企业所得税对上市公司资本结构的影响研究

发布时间：2018-06-13 14:25

本文选题：资本结构 + 企业所得税　；参考：《浙江大学》2003年硕士论文

【摘要】： 资本结构问题是公司财务长期以来研究的重要问题之一，理论研究表明企业所得税是影响公司资本结构的重要因素。在理论上，企业所得税率越高的公司越倾向于采用高负债。而在实证研究中，对企业所得税和资本结构之间联系得出的结论却是不太一致的。本文以我国上市公司为研究对象，对企业所得税与公司资本结构的关系进行实证研究。本文在控制了其他会对资本结构产生影响的变量的基础之上，分别以资产负债率、长期负债率的改变作为因变量，当年边际税率、前一年边际税率作为自变量来检验企业所得税对资本结构的影响。研究显示企业所得税会对资本结构产生显著的影响，并且得出边际税率高的企业倾向于采用更多的负债。对控制变量，研究显示：行业对资本结构有显著的影响；公司规模与资产负债率正相关；公司盈利能力与资产负债率负相关；公司的成长性与资产负债率没有显著的关系；破产可能性与资产负债率没有显著的关系；非债务避税与资产负债率负相关；固定资产、存货和无形资产占总资产的比率与资产负债率正相关。研究显示，，边际税率对资本结构的解释能力为0.9％，所有目前可获得的变量对资本结构的解释能力为21.3％。
[Abstract]:Capital structure is one of the most important problems in corporate finance for a long time. Theoretical research shows that corporate income tax is an important factor affecting corporate capital structure. In theory, the higher the corporate income tax rate, the more likely companies are to use high liabilities. However, in the empirical study, the conclusion of the relationship between corporate income tax and capital structure is not very consistent. This paper makes an empirical study on the relationship between corporate income tax and capital structure of listed companies in China. On the basis of controlling other variables that will affect the capital structure, this paper takes the change of asset-liability ratio and long-term debt ratio as dependent variables, and the marginal tax rate in the current year. The previous year's marginal tax rate as an independent variable to test the impact of corporate income tax on capital structure. Studies show that corporate income tax has a significant impact on capital structure and that firms with high marginal tax rates tend to use more debt. For the control variables, the study shows that: industry has a significant impact on the capital structure; the size of the company is positively related to the asset-liability ratio; the profitability of the company is negatively related to the asset-liability ratio; the growth of the company has no significant relationship with the asset-liability ratio; There is no significant relationship between bankruptcy possibility and asset-liability ratio; non-debt avoidance is negatively correlated with asset-liability ratio; and the ratio of fixed assets, inventory and intangible assets to total assets is positively related to asset-liability ratio. The results show that the marginal tax rate can explain the capital structure and all the available variables can explain the capital structure.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2003
【分类号】：F275

【引证文献】