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《China Economic Quarterly》 2004-01
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IPO and Non-legitimate Tax Preferences

LIYAN WANG (Peking University)XIANGQIAN LIU (Guotai-Junan Security,Ltd.)  
Initial public offering (IPO) in China is not just a business behavior.There are kinds of preferential treatments by central or local government,as non-legitimate tax preferences (NLTP).We observed 518 A-share companies that have gone through in China over 1992—2000 with respect of the application and effects of NLTP on their IPO packaging.By examining the firms' effective tax rates in the pre-IPO year and IPO year respectively,we found that all sample finns have enjoyed certain types of NLTP granted by related governmental authorities.Most of NLTP utilizations occurred over 1995—1999,but there was a substantial decline in 2000 due to tightening restriction of NLTP by the central government.Our studying findings also reveal that there is no significant difference in NLTP application with respect to finn size and before-tax prof- itability of the listed companies.
【CateGory Index】: F832.51;F812.42
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