我国上市公司资本弱化影响因素研究

发布时间：2018-04-19 15:53

本文选题：资本弱化 + 影响因素　；参考：《浙江财经学院》2013年硕士论文

【摘要】：2008年1月1日起实施的新《企业所得税法》及其实施条例首次在中国税法中引入了企业资本弱化管理的相关政策，使得资本弱化成为研究和讨论的一大热点。资本弱化有广义和狭义之分，本文研究的为狭义资本弱化，进一步研究建立在关联方资金往来基础上的资本弱化。从对国内外资本弱化领域的研究成果进行梳理的结果来看，现有研究大多将关联方资本弱化等同于避税，而且以规范研究为主，研究思路和研究方法上都存在一定的局限性。通过关联方资本弱化实现避税目的存在先行条件，当避税条件不满足时，企业为何还要进行资本弱化呢？是否存在其他非税因素也在影响企业的资本弱化行为呢？本文从这一角度切入，通过理论分析结合实证研究的方法，探讨我国上市公司资本弱化的影响因素。本文共分五章，前两章主要介绍了资本弱化的研究现状、相关概念和理论基础。第三章基于不同理论基础分析了资本弱化的影响因素，包括基于避税原理、融资约束理论、资源优化配置理论、交易成本理论、财务危机理论和股利分配政策的六个影响因素，，并在此基础上提出了本文的研究假设。第四章为实证研究部分，选取2007-2010年我国沪深A股中发生股东借贷的上市公司作为研究样本。该实证研究主要可以分为两部分，第一部分排除了我国反资本弱化税制的影响，对2008-2010年样本公司数据进行研究，以关联方资本弱化程度作为因变量，以可能的影响因素作为自变量，构建多元回归模型，检验分析了税率差、融资约束、投资机会、资产专用性、财务危机和股利政策对关联方资本弱化程度的影响。第二部分重点研究我国反资本弱化税制的影响，对比分析了样本公司2007年和2008年来自关联方的负债额，结果表明反资本弱化税制的执行使关联方负债显著减少。在此基础上，本文根据关联方负债额的变化，把样本公司分为上升组和下降组，通过回归检验进一步研究两组的影响因素。第五章为全文的总结，阐述了本文的基本结论，并对现有反资本弱化税制提出了完善建议，针对非税因素提出了可能的建议设想。另外，提出了本文的局限性和后续研究展望。
[Abstract]:The new "Enterprise income tax Law" and its implementing regulations, which came into effect on January 1, 2008, have for the first time introduced the relevant policies of the weakening management of enterprise capital into the Chinese tax law, which makes the weakening of enterprise capital become a hot spot in the research and discussion.The capital weakening is divided into broad sense and narrow sense. This paper studies the narrow sense of capital weakening and further studies the capital weakening based on the related party's capital exchange.From the research results of domestic and foreign research on capital weakening, most of the existing studies equate the related party capital weakening with tax avoidance, and the normative research is the main, and there are some limitations in the research ideas and research methods.There are some leading conditions to realize the purpose of tax avoidance through the weakening of the capital of the related party. Why should the enterprise carry on the weakening of the capital when the tax avoidance condition is not satisfied?Are there other non-tax factors that affect the company's capitalization?From this point of view, through theoretical analysis and empirical research, this paper discusses the factors affecting the capital weakening of listed companies in China.This paper is divided into five chapters, the first two chapters mainly introduce the research status, related concepts and theoretical basis of capitalization.The third chapter analyzes the influencing factors of capital weakening based on different theories, including six influencing factors based on tax avoidance principle, financing constraint theory, resource optimal allocation theory, transaction cost theory, financial crisis theory and dividend distribution policy.On this basis, the research hypothesis of this paper is put forward.The fourth chapter is the empirical study, selected from 2007 to 2010 in China's Shanghai and Shenzhen A shares in the occurrence of shareholder loans listed companies as the study sample.The empirical study can be divided into two parts. The first part excludes the influence of anti-capitalization weakening tax system in China, and studies the sample company data from 2008 to 2010, taking the degree of capital weakening of related parties as dependent variable.Taking the possible factors as independent variables, this paper constructs a multivariate regression model, and tests and analyzes the effects of tax difference, financing constraints, investment opportunities, asset specificity, financial crisis and dividend policy on the degree of capital weakening of related parties.The second part focuses on the impact of China's anti-capitalization weakening tax system, and compares and analyzes the amount of debt of the sample companies from related parties in 2007 and 2008. The results show that the implementation of anti-capitalization tax system significantly reduces the liabilities of related parties.On this basis, according to the change of related party debt, the sample company is divided into ascending group and descending group, and the influencing factors of the two groups are further studied by regression test.The fifth chapter is a summary of the full text, which expounds the basic conclusions of this paper, and puts forward some suggestions to improve the existing anti-capitalization weakening tax system, and a possible suggestion to the non-tax factors.In addition, the limitations of this paper and future research prospects are proposed.
【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F224

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