摘要：在当前我国法律有关名股实债这种新型交易模式的相关规定仍然处于空缺的状况，这就导致了在现实生活中往往会出现法院审判与法律规则的适用不相符合的情况。当前对于名股实债的争议主要集中在股权和债权的区分问题上，相应反映到税法领域，即为债权性投资和权益性投资的辨别问题。在税法上如果归于不同的投资类型，其所带来的税收担负是不同的。因而要研究名股实债交易模式的税法适用，首先需要解决的就是将其归于税法上何种投资的问题。当前税法关于名股实债交易模式存在不同地域对其定义不同、关于名股实债的适用范围模糊不清、不同税种关于名股实债的定性不同等问题。文章从首先名股实债交易模式本身出发，得出其为债权性投资的结论。基于其是债权性投资的灌顶，最终从企业所得税、增值税、印花税等不同税种角度提出完善相关法规、统一名股实债的界分标准等建议，以期为我国名股实债交易模式的税法适用以及完善提供宝贵意见。

关键词：名股实债；股实债融资；税法适用

An Analysis on the Application of Tax Law in the Model of Explicit Debt

Abstract：At present, the relevant provisions of the new transaction model of the real debts of famous stocks in China's laws are still in a vacant state, which leads to the situation in which the trial of courts and the application of legal rules are often inconsistent in real life. At present, the dispute over the real debt of famous stocks is mainly concentrated on the issue of the distinction between equity and creditor rights, which is reflected in the field of tax law, which is the identification of debt investment and equity investment. If the tax law is attributed to different types of investment, the tax burden will be different. Therefore, to study the application of the tax law of the real-name bond trading model, the first thing that needs to be solved is the question of what kind of investment is attributed to the tax law. The article starts from the model of real stock trading of famous stocks, explores its inherent nature, and combines the existing methods of discrimination against debts and stocks in practice to draw conclusions about its credit investment. Based on the fact that it is the empowerment of debt investment, it studies and finds out the vacancy of the current tax law on the real debt of famous stocks, and finally puts forward suggestions from the perspectives of corporate income tax, value-added tax, stamp duty and other different taxes, in order to provide a model for China's famous stocks. Provide valuable advice on the application and improvement of tax laws.

Key words: Explicit debt;Real-name debt financing; Application of tax law

目  录

摘要1

关键词1

Abstract1

Key words1

一、名股实债的税法属性探析2

（一）名股实债的交易结构与特点2

1.名股实债概念解析2

2.名股实债交易模式2

3.名股实债交易模式特点3

（二）名股实债的课税依据3

1.合理商业目的3

2.经济实质判断3

（三）名股实债的税法属性认定4

二、名股实债的现行税法适用规则解读4

（一）国家税务总局2013年第41号公告解读5

（二）“实质重于形式”税法原则的适用5

三、名股实债的税法适用困境6

（一）名股实债的税法规制空缺6

（二）关于名股实债税种的争议6

1.有关企业所得税方面的争议7

2.有关增值税方面的税务争议7

3.有关印花税方面的税务争议7

（三）司法实践中名股实债的税法界分标准不明7

四、名股实债的税法适用规则的完善8

（一）对国外同类融资计划的考察与借鉴8

（二）名股实债的税种调整完善8

1.企业所得税方面的调整8