摘要
2008年全球性金融危机爆发后,随着“金融交易税”、“金融稳定贡献税”、“金融活动税”、“银行税”、“银行家红利税”等一系列税收政策的提出,金融业税收政策正成为当前全球税收界最关注的课题之一。在我国,随着经济货币化、金融化程度的不断加深,我国经济也受到了诸如“储蓄结构失衡”、“流动性过剩”、“资产价格大幅上涨”、“金融市场大幅波动”、“海外热钱冲击”、“民间借贷高企”等一系列金融不确定性因素的冲击,我国金融业的健康发展不仅面临着间接融资比例过高、利率市场化改革滞后等种种外部因素的困扰,而且行业自身也存在着同质化竞争严重、过度依赖存贷差收益,“脱媒化”进展缓慢等种种问题的困扰,这都给我国的金融业税收政策提出了新的课题：在宏观经济大系统中,金融、经济与税收间的互动性如何?税收政策对金融机构的信贷扩张、收入、利润等经营指标有何具体影响?如何客观看待我国金融业的税负问题?2008年金融危机后国际金融业税收政策的理论与实践对我国有何借鉴与启示?面对复杂多变的经济与金融形势,我国的金融业税收政策如何做到中性原则与宏观调控原则的的协调统一?…这些问题对于我国金融业乃至整个宏观经济的健康发展都是至关重要的,本文即围绕这些问题展开系统的研究与论证,力求抛砖引玉,为我国金融业税收政策的制定提供些许有价值的参考。
第一章为绪论,正文部分共分六章。
第二章采用规范分析的方法,分三节来研究与金融业税收政策密切相关的基础理论问题。第一节从界定金融、金融业与金融业税收的概念与范畴入手,对金融的复杂性,金融业的起源、特点、功能,金融业税收的分类等基本问题做了基础性的研究与论述。第二节研究金融业税收政策的效应问题。研究发现,在宏观层面,金融业税收政策有助于提升宏观经济效率、增加政府税收收入,抑制金融风险及防止“过度金融化”造成的“产业空心化”等效应。在微观层面,税收政策既能影响金融产业的规模与结构,又对产品服务、经营绩效、公司治理等一系列与金融业经营发展密切相关的因素产生重要的影响,因此制定科学的金融业税收政策对宏观经济与金融产业自身发展均有重要的意义。第三节提出了金融业税收政策应遵循的“效率优先”、“中性与调控性并重”、“结构平衡、金融服务实体经济”三项原则。
第三章采用实证研究的方法,分二节来研究金融业税收政策的宏观经济效应问题。第一节应用向量自回归模型(VAR)、格兰杰因果检验与回归分析等方法,结合我国1978年-2009年间的宏观经济数据,研究我国经济增长、金融发展、税收收入三因素的互动性问题,研究发现主要有三点：一是我国GDP、金融产业增加值、金融机构贷款余额与税收收入四项指标存在唯一的“协整关系”：二是金融机构贷款余额是GDP增长的强格兰杰原因,金融产业增加值却不是,这表明相对于产业规模,金融产业效率的提升与经济增长的相关性更强；三是通过回归分析,发现我国金融机构贷款余额每增长1个百分点,GDP同向增长0.79个百分点。第二节基于我国东部、中部、西部15个省市1978-2008年间的实际数据,应用面板数据回归与双对数方程等方法研究金融发展与地方财政收入的关系问题,研究发现主要有两点：一是地方金融机构贷款余额每增加1个百分点,地方财政收入同向增加约0.65个百分点；二是金融机构贷款创造财政收入的效应与区域经济发达程度显著相关。
第四章采用实证研究的方法,分二节来研究金融业税收政策的微观经济效应问题。第一节应用ETR (effective tax rate)指标,结合我国房地产、高科技、工业、公用、金融、商业及综合七大基础行业中有代表性的70家上市公司2006年到2010年5个会计年度的平均ETR指标及国际上主要国家金融业的税率与金融机构的实际税负,通过横向比较的方式,研究了我国金融业的税负问题,研究发现主要有三点：一是2006年-2010年间金融业样本上市公司ETR均值约为32.07%,在我们选定的7大行业样本均值中处于中游,低于房地产业(46.14%)、商业(35.99%)与综合业(33.56%)；二是从国际比较上看,我国金融业样本上市公司的ETR未高于经济发达国家金融机构的平均水平,究其原因,则是由于负利率、高存贷款利差等形成的制度性红利造成的高利润在很大程度上抵销了税制对税负的影响,因此不能轻言中国金融业税负过重；三是通过实证检验,2000年-2010年间我国银行业上市公司ETR指标、ROA指标间不存在“协整”关系,进一步验证了税负因素并不是影响银行业盈利水平的主要因素。第二节通过面板数据回归模型,结合5家上市银行2000年-2010年的真实财务数据,研究金融业直接税与间接税对银行业的信贷规模、营业收入与净利润等经营指标的影响,研究发现相对于直接税,间接税对银行业的信贷规模、收入、利润等指标的影响更为显著,其中间接税每增加一个百分点,银行业的信贷规模相应减少0.7个百分点,间接税对信贷规模等指标的调控作用明显高于直接税,政府应重视并可考虑通过间接税来加强对宏观经济中金融商品规模与金融业发展的调控。
第五章分三节研究借鉴国际金融业税收的理论与政策。第一节研究国际金融业的直接税政策,研究发现国际间的金融业直接税税率差异较大,我国的金融业直接税税率处于国际中游水平。鉴于金融业收入与成本费用界定的特殊性,政府有必要制定专门的直接税政策加以调控。第二节研究国际金融业的间接税政策,研究发现对金融业课征增值税的技术难度较大,目前国际间还没有通行的实施办法,出于减少对资本流动限制等政策目的,大部分国家对金融业提供的金融服务实行完全免税或核心金融业务免税的政策。第三节研究2008年金融危机后国际间金融业税收政策的理论与实践状况。研究发现主要有五个方面：一是国际学术界与政府普遍认同金融机构从事金融活动具有显著的外部性,税收中性原则不完全适用于金融业的观点,政府应运用税收工具对金融外部性进行调控。二是税收政策是在更广泛范围内调节金融机构收益与成本的有效工具,税收调控原则在金融业税收政策上需加以重视和运用。三是从国外的实践看,放松金融管制和推行金融混业将对金融业的税收政策产生巨大影响,需要税收理论界进行深入的研究。四是对金融业免征间接税政策在客观上造成税收的调控性缺失,使得政府无法通过税收工具对金融外部性进行有效的调控,在客观上造成金融负外部性效应放大导致的系统性金融风险问题,这一点在英、美等免征金融业间接税的国家表现的尤为明显。五是从2008年金融危机后国际上新提出的各项税收政策,如金融交易税、金融机构税、银行家红利税、金融活动税等的理论与实践看,均不同程度的存在可操作性不强、实施难度大、各国政策难以统一、政策效果难以有效评估等问题。
第六章分四节对当前金融业税收政策相关理论与热点问题进行研究与评议。第一节对2008年金融危机后凸显的金融负外部性导致系统性金融风险问题进行了研究,发现金融负外部性与现代金融业承载的金融功能、自身的经营模式等因素密切相关,金融负外部性导致市场中金融商品数量过度膨胀,超出了实体经济的需求,是导致系统性金融风险重要因素,需要采取一系列的措施加以纠正。由于现代金融服务体系具有公共产品特征,使得对金融外部性的矫正很难通过私人部门解决方式加以有效解决,故应借助税收手段等公共部门的解决办法来矫正,这就构成了政府运用税收政策调控金融业的逻辑起点。第二节结合国际资本流动的基础理论与我国的实际状况,研究了托宾税在我国实施问题。第三节对金融创新对税收带来的冲击做了相应的研究与建议。第四节基于经济、税收的基本原理与我国的财税体制现状对我国金融业改征增值税问题做了相应的研究和评议。
第七章分二节研究我国的金融业税收政策问题。第一节结合我国改革开放以来相关的税收与金融体制改革背景,分三个阶段对我国的金融业税收政策的内容、特点与不足做了相应的研究与分析。第二节从总体思路、制度建设、配套改革等方面对我国的金融业税收政策提出了相关的建议。在总体思路上的政策建议主要有四点,一是营造良好的税收环境以促进金融业效率的提升；二是重视并运用金融业间接税调控工具,与央行货币政策协调配合,进一步加强宏观调控；三是客观的看待金融业的税负问题,在长期负利率与高存贷差未有根本性改变的情况下,不宜给予金融业低税负；四是建议采用差别税率、税率优惠等措施进一步加强税收政策对金融发展的导向作用,如建立超额累进所得税制政策以促进中小金融机构与农村金融机构的发展,实行金融业营业税差别税率促进中小企业获得更多的贷款等金融资源,对老少边穷地区的金融机构实施税收优惠政策以促进该地区的金融发展等。在税制建设上,鉴于金融业的成本与收益往往不适应于一般税收制度,建议政府根据金融业的经营特点进一步建立健全金融业税制,包括金融业的收入确认机制与不良贷款防控机制等,以促进金融企业适应国内外复杂的金融形势,更有效的防御金融风险。配套改革措施主要有两方面,一是建议我国尽快建立健全金融资产税收体系,二是稳步推进利率市场化体制改革。
Since the outbreak of the2008Global Financial Crisis, with the proposals of a series of taxation policies such as the "financial transaction tax","Contribution tax on financial stability","financial activities tax","bank tax","banker's bonus tax", etc. being put forward, taxation policies in financial industry have become one of the subjects that attract the most attention from the global taxation field. In China, as the economic monetization and financialization keep getting deeper, the Chinese economy has also been impacted by a series of financial uncertainties, such as "savings structural imbalance","excess liquidity","significant rise of assets price","sharp fluctuations of financial markets","The impact of hot money from overseas","popular private lending", etc. The healthy development of the Chinese financial industry is confronted with the obstacles of the external factors, such as excessively high proportion of indirect financing, and slow development of interest rate liberalization reform. Moreover, the financial industry itself has the problems of severe homogeneous competition, over dependence on earnings of differences between deposits and loans, slow progress of disintermediation, etc, which all put forward new subjects for the taxation policies in the financial industry in China. In the huge macroeconomic system, what is the interactivity among finance, economy and taxation? What are the specific influences of taxation policies on credit expansions, revenues and profits of financial institutions? How to objectively regard the tax burden problem of the Chinese financial industry? What are the lessons and enlightenments can China draw from the taxation theories and practices of the international financial industry in the wake of the2008Financial Crisis? Facing the complex and variable economic and financial situation, how can the taxation policies in the Chinese financial industry coordinate the neutral principle and the macro-control principle? These issues are critical to the healthy development of the Chinese financial industry and even to the overall macro economy. This article carries out systematic study and argumentation centering on these issues. It tries to offer a few remarks by way of introduction so that others may come up with valuable opinions which can provide certain valuable references for the taxation policies making in the Chinese financial industry.
The First chapters is introduction, and the main body of the article is divided into six chapters.
The normative analysis method is adopted in the Second Chapter which investigates the basic theories closely related to taxation policies for the financial industry in three sections. The First Section starts with defining the concepts and scopes of finance, financial industry and taxation policies for the financial industry, and then it makes basic studies and discussions on some basic issues such as the origin, characteristics and functions of finance, categories of taxation policies for the financial industry, etc. The second section deals with the economic effects of financial taxation. It is discovered through the study that on the macro level, taxation policies for the financial industry can promote macroeconomic efficiency, increase governments' tax revenues, curb financial risks and prevent the "industry hollowing out" caused by "Excessive financialization". On the micro level, the taxation policies for the financial industry can both influence the scale and structure of the financial industry, as well as the factors closely related with the business and development of the financial industry, such as the scale and structure of the financial products and services, business performance, corporate governance, etc. Therefore, making scientific taxation policies for the financial industry plays a vital role in the development of the macro economy and financial industry. Three principles of "efficiency priority","neutrality and regulation in parallel" and "structural balance and finance serves for the real economy" are put forward in the third Section.
The empirical research method is adopted in the Third Chapter which is divided into two sections for researching the macroeconomic effects of the taxation policies for the financial industry. The analysis methods of VAR model, Granger Causality Test and regression analysis are adopted in the First Section. Based on the macroeconomic data of China from1978to2009, the interactivity of three factors, economic growth, financial development and tax revenue, is researched, which discovers the following three main points:Firstly, there exists the only "cointegration relationship" among GDP, financial industry added value, financial institution loan balance and tax revenue in China; secondly, the financial institution loan balance is the strong Granger cause for GDP growth, rather than the financial industry added value. This indicates that the correlation is stronger between financial industry efficiency promotion and economic growth, in comparison with financial industry scale; thirdly, one percentage point growth of financial institution loan balance per year can push up0.79percentage point growth of GDP. In the Second Section, the panel data regression and double logarithmic equation methods are utilized to study the relationship between financial development and local fiscal revenue, based on the actual data in1978-2008from15Provinces and cities in eastern, middle, western China. Two main points are found out through the study:firstly, for every one percentage point growth of local financial institution loan balance, the local fiscal revenue increases by0.65percentage point in the same direction; secondly, the effect of financial institution loan generating fiscal revenue is considerably correlated with economic development level.
The empirical research method is adopted in the Fourth Chapter which is divided into two sections for researching the microeconomic effects of the taxation policies for the financial industry. In the First Section, the tax burden of the Chinese financial industry is researched, using the indicator of effective tax rate (ETR),combining the yearly average ETR indicators of5accounting years in2006-2010from70representative public companies in the7big basic industries of real estate, hi-tech, manufacturing, financial, commerce and comprehensive, which discovers three main points:Firstly, the average ETR of the sample public companies in the financial industry in2006-2010is approximately32.07%, which ranks on the middle level among the7big industries, lower than the real estate industry (46.14%), commerce (35.99%) and comprehensive industry; secondly, compared internationally, no matter in terms of tax rate or the comparison among specific financial institutions, the ETR of the Chinese financial industry is not higher than those of the financial industries of the developed countries. The reason for this is that the high profit generated by the institutional dividends such as negative interest rate, interest spreads between deposits and loans that are higher than the international level, etc offset the taxation system's influences on tax burden to a large extent. Therefore, it cannot be easily said that the tax burden of the Chinese financial industry is excessively heavy. Thirdly, through the empirical test, it is concluded that there exists no cointegration relationship between the ETR and ROA indicators of the public companies in the banking industry in China in2000-2010, which further verifies that tax is not the major influencing factor for the profitable level of the banking industry. In the Second Section, using the panel data regression model, the influences of direct and indirect taxes for the financial industry on business indicators such as credit expansion, operating revenue and net profit, etc are researched, based on the real financial data from the5public banks in2000-2010. The research discovers that in comparison with direct taxes, the indirect taxes have more remarkable influences on indicators such as credit scale, revenue, profit, etc. For every one percentage point increase of indirect taxes, the credit scale of banks decreases by0.7percentage point. The regulation effect of indirect taxes on indicators such as credit scale is apparently better than direct taxes. Therefore, governments should attach importance to indirect taxes and consider using indirect taxes to enhance the regulations on the financial products scale and financial industry development in the macro economy.
The Fifth Chapter studies the theories and policies of the international financial industry in three sections. The First Section studies the direct tax policies of the international financial industry, which discovers that the difference of direct tax rates of the international financial industry is relatively large and the direct tax rate of the Chinese financial industry is on the middle level of that of the international financial industry. In view of peculiarity of defining the revenues and costs, Specialized direct tax policy need to be developed by Government for financial industries.The Second Section studies the indirect tax policies of the international financial industry, which discovers that it's technically more difficult to levy value added tax on the financial industry and at present there's no relevant international practices yet, for the policy purpose of reducing capital flow restriction, most countries implement the policy of complete tax exemptions for financial services provided by the financial industries, or tax exemption for core financial services.The Third Section discusses the theories and practices of the taxation policies for the international financial industry after the2008Financial Crisis. Firstly, the international academic world and governments commonly believe that the financial activities by financial institutions have prominent externalities. Because the neutral principle of taxation is not fully applicable to the financial industry, government should employ tax tools to regulate and control financial externalities. Secondly, taxation policies are effective tools for modulating financial institutions'earnings and costs in a wider scope, and the taxation regulation and control principle needs to be attached with importance and employed in taxation policies for the financial industry. Thirdly, viewing from overseas practices, loosening financial control and implementing financial mixed operation can have tremendous influences on taxation policies for the financial industry, which needs deep researches by the tax theory world. Fourthly, the policy of indirect tax exemption for the financial industry objectively leads to regulatory missing of taxation. That is, governments cannot regulate and control financial externalities with tax tools, which objectively enlarge financial externalities effects that further enlarge the systematic financial risks. This is particularly remarkable in the countries that exempt indirect taxes for their financial industries, such as in U.K. and U.S.A. Fifthly,viewing from the theories and practices of the various new taxation policies put forward internationally since the2008Financial Crisis, such as the financial transaction tax, financial institution tax, bankers'bonus tax, financial activities tax,etc, they all have problems of weak operability,big implementation difficulty, inconformity of policies by various countries, being difficult to assess the policy effects, etc.
The Sixth Chapter studies the theory and hot issues relate to the financial sector tax policy in four sections. The First Section studies the financial externalities which highlights in the2008financial crisis, it is discovered that the financial externalities are closely related with the financial functions, the business model of the industry itself, etc of the modern financial industry. Besides, Financial negative externalities lead to excessive expansion of the number of financial products in the market, beyond the needs of the real economy is an important factor in the cause systemic financial risks, which must be rectified with a series of measures. Because financial services have characteristics of public products, it is difficult to rectify effectively the financial externalities through the traditional way of defining property right in order to internalize the externalities as the private sector does. Therefore, the resolutions of the public sector should be borrowed, such as taxation, to rectify the financial externalities, which constitute the logic starting point for governments employing taxation policies to regulate and control the financial industry. Combination of the basic theory of international capital flows and China's actual conditions, the Tobin Tax Implementation is syudied in China in Second Section studies. The Third Section discusses the challenges and recommendations on the tax impact of financial innovation. The fourth section based on the basic principle of the economy, taxes and taxation system in China the status quo of China's financial sector reform to levy VAT to do the research and consultative.
The Seventh Chapter studies the policies of China financial industry in two sections. Combined with China's reform and opening up the tax and financial reform background China's financial sector tax policy content, features, and insufficient is to do the research and analysis in three stages in the first section. China's financial sector tax policy-related recommendations is put forward from general guideline, the taxation system construction and the supportive reform in the second section. There are four proposals for the general guideline: firstly, to create sound taxation environment to promote financial industry efficiency; secondly, to attach importance to the indirect tax regulatory tool for the financial industiy, coordinated with the monetary policies by the Central Bank, and further enhance the macro regulation and control; thirdly, to objectively regard the tax burden issue of the financial industry. Under the condition that the long-term negative interest rates and high interest rate spreads between deposits and loans have not been changed fundamentally, light tax burden should not be imposed on the financial industry. Fourthly, it is suggested to adopt differential tax rate, preferential tax rate, etc to further enhance the guiding effect of taxation policies on financial development. For example, to establish progressive income tax system to help small-medium enterprises obtain more financial resources such as loans; to carry out preferential tax policies for the financial institutions in remote and impoverished areas in order to improve the financial development of these areas. For the taxation system construction, it is suggested that governments establish and perfect the taxation system for the financial industry according to the business characteristics of the financial industry, including the revenue recognition mechanism, bad loan prevention and control mechanism, etc, in order to help financial enterprises adapt to domestic and international complex financial situations and more effectively defend against financial risks. There are two aspects for the supportive reform: firstly, it is suggested establishing and perfecting the financial assets tax system in China as soon as possible; secondly, steadily promoting the interest rate liberalization reform.
引文
1按照国际通行看法,产业占GDP的比重达到5%可称为支柱产业。
1Shackelford, Douglas A., Shaviro, Daniel and Slemrod, Joel B., Taxation and the Financial Sector (June 1, 2010). NYU School of Law, Public Law Research Paper No.10-30。
1参见胡志浩：“透过危机刊衍生品的发展”，《中国金融》2008年第24期。
1袁东：“过度金融化的历史教训”,上海证券报2011年10月11日。
据统计,2003年以来,我国针对大型金融机构的准款准备金率由6%调增至2011年底的21.5%
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