中文摘要：

税收协同作为并购后整合协同体系的结构性要素，在并购战略和交易契约安排中占据着重要位置。本文以我国上市公司关联并购为样本实证检验其税收协同效应，并进一步分析异质性战略与内部资本市场的调节作用。研究发现：并非所有的关联并购都能产生稳定的税收协同效应；相较于报表整合型并购，资源整合型并购的税收协同更加显著；内部资本市场的有效存在能够显著地强化关联并购的税收协同效应。进一步分析还发现，民营企业并购、相关并购以及异地关联并购的税收协同效应更加显著。本研究不仅能够丰富“税收与并购”这一重要议题的学术文献，进一步验证税收对公司并购的“诱导效应”，同时还能提供企业战略性税收筹划方案设计与影响因素等方面的经验证据。

英文摘要：

As the structural component of synergy system after mergers and acquisitions （M＆A） integration, tax synergy is important in M＆A strategy and trading contract arrangements. This paper uses the sample of related party M＆A events of listed firms to carry out an empirical analysis of the tax synergy. And this paper also estimates the moderating effect of heterogeneous strategy and internal capital market. We find that not all related party M＆A could result in tax synergy. Compared with financial reports integrated tax synergy, the tax synergy of resource integrated is more significant; besides, the existence of efficient internal capital market aggravates the tax synergy of related party M＆A. Furthermore, related party M＆A related to private firms, same industry and inter-province have higher tax synergy. This study enriches literatures on tax and M＆A, and further confirms that tax policy actually can induce the company merger and acquisition. In addition, this paper also provides empirical evidences for the design and influencing factors of the company tax planning.