企业所得税对中国中小板上市公司资本结构的影响

发布时间：2018-04-03 13:25

本文选题：资本结构　切入点：企业所得税　出处：《暨南大学》2013年硕士论文

【摘要】：与资本结构相关的理论分析和实证分析都证明企业所得税对资本结构有非常直接的影响，但美中不足的是，大多数的实证研究只是针对主板上市的企业，而对于在中小板上市的中小型企业的研究文献较少。随着我国所得税制和资本市场的不断完善，有必要从企业所得税差别最大和举债能力不强的中小板上市企业入手进行对比分析，剖析西方的研究成果，探究是否会出现不同的研究结果，并分析该结果所蕴含的意义。首先本文从最初的MM理论出发，对资本结构理论有一个系统的回顾，并对以往学者的一些研究进行了文献综述。在此基础之上，对企业所得税对公司资本结构影响的作用机理做出分析，并从法律的角度分析影响债务税盾效应的因素。本文利用回归分析证明了中小板上市企业的实际企业所得税和资产负债率成正相关关系。从回归结果当中发现，中国中小板上市企业相对主板上市企业，总资产负债率较低，并且企业所得税与资本结构的相关系数较低。中小板上市公司是否能充分利用债券市场和信贷市场，有待考究。最后本文从完善信贷市场和债券市场、发展债权转让市场和开征资本利得税三个角度提出政策建议，期待完善中小板企业举债环境，，以提高其利用债务税盾。
[Abstract]:Theoretical analysis and empirical analysis related to capital structure prove that corporate income tax has a very direct impact on capital structure , but it is not enough .

Firstly , from the initial MM theory , this paper reviews the theory of capital structure , and reviews some previous researches . On the basis of this , the paper analyzes the mechanism of corporate income tax on the effect of corporate capital structure , and analyzes the factors that affect the effect of debt tax shield from the angle of law .

Based on the regression analysis , it is proved that the real enterprise income tax and the asset - liability ratio of the listed companies are positively correlated . From the regression results , it is found that the listed companies of Chinese and medium - sized enterprises are listed companies with relatively low total assets and liabilities , and the correlation coefficient between corporate income tax and capital structure is low .

Finally , this paper puts forward policy suggestions from perfecting credit markets and bond markets , developing creditor ' s rights transfer market and opening capital gains tax , and looks forward to improving the debt - raising environment of small and medium - sized enterprises in order to improve their utilization of debt tax shield .

【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.5

【引证文献】