边际税率对我国制造业上市公司资本结构和企业绩效的影响

发布时间：2018-05-17 16:17

本文选题：边际税率 + 资本结构　；参考：《浙江工商大学》2017年硕士论文

【摘要】：所得税对资本结构和企业绩效的影响是公司金融研究中的重要问题,也受到国内外学术界专家学者的持续关注。西方学者研究这类问题的时间相对于我国来说比较早,理论成果也很丰硕。最初的MM理论认为,假如市场是没有税收的,企业融资方式的不同对企业价值的影响没有差别。然而实际生活中没有税收的市场是不存在的。企业借了债就要付相应的利息,企业在债务方面所要承担的利息费用是先要在企业所得税税前减掉的,而股东获得的股利是在税后的利润中分配的,所以在这些因素的影响下,企业选择债务融资往往会比其他融资方式获得的收益大。但是物极必反,企业不可能使资产负债率达到100%,因为这会大大增加企业的破产成本,使企业面临风险,此外企业的融资决策还受代理成本等因素的影响,企业通过债务这种融资方法带来的抵税收益受到这些因素的限制,所以企业在做融资决策时不能一味地追求高的资产负债率。只有真正理解了所得税对资本结构的影响机理,才能比较准确地做出融资决策。所得税也是影响企业绩效的外部因素之一,衡量企业绩效指标的一些公式中都有净利润,也就是税后利润,即利润总值减去所用税后的值。在竞争激烈的市场中,企业必须提高自己的经济效益才能保证不被市场淘汰。所以研究企业税收负担与企业绩效的关系,对所得到的结果结合实际情况进行分析,并及时采取有效的措施,能及时改善企业状况促进企业的发展。研究实际经济生活中企业所得税对资本结构和企业绩效的影响可以为企业的融资决策和营运管理等方面提供理论依据,研究资本结构有一个很重要的目的是提高企业的绩效,边际税率是目前衡量企业税收负担最先进的方法之一。阅读大量的文章后我们可以发现,国内大部分文章使用实际税率来衡量企业税负,资本结构和企业绩效之间的关系也只是用一个单方程来回归,忽视了两者的内生性,本文通过豪斯曼检验发现二者之间确实是相互影响的,这种情况要建立联立方程模型,然后根据资本结构权衡理论选取破产成本、资产担保价值、企业规模、流动比率等因素加入到模型中,对回归的结果进行了分析,最后计算了样本公司税盾拐点的情况,希望这些研究能给管理者一些启示,让企业更有效率地利用资金,提升企业价值,加强自身实力和竞争力,也可以提高社会经济资源配置效率。同时也可以为国家的企业所得税税制的宏观经济调控提供政策性建议。本文的大致结构如下:第一章为绪论,介绍了本文的研究背景及研究意义,以及本文的研究思路与研究方法,创新之处与不足之处。第二章主要是对边际税率的相关研究、所得税对资本结构影响的相关研究、资本结构与企业绩效的关系研究以及影响资本结构公司绩效的其他因素的国内外相关文献进行了综述和梳理。第三章是实证部分,对一些主要变量的几种计算方法进行对比,并对具体计算过程做描述。通过国内473家制造业上市公司2013-2015的样本数据建立联立方程模型。用净资产收益率作为衡量企业绩效的变量,用资产负债率作为衡量资本结构的变量。对联立型方程做了检验,结果证明样本公司的企业绩效和资本结构确实是相互影响的。接着对变量做了相关性检验,统计性描述,在stata中用广义矩估计(GMM)对联立方程进行了估计。最后得出了结论:债务融资比例高会对企业绩效产生不良影响,经营绩效越好的公司,债务融资比例越低。资本结构与公司绩效是相互影响的负相关关系。然后又计算了样本公司的税盾拐点的分布以及大小,发现我国制造业企业对债务的利用过于保守。第四章是根据本文的实证分析得出的结论以及根据我国目前的实际情况提出一些建议。第五章是对未来的展望以及文章的不足。
[Abstract]:The influence of income tax on capital structure and enterprise performance is an important issue in the research of corporate finance, and is also concerned by experts and scholars of academic circles both at home and abroad. The time for western scholars to study such problems is relatively early relative to our country, and the theoretical results are plentiful. The initial MM theory holds that if the market is no tax, enterprises There is no difference in the influence of the way of financing on the value of the enterprise. However, the market without tax in real life does not exist. The enterprise borrows from the debt to pay the corresponding interest. The interest cost of the enterprise is to be cut off before the enterprise income tax, and the shareholder's dividend is divided into the profit after tax. Therefore, under the influence of these factors, the choice of debt financing is often greater than that of other financing methods. However, it is inevitable that the enterprise can not make the asset liability ratio reach 100%, because it will greatly increase the enterprise's bankruptcy cost, make the enterprise face the risk, and the enterprise's financing decision is also subject to the agency cost. The income tax revenue from the financing method of the enterprise is restricted by these factors, so the enterprise can not blindly pursue the high asset liability ratio when it makes the financing decision. Only by truly understanding the influence mechanism of the income tax on the capital structure can we make the financing decision more accurately. The income tax is also affected by the enterprise. One of the external factors of performance is the net profit in some formulas to measure the performance of the enterprise, that is, after tax profit, that is, the value after tax is subtracted from the gross profit. In a competitive market, the enterprise must improve its economic benefits to ensure that it is not eliminated by the market. So the study of the tax burden and the enterprise performance is the key to the study of the enterprise's tax burden. We can analyze the results combined with the actual situation and take effective measures in time to improve the enterprise status in time and promote the development of enterprises. The study of the influence of enterprise income tax on capital structure and enterprise performance in real economic life can provide theoretical basis for the financing decision and operation management of enterprises and research capital. A very important purpose of this structure is to improve the performance of the enterprise. The marginal tax rate is one of the most advanced methods to measure the tax burden of the enterprise. After reading a large number of articles, we can find that most of the articles in China use the actual tax rate to measure the tax burden of the enterprise, and the relationship between the capital structure and the enterprise performance is only a single one. The equation comes back and ignores the endogeneity of the two. In this paper, the Houseman test shows that the two are interrelated. This situation should establish a simultaneous equation model, and then select the cost of bankruptcy, the value of the assets, the scale of the enterprise, the ratio of the flow and so on, and the result of the regression. The analysis is carried out. Finally, the situation of the Sample Firms tax shield turning point is calculated. It is hoped that these studies can give some inspiration to the managers, make the enterprises more efficient use of funds, enhance the value of enterprises, strengthen their own strength and competitiveness, and also improve the efficiency of the allocation of social and economic resources. The general structure of this article is as follows: the first chapter is the introduction, which introduces the background and significance of the study, and the research ideas and methods of this article, the innovation and the inadequacies. The second chapter is mainly about the related research on marginal tax rate, the related research on the influence of income tax on capital structure. The relationship between the structure and the enterprise performance and the other factors affecting the performance of the capital structure company are reviewed and combed. The third chapter is an empirical part, compares several calculation methods of some major variables, and describes the specific calculation process. Through the domestic 473 manufacturing companies 2013-20 15 of the sample data set up a simultaneous equation model. Use the net asset yield as a variable to measure the enterprise performance and use the asset liability ratio as a variable to measure the capital structure. The test shows that the corporate performance and the capital structure of the Sample Firms are interrelated. In Stata, the generalized moment estimation (GMM) is used to estimate the simultaneous equations. Finally, the conclusion is that the higher proportion of debt financing will have a bad effect on the enterprise performance, the better the performance of the company, the lower the debt financing ratio, the negative correlation between the capital structure and the company performance. Then the sample public is calculated. The distribution and size of the tax shield inflection point of the company shows that the use of debt is too conservative in our manufacturing enterprises. The fourth chapter is a conclusion based on the empirical analysis of this article and some suggestions according to the actual situation of our country. The fifth chapter is the prospect of the future and the shortage of the article.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7

【参考文献】