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Research on Industrial Structure Effect and Tax Regulation of M&A

Author: WangQingJian
Tutor: ZhangQiuSheng
School: Beijing Jiaotong University
Course: Accounting
Keywords: Merger and Acquisition Industrial Restructuring Tax Regulation
CLC: F271
Type: PhD thesis
Year: 2014
Downloads: 175
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Abstract


Mergers and acquisitions (M&A) is an important way of business expansion, and also a usual method for enterprises to transfer from declining industries to new industries. Under the circumstances of global competition integration, industrial integration has become the theme of M&A. Adjusting the scale and enchancing the core competence of enterprises are the internal driving force of M&A. Therefore, by accelerating the flow of resources and improving the efficiency of resource allocation, M&A is an effective way to achieve the goal of adjusting and upgrading industrial structure. Tax policy, as an important tool for national macro-economic regulation, will affect the company’s pre-tax and after-tax cash flow, and thus exert influence on M&A decisions. Tax effect, especially tax relief policy, has always been considered in M&A decisions. It is also indispensable for the smooth operation of M&A market.Using the provincial panel data from2003to2010, we evaluate the rationalization and advanced process of industrial structure for30provinces. Many problems are found in China’s industrial structure. Empirical test of the relationship between M&A and industrial structure adjustment shows us that:whether the number of corporate M&A, or the scale of corporate M&A, they all will help to promote the rationalization and advanced process of industrial structure.The relationship between M&A, industrial structure adjustment, and tax Regulation can be mainly attributed to:from the point of industrial structure adjustment and stable economic growth, government determines to focus on the development of industries with good prospects and implements tax policy that is conducive to M&A. Tax policy will affect firms’costs and benefits during M&A, which will reduce the acquisition cost and improve the benefits of M&A. By this, it will encourage firms to participate in M&A and shift resources to industrials that have good prospects. Ultimately, we can achieve the macro objective of industrial structure adjustment.In this relationship, it begins from the macro-economic development goals, industrial structure adjustment. Through the implement of some macroeconomic policies, especially tax policies, microscopic behaviors of enterprises are affected. Further, the adjustment of firms’ microscopic behavior will help to achieve the macro-economic development goals. This constitutes a virtuous cycle.The tax policy of M&A should be on the basis of industry development, formulating "industry directory of tax-control for M&A" and implementing different tax policies for different industries. Through different types of taxes, taking the role of income tax, value added tax, consumption tax, business tax and resource tax, the regulatory role of tax policy on M&A will be better played. Besides, some benefit-sharing mechanisms are needed between the local government are needed for cross-regional M&A.Case studies of Youku’s acquisition of Tudou and Lenovo’s acquisition of IBM-PC, further validate the important impact of the tax on corporate mergers and acquisitions, as well as the significance of the industrial transformation of enterprises through mergers and acquisitions.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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