在“一带一路”政策的倡议下,中国企业海外并购逐步增加,但是由于企业海 外并购置身于境外不同于国内的税制环境，不尽相同的税法规定给企业带来了客 观存在的税务风险。此外，企业海外并购阶段和整合阶段会进行或多或少的税务 筹划，包括投资框架的构建、资金的筹集、转让定价等，这些操作带来节税的同 时也产生主观性的税务风险。因此，能否准确地识别和把控并购活动中的税务风 险已成为决定企业海外并购成败的关键因素之一。在梳理了国内外有关并购的税 收政策，在国际税收筹划的基础上，采用案例研究法，以中国企业海外并购的典 型税务案例 Y 集团企业为研究对象，基于税务视角下，对并购各阶段存在的税务 风险进行深入剖析，围绕“并购各个阶段面临什么样的税务风险”以及“企业是 如何应对这些风险”两个方向开展研究。研究发现，我国企业海外并购的税务风 险主要来自于企业自身税法遵从度以及税务机关对企业的反避税调查这两个方 面。在此基础上，提出了企业可以通过建立专业的税务岗位或部门来降低发生税 务风险的概率,以及企业开展税务筹划要注重“实质重于形式”的建议。研究结论 为海外并购企业供了一些税务风险防范理论指导。 关键词，海外并购,案例分析,案例研究法,税务风险II Abstract Under the initiative of One Belt and One Road policy，overseas mergers and acquisitions by Chinese enterprises have increased gradually. However, due to the fact that Chinese companies in overseas face the tax environment is different from the domestic tax environment. The different tax laws and regulations have brought objective tax risks to enterprises. In addition, the company's overseas in the process of M&A and after the M&A will carry out more or less tax planning, including the construction of investment framework, fund raising, transfer pricing and so on. These operations will bring tax saving and they will also lead to subjective tax risks. Therefore, the ability to accurately identify and control the tax risks in M&A activities has become one of the key factors determining the success or failure of overseas M&A. This paper sorts out the domestic and foreign taxation policies related to mergers and acquisitions. It is based on the international tax planning, taking Y group, and Y is a typical tax case of Chinese enterprises' overseas mergers and acquisitions. Y is the research object. This paper is based on the tax perspective, we will deeply analyses tax risk at various stages of M&A. This paper focuses on two aspects: “What kind of tax risk is faced at each stage of M&A” and “How does the company deal with these risks” The study found that the tax risks of overseas mergers and acquisitions of Chinese enterprises mainly come from the two aspects of the company's own tax-compliance behaviors and the tax authorities' anti-tax avoidance investigations. On this basis, this paper proposes that enterprises can reduce the probability of tax risks by establishing professional tax positions or departments and enterprises. They also should pay attention to Substance over Form Principle when developing tax planning. The research conclusions provide some theoretical guidance for tax risk prevention for overseas M&A companies. Key words: oversea M&A, case analysis, case study method, tax riskIII 目 录 第一章 绪论........................................................1 1.1 研究意义 ..................................................... 1 1.2 研究目标 ..................................................... 3 1.3 研究内容与框架 ............................................... 3 第二章 企业海外并购税收制度、税务风险综述与启示....................5 2.1 企业海外并购税收制度 ......................................... 5 2.1.1 居民企业和受控外国企业 ................................5 2.1.2 源泉扣缴和预提所得税..................................6 2.1.3 境外所得税收抵免 ......................................6 2.1.4 税收饶让 ..............................................7 2.2 企业海外并购的税务风险 ....................................... 7 2.2.1 并购前期阶段的税务风险 ................................8 2.2.2 并购实施阶段的税务风险 ...............................10 2.2.3 并购后整合阶段的税务风险 .............................11 2.3 启示 ........................................................ 13 第三章 研究设计....................................................15 3.1 研究思路设计 ................................................ 15 3.2 案例的选取 .................................................. 16 3.3 研究方法 .................................................... 16 3.4 数据收集和处理 .............................................. 17 3.5 有效性检验 .................................................. 18 第四章 案例分析....................................................19 4.1 案例介绍 .................................................... 19 4.1.1 Y 集团企业的概况 .....................................19 4.1.2 Y 集团企业的海外并购概况 .............................20 4.2 Y 企业并购前期的税务风险及应对 .............................. 23 4.2.1 税制差异风险分析及应对方案 ...........................23 4.2.2 历史性税务风险分析及应对方案 .........................24 4.2.3 Y 企业并购前期的税务风险及应对总措施总结 .............25 4.3 Y 企业并购实施阶段的税务风险及应对 .......................... 26IV 4.3.1 搭建 SPV 的税务风险分析及应对方案 .....................26 4.3.2 资本弱化的税务风险分析及应对方案 .....................29 4.3.3 Y 企业并购实施阶段的税务风险及应对措施总结 ...........30 4.4 Y 企业并购整合后的税务风险及应对 ............................ 31 4.4.1 转让定价的税务风险分析与应对方案 .....................31 4.4.2 后续经营性税务风险分析及应对方案 .....................35 4.4.3 Y 企业并购整合后的税务风险及应对措施总结 .............37 第五章 研究结论、实践启示与研究展望................................38 5.1 研究结论 .................................................... 38 5.2 实践启示 .................................................... 38 5.3 研究展望 .................................................... 39