基于会计—税收差异的盈余持续性研究
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摘要
如何利用可获取的信息(包括财务信息和非财务信息)对盈余质量进行评价,是理论研究和实务分析中经久不衰的课题。1994年之后,我国的企业所得税法规与企业会计制度采取了适度分离的模式。企业所得税法规和企业会计制度,实际上是对企业的交易、事项按照存在差异的两套规则分别计算和报告所需要的收益信息,这就使根据税收信息评价盈余质量成为可能。盈余持续性是盈余质量的基本特征之一,在证券计价和投资分析中都具有重要意义。从检索到的文献来看,我国利用税收信息评价盈余质量的研究尚处于起步阶段,相关的实证研究更是凤毛麟角。
本文从会计-税收差异①的角度,研究了盈余及其组成部分的持续性和市场计价,研究发现:第一,从总体上来看,我国上市公司1999-2004年各年的会计-税收差异均为负值,会计收益远小于应税收益;第二,具有大额会计-税收差异的公司盈余及其组成部分的持续性,比具有小额会计-税收差异的公司盈余及其组成部分的持续性低;第三,具有大额正向资产减值差异的公司盈余及其组成部分的持续性,显著低于具有小额资产减值差异的公司。具有大额负向资产减值差异公司的盈余和税前应计的持续性,与具有小额资产减值差异公司相比不存在显著差异,但税前线下应计的持续性显著低于具有小额资产减值差异的公司;第四,市场总体上低估了会计-税收差异所体现的盈余及其组成部分的持续性。
本文创新之处和主要贡献包括:(1)本文首次系统分析了影响我国会计-税收差异的主要因素,研究了会计-税收差异影响盈余持续性的理论基础;(2)本文首次系统回顾了会计-税收差异计量的文献,总结了会计-税收差异的计量方法,并选择适用的方法对我国A股上市公司1999-2004年的会计-税收差异进行了量化分析;(3)本文首次从会计-税收差异的角度研究了我国上市公司盈余及其组成部分的持续性;(4)本文首次研究了我国资本市场对大额会计-税收差异所体现的盈余及其组成部分持续性的计价。
How to utilize the available financial and non-financial information to appraise the earnings quality is a lasting task in theory and practice. After 1994, corporate income tax rules and accounting rules have taken the moderately separating ways in China. Corporate income tax rules and corporate accounting rules are essentially two systems with differences that regulate the same transactions and events of the corporations according to their respective information needs of corporate income, which make appraising the earnings quality with tax information possible. Earnings persistence is one of the basic characteristics of earnings quality and also has great importance in securities pricing and investment analysis. According to searched papers, research that utilizes tax information to evaluate the earnings quality is only beginning, and so is the related empirical research.
This paper investigates the persistence of earnings and its components for one-period-ahead earnings based on book-tax differences, and find that: first, in the whole, Chinese listed companies’book-tax differences are negative from 1999 to 2004, that is to say, the accounting incomes are larger than the taxable incomes; second, firm-years with large book-tax differences have earnings and its components that are less persistence than firm-years with small book-tax differences; third, firm-years with large positive asset impairment book-tax differences have earnings and its components that are less persistence than firm-years with small book-tax differences, but firm-years with large negative asset impairment book-tax differences have earnings and before-tax accrual above the line that are not less persistence than firm-years with small book-tax differences, and firm-years with large negative asset impairment book-tax differences have before-tax accrual under the line that are less persistence than firm-years with small book-tax differences; finally, on the average, the investors under-price the persistence of earnings and its components contained in the information of corporate book-tax differences.
The main contributions of this paper include: (1) this paper firstly analyzes the primary factors influencing book-tax differences of Chinese listed companies and investigates the underlying theory that book-tax differences are indicating of earnings persistence; (2) this paper firstly reviews the literature of measuring book-tax differences, summarizes the measuring methods, and selects appropriate method to calculate the Chinese listed companies’book-tax differences from 1999 to 2004; (3) this paper firstly investigates the persistence of earnings and its components for one-period-ahead earnings based on book-tax differences in China; (4) this paper firstly studies the market pricing of the persistence of earnings and its components of Chinese listed companies contained in the book-tax differences.
本文从会计-税收差异①的角度,研究了盈余及其组成部分的持续性和市场计价,研究发现:第一,从总体上来看,我国上市公司1999-2004年各年的会计-税收差异均为负值,会计收益远小于应税收益;第二,具有大额会计-税收差异的公司盈余及其组成部分的持续性,比具有小额会计-税收差异的公司盈余及其组成部分的持续性低;第三,具有大额正向资产减值差异的公司盈余及其组成部分的持续性,显著低于具有小额资产减值差异的公司。具有大额负向资产减值差异公司的盈余和税前应计的持续性,与具有小额资产减值差异公司相比不存在显著差异,但税前线下应计的持续性显著低于具有小额资产减值差异的公司;第四,市场总体上低估了会计-税收差异所体现的盈余及其组成部分的持续性。
本文创新之处和主要贡献包括:(1)本文首次系统分析了影响我国会计-税收差异的主要因素,研究了会计-税收差异影响盈余持续性的理论基础;(2)本文首次系统回顾了会计-税收差异计量的文献,总结了会计-税收差异的计量方法,并选择适用的方法对我国A股上市公司1999-2004年的会计-税收差异进行了量化分析;(3)本文首次从会计-税收差异的角度研究了我国上市公司盈余及其组成部分的持续性;(4)本文首次研究了我国资本市场对大额会计-税收差异所体现的盈余及其组成部分持续性的计价。
How to utilize the available financial and non-financial information to appraise the earnings quality is a lasting task in theory and practice. After 1994, corporate income tax rules and accounting rules have taken the moderately separating ways in China. Corporate income tax rules and corporate accounting rules are essentially two systems with differences that regulate the same transactions and events of the corporations according to their respective information needs of corporate income, which make appraising the earnings quality with tax information possible. Earnings persistence is one of the basic characteristics of earnings quality and also has great importance in securities pricing and investment analysis. According to searched papers, research that utilizes tax information to evaluate the earnings quality is only beginning, and so is the related empirical research.
This paper investigates the persistence of earnings and its components for one-period-ahead earnings based on book-tax differences, and find that: first, in the whole, Chinese listed companies’book-tax differences are negative from 1999 to 2004, that is to say, the accounting incomes are larger than the taxable incomes; second, firm-years with large book-tax differences have earnings and its components that are less persistence than firm-years with small book-tax differences; third, firm-years with large positive asset impairment book-tax differences have earnings and its components that are less persistence than firm-years with small book-tax differences, but firm-years with large negative asset impairment book-tax differences have earnings and before-tax accrual above the line that are not less persistence than firm-years with small book-tax differences, and firm-years with large negative asset impairment book-tax differences have before-tax accrual under the line that are less persistence than firm-years with small book-tax differences; finally, on the average, the investors under-price the persistence of earnings and its components contained in the information of corporate book-tax differences.
The main contributions of this paper include: (1) this paper firstly analyzes the primary factors influencing book-tax differences of Chinese listed companies and investigates the underlying theory that book-tax differences are indicating of earnings persistence; (2) this paper firstly reviews the literature of measuring book-tax differences, summarizes the measuring methods, and selects appropriate method to calculate the Chinese listed companies’book-tax differences from 1999 to 2004; (3) this paper firstly investigates the persistence of earnings and its components for one-period-ahead earnings based on book-tax differences in China; (4) this paper firstly studies the market pricing of the persistence of earnings and its components of Chinese listed companies contained in the book-tax differences.
引文
②参见:R. Barker 著,陶长高等译,价值决定——股价模型与财务信息披露,经济管理出版社,2005;Stephen Penman 著,刘力、陆正飞译,财务报表分析与证券定价,中国财政经济出版社,2002。
③参见董树奎等:《税收制度于企业会计制度差异分析及协调》,中国财政出版社,2003 年 6 月第 1 版,第5-8 页。
①参见《企业所得税税前扣除办法》(国税发[2000]084 号),该文件规定了税前扣除的基本原则。我国税法没有对收入确认制定统一的原则和标准,各税种收入的确认由各税种的税收法规单独规定,但基本与会计上确认收入的原则和标准一致。
②《企业所得税税前扣除办法》(国税发[2000]084 号)。
③《企业所得税税前扣除办法》(国税发[2000]084 号)。
①参见《财政部 国家税务总局关于企业补贴收入征税等问题的通知》(财税字[1995]81 号)、《财政部、国家税务总局关于减免及返还的流转税并入企业利润征收所得税的通知》(财税字[94]074 号)。
②参见《国家税务总局关于企业股权投资业务若干所得税问题的通知》(国税发[2000]118 号)。
①参见《国家税务总局关于企业股权投资业务若干所得税问题的通知》(国税发[2000]118 号)。
②同上。
③参见《企业所得税税前扣除办法》(国税发[2000]084 号)、关于工效挂钩企业工资税前扣除口径问题的通知(国税发(1998)86 号)、《关于调整计税工资扣除限额等有关问题的通知》(财税字(1999)258 号)。该政策在 2006 年 7 月 1 日后发生变化,工资扣除标准由每人每月 960 元提高至每人每月 16000 元。
①参见《企业所得税暂行条例》第六条。
②参见《企业所得税税前扣除办法》(国税发[2000]084 号)。
③参见《国家税务总局关于执行〈企业会计制度〉需要明确的有关所得税问题的通知》(国税发[2003]45 号)。
①参见《企业所得税弥补亏损审核管理办法》(国税发(1997)189 号)、《企业所得税暂行条例》第十一条。
②参见《关于印发技术改造国产设备投资抵免企业所得税暂行办法的通知》(财税字[1999]290 号)、《关于印发技术改造国产设备投资抵免企业所得税审核管理办法的通知》(国税发[2000]013 号)。
①参见《关于企业技术进步有关财务税收问题的通知》(财工字[1996]41 号)、《关于促进企业技术进步有关财务税收问题的补充通知》(国税发[1996]152 号)、《企业技术开发费税前扣除管理办法》(国税发[1999]49号)。
①IRC § 6662 Imposition of accuracy-related penalty (d).
②IRC § 6112 organizers and sellers of potentially abusive tax shelters must keep lists of investors.
③参见:Department of the Treasury, the Problem of Corporate Tax Shelters: Discussion, Analysis and Legistive Proposals, July 1999; Assistant Treasury Secretary Donald Pubic Testimony before the Senate Finance Committee, April 27,1999, RR-3108; Treasury Acting Assistant Secretary for Tax Policy Jonathan Talisman Testimony Before House Committee on Ways and Means, November 10, 1999, LS-233.
①New York State Bar Association (Tax Section), Report on Corporate Tax Shelters of New York Bar Association Tax Section, 83 Tax Notes 879 (May 10, 1999).
①参见:Shackelford and Shevlin, empirical tax research in accounting, 2001.
②参见:Department of the Treasury, the Problem of Corporate Tax Shelters: Discussion, Analysis and Legistive Proposals, July 1999。
①参见:Shackelford and Shevlin, empirical tax research in accounting, 2001.
①Revsine et al., financial Reporting and Analysis (second edition), 阎达五、杨松令等译,机械工业出版社,2004,第 254-256 页。
②Palepu et al., Business analysis & valuation: using financial statements, 中信出版社,2003。
③Penman, Financial Statement Analysis and Security Valuation, 刘力、陆正飞译,中国财政经济出版社,2002。
④Revsine et al., financial Reporting and Analysis (second edition), 阎达五、杨松令等译,机械工业出版社,2004,第 251 页。
①利用母公司数据估计会计-税收差异存在的问题,我们将在 4.3.4 节讨论。
②王延明:《中国上市公司所得税负担研究》,上海财经大学出版社,2004 年 9 月第 1 版,第 87 页。
①参见杨霞:《取消所得税先征后返对上市公司业绩的影响》,载于《上市公司》,2002-02-01。
①参见中国证监会《公开发行股票公司信息披露的内容与格式准则第二号-〈年度报告的内容与格式〉》(1995-2000)、《公开发行证券的公司信息披露内容与格式准则第 2 号》(2001-2005)和《公开发行证券的公司信息披露编报规则》第 15 号-《财务报告的一般规》(2001 至今)。
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③参见董树奎等:《税收制度于企业会计制度差异分析及协调》,中国财政出版社,2003 年 6 月第 1 版,第5-8 页。
①参见《企业所得税税前扣除办法》(国税发[2000]084 号),该文件规定了税前扣除的基本原则。我国税法没有对收入确认制定统一的原则和标准,各税种收入的确认由各税种的税收法规单独规定,但基本与会计上确认收入的原则和标准一致。
②《企业所得税税前扣除办法》(国税发[2000]084 号)。
③《企业所得税税前扣除办法》(国税发[2000]084 号)。
①参见《财政部 国家税务总局关于企业补贴收入征税等问题的通知》(财税字[1995]81 号)、《财政部、国家税务总局关于减免及返还的流转税并入企业利润征收所得税的通知》(财税字[94]074 号)。
②参见《国家税务总局关于企业股权投资业务若干所得税问题的通知》(国税发[2000]118 号)。
①参见《国家税务总局关于企业股权投资业务若干所得税问题的通知》(国税发[2000]118 号)。
②同上。
③参见《企业所得税税前扣除办法》(国税发[2000]084 号)、关于工效挂钩企业工资税前扣除口径问题的通知(国税发(1998)86 号)、《关于调整计税工资扣除限额等有关问题的通知》(财税字(1999)258 号)。该政策在 2006 年 7 月 1 日后发生变化,工资扣除标准由每人每月 960 元提高至每人每月 16000 元。
①参见《企业所得税暂行条例》第六条。
②参见《企业所得税税前扣除办法》(国税发[2000]084 号)。
③参见《国家税务总局关于执行〈企业会计制度〉需要明确的有关所得税问题的通知》(国税发[2003]45 号)。
①参见《企业所得税弥补亏损审核管理办法》(国税发(1997)189 号)、《企业所得税暂行条例》第十一条。
②参见《关于印发技术改造国产设备投资抵免企业所得税暂行办法的通知》(财税字[1999]290 号)、《关于印发技术改造国产设备投资抵免企业所得税审核管理办法的通知》(国税发[2000]013 号)。
①参见《关于企业技术进步有关财务税收问题的通知》(财工字[1996]41 号)、《关于促进企业技术进步有关财务税收问题的补充通知》(国税发[1996]152 号)、《企业技术开发费税前扣除管理办法》(国税发[1999]49号)。
①IRC § 6662 Imposition of accuracy-related penalty (d).
②IRC § 6112 organizers and sellers of potentially abusive tax shelters must keep lists of investors.
③参见:Department of the Treasury, the Problem of Corporate Tax Shelters: Discussion, Analysis and Legistive Proposals, July 1999; Assistant Treasury Secretary Donald Pubic Testimony before the Senate Finance Committee, April 27,1999, RR-3108; Treasury Acting Assistant Secretary for Tax Policy Jonathan Talisman Testimony Before House Committee on Ways and Means, November 10, 1999, LS-233.
①New York State Bar Association (Tax Section), Report on Corporate Tax Shelters of New York Bar Association Tax Section, 83 Tax Notes 879 (May 10, 1999).
①参见:Shackelford and Shevlin, empirical tax research in accounting, 2001.
②参见:Department of the Treasury, the Problem of Corporate Tax Shelters: Discussion, Analysis and Legistive Proposals, July 1999。
①参见:Shackelford and Shevlin, empirical tax research in accounting, 2001.
①Revsine et al., financial Reporting and Analysis (second edition), 阎达五、杨松令等译,机械工业出版社,2004,第 254-256 页。
②Palepu et al., Business analysis & valuation: using financial statements, 中信出版社,2003。
③Penman, Financial Statement Analysis and Security Valuation, 刘力、陆正飞译,中国财政经济出版社,2002。
④Revsine et al., financial Reporting and Analysis (second edition), 阎达五、杨松令等译,机械工业出版社,2004,第 251 页。
①利用母公司数据估计会计-税收差异存在的问题,我们将在 4.3.4 节讨论。
②王延明:《中国上市公司所得税负担研究》,上海财经大学出版社,2004 年 9 月第 1 版,第 87 页。
①参见杨霞:《取消所得税先征后返对上市公司业绩的影响》,载于《上市公司》,2002-02-01。
①参见中国证监会《公开发行股票公司信息披露的内容与格式准则第二号-〈年度报告的内容与格式〉》(1995-2000)、《公开发行证券的公司信息披露内容与格式准则第 2 号》(2001-2005)和《公开发行证券的公司信息披露编报规则》第 15 号-《财务报告的一般规》(2001 至今)。
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