所得税对我国上市公司资本结构的影响研究

发布时间：2018-05-09 05:25

本文选题：上市公司 + 资本结构　；参考：《东北农业大学》2012年硕士论文

【摘要】：企业的运营的最终目标是追求企业价值的最大化,企业要想获得价值最大化,必然要根据企业自身的情况寻求一个合理的资本结构。资本结构问题是公司财务长期以来研究的重要问题之一,然而,如何平衡影响上市公司资本结构的众多因素,寻求一种最佳的、并且有利于上市公司发展的资本结构,也成为人们关注的问题。随着社会经济的不断发展,现代税收制度日趋细致完善,并逐步渗透到社会生活的各个方面,成为经济决策不可忽视的影响因素,这无疑影响到了上市公司的资本结构问题。然而,所得税对我国上市公司资本结构的影响究竟如何,体现在哪些方面,能否对我国上市公司资本结构的优化提供有益的参考,将成为本文研究的动因。本文通过对国内外所得税和资本结构已有研究成果和相关理论进行系统的梳理和阐述,总结并分析了所得税对资本结构的影响。在此基础上,以2008-2011年在沪深交易所上市的公司为样本,以能够代表资本结构的资产负债率和长期负债改变量为因变量,以边际税率和非债务税盾为解释变量,将公司规模、盈利能力、资产抵押性、破产可能性和行业因素为控制变量,以描述性统计为基础,运用计量经济学法、多元线性回归法模型对企业所得税对我国上市公司对资本结构的影响进行实证考察,得出了边际税率,企业规模,盈利能力和破产可能性与资本结构正相关,非债务税盾和资产抵押性与资本结构负相关的结论。并根据企业所得税对资本结构的影响结论,提出了优化我国上市公司资本结构的建议,为我国上市公司资本结构决策提供帮助,更加有利于我国经济的发展和增强我国上市公司在国际市场上的竞争力。
[Abstract]:The ultimate goal of the enterprise operation is to pursue the maximization of the enterprise value. If the enterprise wants to obtain the value maximization, it must seek a reasonable capital structure according to the enterprise's own situation. The problem of capital structure is one of the most important problems in corporate finance for a long time. However, how to balance the many factors that affect the capital structure of listed companies, and seek for a kind of best capital structure which is conducive to the development of listed companies, Also becomes the question which people pays close attention to. With the continuous development of social economy, the modern tax system is becoming more and more perfect, and gradually infiltrates into all aspects of social life, and becomes an influential factor that can not be ignored in economic decision-making, which undoubtedly affects the capital structure of listed companies. However, the impact of income tax on the capital structure of listed companies in China, which aspects are embodied, and whether it can provide a useful reference for the optimization of capital structure of listed companies in China will become the motivation of this paper. This paper summarizes and analyzes the influence of income tax on capital structure by systematically combing and expounding the existing research results and related theories of income tax and capital structure at home and abroad. On this basis, taking the companies listed on the Shanghai and Shenzhen Stock Exchange from 2008 to 2011 as a sample, taking the asset-liability ratio and the amount of long-term liabilities that can represent the capital structure as dependent variables, and taking the marginal tax rate and the non-debt tax shield as the explanatory variables, the size of the company will be changed. Profitability, asset mortgage, bankruptcy possibility and industry factors are control variables, based on descriptive statistics, using econometrics, The multiple linear regression model is used to investigate the influence of enterprise income tax on the capital structure of listed companies in China. The results show that the marginal tax rate, enterprise size, profitability and the possibility of bankruptcy are positively related to the capital structure. Conclusion that non-debt tax shield and asset mortgage are negatively correlated with capital structure. According to the conclusion of the influence of enterprise income tax on capital structure, this paper puts forward some suggestions to optimize the capital structure of listed companies in China, which can help the capital structure decision of listed companies in China. More conducive to the development of China's economy and enhance the competitiveness of listed companies in the international market.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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