海南省上市公司非债务税盾与资本结构的实证研究

发布时间：2018-03-07 00:19

本文选题：海南省　切入点：非债务税盾　出处：《海南大学》2013年硕士论文　论文类型：学位论文

【摘要】：自MM理论诞生以来,资本结构理论受到了经济学界的广泛关注。资本结构对企业的经营与价值的提高具有根本性的作用。企业资本结构合理与否,关系到企业的生产经营活动、盈利状况以及企业长期的生存与发展。然而,影响资本结构的因素有很多,税盾效应就是其中重要因素之一。而对于一个理性的经济主体,必然追求企业价值的最大化。因此,在进行资本结构安排时,必然会考虑企业应如何充分利用“税盾效应”,从而为企业的经营行为带来节税与合理避税的效果。作为支撑海南资本市场的上市公司,其合理的资本结构显得尤为重要。而伴随着海南省建设国际旅游岛上升为国家战略,其为海南省上市公司的发展带来新的机遇。在这样的背景下去研究海南省上市公司非债务税盾与资本结构之间的相关关系具有很强的现实意义。本文从非债务税盾、资本结构的概念及资本结构相关理论入手,对海南省上市公司非债务税盾与资本结构进行实证研究。本文以海南省2007年至2011年连续存在的12家上市公司作为研究对象,以资产负债率作为衡量资本结构的变量,非债务税盾作为解释变量,另外本文还选取了7个控制变量来控制其他因素对资本结构的影响,分别是企业规模、资产收益率、可抵押资产价值、成长率、资产专用性、产生内部资源能力、流动比率,并基于多元线性回归分析结果对海南省上市公司资本结构的优化提出了相应的政策性建议。本文主要包括六个章节,第一章节是导论,该章节主要阐述了本文的研究背景、目的、意义以及研究内容与基本框架,简要说明了本文的重难点与创新点;第二章节是国内外相关的文献综述,本章介绍了非债务税盾与资本结构之间的国内外研究现状,以及资本结构相关理论；第三章节是非债务税盾与资本结构的理论基础,本章分别介绍了非债务税盾与资本结构概念的界定,上市公司融资行为中税盾效应产生机理,非债务税盾与资本结构的现实分析以及非债务税盾效应对债务税盾效应的制约；第四章节是海南省上市公司资本结构特征,本章主要分析了海南省上市公司不同行业资本结构特征,得出两个结论：第一,海南省上市公司资产负债率普遍偏低；第二,不同行业的资本结构无明显差异;第五章节分析了海南省上市公司资本结构特征。第五章节是海南省上市公司非债务税盾与资本结构关系的实证研究。本章将资产负债率作为被解释变量,非负债税盾作为解释变量,企业规模、资产收益率、可抵押资产价值、等作为控制变量,年度以及行业作为虚拟变量,对海南省上市公司非债务税盾与资本结构进行多元线性回归分析。实证结果表明：①房地产业与制造业其非债务税盾与资本结构呈现一种显著负相关关系；②农林牧渔业和交通运输仓储业其非债务税盾与资本结构正相关;第六章节,研究结论与政策建议,本章基于实证结果得出研究结论,提出了关于完善并优化其上市公司资本结构的建议,利用上市公司先行来促进海南经济的发展。
[Abstract]:Since the birth of MM theory, capital structure theory has attracted wide attention of economists. Is the fundamental business and the value of the capital structure of enterprises to improve the role. The enterprise capital structure is reasonable or not, related to the production and business activities of enterprises, profitability and long-term survival and development. However, there are a lot of factors the impact of capital structure of the tax shield effect is one of the important factors. And for a rational economic subject to maximize the inevitable pursuit of enterprise value. Therefore, the capital structure arrangement, will consider how the enterprises should make full use of the "tax shield effect", which brings the tax and reasonable tax avoidance effect for business the behavior of enterprises. As the support of the Hainan capital market listed companies, the reasonable capital structure is very important. And with the construction of Hainan International Tourism Island National strategy, It has brought about new opportunities for the development of the listed companies in Hainan province. In this context the research of Listed Companies in Hainan, the relationship between non debt tax shield and the capital structure has a strong practical significance. This article from the non debt tax shield, starting with the related theory and concept of capital structure and capital structure, non debt tax shield and the empirical research on the capital structure of Listed Companies in Hainan province. This paper exists in Hainan province from 2007 to 2011 for the 12 listed companies as the research object, to asset liability ratio as a measure of capital structure variables, non debt tax shields as explanatory variables, this paper selects 7 control variables to control the influence of other factors on the capital structure, such as the enterprise scale, return on assets, mortgage assets value, growth rate, asset specificity, internal resource capacity, flow rate, and based on multiple linear regression The results of the analysis of the capital structure of the listed companies in Hainan province put forward the corresponding policy suggestions.
This paper includes six chapters, the first chapter is the introduction, this chapter mainly expounds the research background, purpose, significance and the research content and the basic framework, a brief description of the difficulty and innovation of this paper; the second chapter is the domestic and foreign related literature review, this chapter introduces the research status between the non debt tax shield and the capital structure at home and abroad, and the related capital structure theory; the third chapter is the theoretical basis of non debt tax shields and capital structure, this chapter introduces the definition of the non debt tax shield and the capital structure concept, financing behavior of Listed Companies in the tax shield effect mechanism, restricting the realistic analysis of the non debt tax shield and capital the structure and the non debt tax shield effect on tax shield effect; the fourth chapter is the characteristics of capital structure of Listed Companies in Hainan Province, this chapter mainly analyzes the different sectors of the capital of Listed Companies in Hainan Province The structure characteristics, draw two conclusions: first, asset liability ratio of Listed Companies in Hainan province is generally low; second, no significant difference of capital structure in different industries; the fifth chapter analyzes the characteristics of capital structure of Listed Companies in Hainan province. The fifth chapter is the empirical research of Listed Companies in Hainan, the non debt tax shield and the capital structure. The asset liability ratio as explanatory variables, non debt tax shields as explanatory variables, firm size, return on assets, collateral value of assets, such as control variables, and the annual industry as a dummy variable, non debt tax shield and the capital structure of the multivariate linear regression analysis of the listed companies in Hainan province. The empirical results show that: the real estate industry and manufacturing industry to the non debt tax shield and the capital structure has a significant negative correlation; the animal husbandry and fishery and the transportation and warehousing industry and capital non debt tax shield This structure is positively related. The sixth chapter, research conclusions and policy recommendations. Based on the empirical results, this chapter draws the conclusions, and puts forward suggestions for improving and optimizing the capital structure of listed companies, and promoting the development of Hainan's economy by using the listed companies in advance.

【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6

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