，企业实体的合法组织形式可以分为四类：投资者应收股利直接缴纳股利抵扣组织、投资者应收股利纳税的股利抵扣组织、投资者缴纳应收股利税款的股利抵扣组织、投资者缴纳应收股利税款的股利抵扣组织和公司制。我比较了这些组织形式的税后现金流，结果表明，立即强加给投资者的透彻组织，例如合伙企业，并不总是具有税收优势。税后现金流受到两个因素的影响：投资者是以股息或资本利得的形式获得实体收入，投资者持有股票的时间长短。当投资者获得实体收益作为资本利得时，直接对投资者施加的过关机构的税收优惠会变得更低，因为通常资本利得税的税率低于股息的税率。投资者持有股票的时间越长，公司的税收优惠就越大，因为投资者可以在投资者层面上享受递延纳税的好处。例如，在日本现行税率表下，当投资者持有股票超过30年，股息率为1%时，公司形式比合伙形式更有税收优惠。这一结果表明，从实体目的的角度来看，我们不仅要考虑公司形式或公司形式，还应该考虑投资期限、实体向投资者转移的种类以及其他非税收因素，如公司治理的灵活性、投资者的负债、融资成本等。

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.