税收差异如何影响机构行为？

Tax Framework - The tax burden significantly impacts investor returns in the bond market, influencing investment strategies based on varying tax costs[1] - The main tax burdens for bond investments arise from value-added tax (VAT) and income tax, with a general VAT rate of 6% and an income tax rate of 25% for corporate investors[1][9] - The effective income tax rate for bond investments, after accounting for VAT, is approximately 23.42%[9] Tax Incentives by Institution Type - Public funds and foreign institutions enjoy substantial tax exemptions, with public funds exempt from income tax on capital gains and interest income[10][20] - Foreign institutions only need to pay income tax on capital gains, while interest income is exempt from both income tax and VAT[20] - Asset management institutions receive a reduced VAT rate of 3% on interest income, while other institutions, like banks, do not benefit from institutional-level tax exemptions[20] Tax Incentives by Bond Type - Government bonds and local government bonds have significant tax exemptions, with interest income exempt from both VAT and income tax[18] - For railway bonds, the income tax rate is halved to 12.5% for interest income, while financial bonds are exempt from VAT[18][19] - The overall tax rate for local government bonds is 0%, making them attractive for investors seeking tax efficiency[21] Investment Behavior - Banks prefer holding government bonds and local government bonds due to their tax-exempt status, with local government bonds comprising 41.6% of their bond holdings as of August 2024[22] - Insurance asset management tends to favor credit bonds when the credit spread sufficiently covers tax burdens, while public funds prefer highly liquid bonds due to their tax advantages[22] - The tax policies significantly influence the investment strategies of different institutions, leading to distinct preferences based on tax burdens and exemptions[22]