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基于市值管理和价值最大化的判断,中国概念股的海外上市与回归,都有税收因素的影响。由于中外资本市场的税收差异巨大,企业在上市地点选择中必须考虑税收因素,重构业务框架成为规避税收的隐形途径,实现资本跨境的税收套利。随着税收政策不断完善和中国资本市场崛起,在A股市场上,即使剔除税收因素,也可以获得更高的股权价值,中国概念股的回归就成为追求市值管理的理性选择。税收制度不仅影响着市场估值体系,也成为推进资本市场国际化必然考虑的重要因素。
Based on the judgment of market value management and maximization of value, the overseas listing and return of Chinese concept stocks all have the effect of taxation. Due to the huge tax differences between Chinese and foreign capital markets, enterprises must consider the tax factors in the selection of the place for listing. Reconstructing the business framework has become an invisible way to avoid taxation and realize the tax arbitrage of capital across borders. With the continuous improvement of tax policy and the rise of China’s capital market, even in the A-share market, higher equity value can be obtained even though the tax factor is removed. The return of China’s concept stocks has become a rational choice for the pursuit of market value management. The tax system not only affects the market valuation system, but also becomes an inevitable factor in promoting the internationalization of capital markets.