所得税对公司股权资本成本的影响研究
发布时间：2018-08-19 13:20
【摘要】：本文借鉴国外关于所得税影响公司股权资本成本的研究成果，针对21世纪中国所得税法规特点，首先分析了2000年以来我国上市公司所得税税负和股权资本成本的现状，构建了我国含所得税的股权资本成本模型，探究了所得税与公司股权资本成本的相关关系，所得税影响公司股权资本成本的机制；其次用回归分析、结构方程组，实证研究了所得税对公司股权资本成本的具体影响及机制；最后总结全文并提出相关建议。 本文利用2000－2012年我国证监会所有行业上市公司的股权资本成本（OJ、PEG和Gordon的均值）、所得税税负等数据，经验检验了所得税对公司股权资本成本影响，具体结论包括：（1）公司股权资本成本与所得税税负存在二次曲线函数关系；2008年新企业所得税法实施后，上市公司总体股权资本成本下降；公司融资政策在企业所得税影响公司股权资本成本过程中，，发挥了有调节的完全中介效应。（2）2006年个人所得税法规修订后，上市公司总体股权资本成本增加；公司融资和股利分配政策作为个人所得税影响公司股权资本成本的中介变量，发挥了调节性的桥梁作用。（3）所得税对公司股权资本成本的影响存在年度差异；公司财务（运营、融资和股利）政策在所得税影响公司股权资本成本中发挥了中介作用；所得税法规修订后，公司所得税税负、现金股利分配、工资支付、股东持股比例等发生变化，从而对公司股权资本成本产生直接影响，也通过公司财务政策的中介效应产生间接影响。（4）与企业所得税相比，个人所得税的股权资本成本效应较高；公司财务政策的中介效应存在非对称性，即在企业所得税影响公司股权资本成本过程中，公司财务政策发挥了较强的缓冲剂作用，而在个人所得税影响公司股权资本成本过程中，公司财务政策却发挥了较弱的加速器作用。 本文从公司和政府视角提出建议。公司应在充分利用所得税法规条款，把握所得税对公司股权资本成本直接影响的基础上，做好公司运营管理，合理安排融资规模、结构，制定科学的股利分配政策，发挥公司财务政策的中介效应，控制公司的资本成本，实现公司的理财目标。政府应在考虑公司财务政策中介效应的基础上，构建内部均衡的所得税法规体系，完善相关税收金融配套措施，调整好微观经济主体的利益关系，保障资本市场的长远健康发展，促进经济可持续增长。
[Abstract]:According to the characteristics of China's income tax laws and regulations in the 21st century, this paper first analyzes the current situation of income tax burden and equity capital cost of listed companies in China since 2000. This paper constructs a model of equity capital cost with income tax in China, probes into the correlation between income tax and the cost of equity capital of a company, and discusses the mechanism of income tax affecting the cost of equity capital of a company. This paper empirically studies the impact and mechanism of income tax on the cost of corporate equity capital, and finally summarizes the full text and puts forward some relevant suggestions. Based on the data of stock capital cost (OJG and Gordon average) and income tax burden of listed companies in all industries of CSRC from 2000 to 2012, this paper tests the effect of income tax on the cost of equity capital. The specific conclusions are as follows: (1) the relationship between the cost of equity capital and the tax burden of income tax is quadratic, and after the implementation of the new enterprise income tax law in 2008, the total cost of equity capital of listed companies decreases; In the process of corporate income tax affecting the cost of corporate equity capital, corporate financing policy exerts a fully regulated intermediary effect. (2) after the revision of personal income tax regulations in 2006, the total equity capital cost of listed companies increases; Corporate financing and dividend distribution policy, as intermediary variables of individual income tax affecting the cost of corporate equity capital, play a regulating role. (3) there are annual differences in the impact of income tax on the cost of corporate equity capital. Financing and dividend) policies play an intermediary role in the impact of income tax on the cost of equity capital of the company. After the revision of the income tax regulations, the tax burden of the company income tax, the distribution of cash dividends, the payment of wages, the proportion of shareholders holding shares, and so on have changed. As a result, it has a direct impact on the cost of corporate equity capital, and indirectly affects the cost of equity capital through the intermediary effect of corporate financial policy. (4) compared with corporate income tax, the cost of equity capital effect of individual income tax is higher than that of individual income tax; The intermediary effect of corporate financial policy is asymmetric, that is, in the process of corporate income tax affecting the cost of corporate equity capital, corporate financial policy plays a strong role as a buffer. However, in the process of individual income tax affecting the cost of equity capital, corporate financial policy plays a weaker role as accelerator. This paper puts forward some suggestions from the perspective of company and government. On the basis of making full use of the provisions of income tax laws and regulations and grasping the direct influence of income tax on the cost of equity capital of the company, the company should do a good job in the management of the company's operation, arrange the financing scale, structure and formulate a scientific dividend distribution policy. Exert the intermediary effect of the company's financial policy, control the company's capital cost, realize the company's financial management goal. On the basis of considering the intermediary effect of the company's financial policy, the government should construct an internal balanced income tax regulation system, perfect the relevant tax and financial supporting measures, and adjust the interest relationship of the microeconomic subject. Ensure the long-term and healthy development of the capital market and promote sustainable economic growth.
【学位授予单位】：首都经济贸易大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F812.42;F275
本文编号：2191770
[Abstract]:According to the characteristics of China's income tax laws and regulations in the 21st century, this paper first analyzes the current situation of income tax burden and equity capital cost of listed companies in China since 2000. This paper constructs a model of equity capital cost with income tax in China, probes into the correlation between income tax and the cost of equity capital of a company, and discusses the mechanism of income tax affecting the cost of equity capital of a company. This paper empirically studies the impact and mechanism of income tax on the cost of corporate equity capital, and finally summarizes the full text and puts forward some relevant suggestions. Based on the data of stock capital cost (OJG and Gordon average) and income tax burden of listed companies in all industries of CSRC from 2000 to 2012, this paper tests the effect of income tax on the cost of equity capital. The specific conclusions are as follows: (1) the relationship between the cost of equity capital and the tax burden of income tax is quadratic, and after the implementation of the new enterprise income tax law in 2008, the total cost of equity capital of listed companies decreases; In the process of corporate income tax affecting the cost of corporate equity capital, corporate financing policy exerts a fully regulated intermediary effect. (2) after the revision of personal income tax regulations in 2006, the total equity capital cost of listed companies increases; Corporate financing and dividend distribution policy, as intermediary variables of individual income tax affecting the cost of corporate equity capital, play a regulating role. (3) there are annual differences in the impact of income tax on the cost of corporate equity capital. Financing and dividend) policies play an intermediary role in the impact of income tax on the cost of equity capital of the company. After the revision of the income tax regulations, the tax burden of the company income tax, the distribution of cash dividends, the payment of wages, the proportion of shareholders holding shares, and so on have changed. As a result, it has a direct impact on the cost of corporate equity capital, and indirectly affects the cost of equity capital through the intermediary effect of corporate financial policy. (4) compared with corporate income tax, the cost of equity capital effect of individual income tax is higher than that of individual income tax; The intermediary effect of corporate financial policy is asymmetric, that is, in the process of corporate income tax affecting the cost of corporate equity capital, corporate financial policy plays a strong role as a buffer. However, in the process of individual income tax affecting the cost of equity capital, corporate financial policy plays a weaker role as accelerator. This paper puts forward some suggestions from the perspective of company and government. On the basis of making full use of the provisions of income tax laws and regulations and grasping the direct influence of income tax on the cost of equity capital of the company, the company should do a good job in the management of the company's operation, arrange the financing scale, structure and formulate a scientific dividend distribution policy. Exert the intermediary effect of the company's financial policy, control the company's capital cost, realize the company's financial management goal. On the basis of considering the intermediary effect of the company's financial policy, the government should construct an internal balanced income tax regulation system, perfect the relevant tax and financial supporting measures, and adjust the interest relationship of the microeconomic subject. Ensure the long-term and healthy development of the capital market and promote sustainable economic growth.
【学位授予单位】：首都经济贸易大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F812.42;F275
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