我国上市公司债务融资税盾及财务杠杆效应分析

发布时间：2018-03-31 04:10

本文选题：债务融资　切入点：税盾效应　出处：《西南财经大学》2014年硕士论文

【摘要】：各企业要在越来越激烈的国内和国际市场竞争中不断发展自身,就必须不断提高自身的适应能力和竞争能力。企业为了自身发展,不可避免的要面临融资问题。债务融资作为企业融资的一大来源,对于提高自己竞争力进而提升企业价值有着不可取代的作用。合理的资本结构和融资方式,可以帮助企业在不增加财务风险的情况下获得财务杠杆优势,可以使企业在较低的资本成本下获得更多的收益。因此,研究企业的资本结构和融资政策,对于提升企业价值,保持企业长久发展具有重要的现实和长远意义。由于债务利息具备两个鲜明地基本特征：一是税前抵扣,即产生税盾效应；二是额度固定,即产生财务杠杆效应。税盾效应是企业债务融资根本性效应,而财务杠杆效应则是企业债务融资的延伸性性效应,两者是一个有机的整体,同时也是债务融资综合效应的直接表现形式,于是本文将债务融资的税盾效应和财务杠杠效应结合起来进行分析。首先,本文根据我国各行业上市公司的现有资产负债率水平和长期负债率水平,以及它们所发挥的债务融资税盾及财务杠杆效应进行描述性分析。通过描述性统计发现,我国大部分企业都能够发挥税盾效应,但是这部分企业发挥税盾效应的水平却很低,并没有充分利用债务融资带来的税盾效应。另外,在我国各行业上市公司中,能够发挥财务杠杆正效应的企业数目明显少于发挥财务杠杆负效应的企业数,这是值得关注的一个问题。通过描述性统计分析,本文得出了我国各行业上市公司发挥债务融资税盾及财务杠杆正负效应的整体情况。那么,对我国上市公司而言,它们现有的负债水平以及负债结构对债务融资税盾和财务杠杆效应存在着怎样的影响?这些效应又是否存在行业间的差异呢?这是本文要着重研究的内容。考虑到财务杠杆会产生正负两种效应,即当总资产利润率(ROA)债务利息率(Rd)时,财务杠杆表现为正效应；当总资产利润率(ROA)债务利息率(Rd)时,财务杠杆表现为负效应。为了分别对这两种效应进行分析,本文将样本分为ROARd和ROARd两部分分别进行实证分析。另外考虑到债务融资税盾和财务杠杆效应可能存在行业间的差异,为了研究是否存在这种差异以及是什么样的行业宏观因素引起的这种差异,本文引入分层线性模型,通过SAS软件的PROC MIXED程序进行编程,以此来分析我国上市公司债务融资税盾及财务杠杆效应,突破以往利用简单的多元线性回归分析债务融资效应。本文通过描述性分析以及实证建模,得出结论总结如下： (1)我国上市公司中,发挥财务杠杆负效应的企业占比大于发挥财务杠杆正效应的企业占比,大多数企业的盈利能力还不够强。 (2)我国上市公司中,虽然绝大部分企业都能够发挥税盾效应,但是这些企业中大部分却没能充分利用税盾效应。 (3)对于盈利能力较强的公司,提高资产负债率特别是长期负债率会同时增大税盾效应与财务杠杆正效应,这些公司可以适当提高自身负债水平,充分发挥债务融资所带来的税盾效应和财务杠杆正效应,进而增大公司价值。 (4)对于盈利能力较弱的公司,提高负债水平在增大税盾效应的同时,却增大了财务杠杆负效应,所以为企业带来的价值呈现不确定性。因此,这些企业不能盲目增加负债,应该根据自身的实际情况,衡量在改变负债水平的时候,哪种效应给公司带来的影响程度更大。 (5)我国上市公司债务融资财务杠杆效应的发挥会受到行业集中度宏观变量的正向影响。对于盈利能力较强的公司,行业集中度高的行业,企业可以利用行业内的激烈竞争,适当提高负债水平,增大财务杠杆正效应的同时也提高了自身的竞争力；对于盈利能力较弱的公司,行业集中度偏高的行业,企业可以适当降低自身负债水平,从而减小财务杠杆负效应来减少负债可能带来的损失,从而提高自身竞争力。 (6)我国上市公司税盾效应的发挥会受到行业稳定性的负向影响。越稳定的行业反而越少的利用负债融资来获得税盾效应,它们在自身稳定经营的同时,可以适当的通过负债融资,通过获得更大的税盾效应来进一步提升公司价值。与以往的研究相比,本文主要有以下几点创新： (1)考虑到债务融资效应会受到行业宏观因素的影响,本文创新性的运用分层线性模型来分析我国上市公司债务融资税盾及财务杠杆效应,突破以往利用简单的多元线性回归分析我国上市公司债务融资效应的总体情况。 (2)债务融资的税盾及财务杠杆效应是有负债带来的,考虑到债务融资有结构差异,本文不仅仅分析我国上市公司总体负债水平所带来的税盾和财务杠杆效应,还纳入了债务结构这一影响因素。 (3)本文采纳Mautizio的观点,考虑债务融资效应的多样性,基于债务融资税盾及财务杠杆效应的紧密联系,文章将这两种效应结合分析。由于本人知识的局限性,本文还存在以下不足之处： (1)基于债务融资税盾及财务杠杆效应的紧密联系,本文仅仅着眼于对上市公司债务融资税盾及财务杠杆综合效应的研究,而没有对债务融资所带来的其他方面的效应进行研究。 (2)在分析影响债务融资税盾和财务杠杆效应行业差异的时候,由于数据可获取性等原因的限制,没有选取更多的行业指标进行更多的解释。
[Abstract]:The enterprises in the increasingly fierce competition in domestic and international market in the continuous development of their own, we must constantly improve their own ability and competition ability. The enterprise for its own development, inevitably facing financial problems. Debt financing as a major source of financing for enterprises, enhance their competitiveness and enhance corporate value is replace. The effect of capital structure and financing way is reasonable, can help enterprises to obtain financial leverage advantages without increasing the financial risk situation, enterprises can gain more benefits at lower cost of capital. Therefore, capital structure and financing policy of enterprises, to enhance corporate value, keep has important practical long term and long-term development of enterprises.
Because of debt interest have two basic characteristics: one is clearly the tax deduction, which is the tax shield effect; two is the amount of fixed, which is the financial leverage effect. The tax shield effect is the fundamental effect of corporate debt financing, and financial leverage is the extension of the effect of corporate debt financing, which is an organic overall, the direct form of financing is also the comprehensive effect of debt, and the debt financing tax shield effect and financial leverage effect of combining analysis.
First of all, according to the existing balance of various industries in China listed companies rate level and the level of long-term debt ratio, descriptive analysis and their play debt tax shield and the financial leverage effect. Through the descriptive statistics, most of the enterprises of our country are able to play the tax shield effect, but this part of enterprises play the tax shield effect the level is very low, and does not make full use of debt financing to bring the tax shield effect. In addition, in various industries in China's listed companies, the number of enterprises can play the positive effects of financial leverage is significantly less than the financial lever to play the negative effects of the number of enterprises, this is a problem worthy of attention. Through descriptive statistical analysis. This paper concludes that the overall situation of debt financing and financial leverage and tax shield effect of various industries in China listed companies play. So, our listed companies, their existing debt What are the impacts of debt structure on debt financing, tax shields and financial leverage? Are there any differences between industries?
Taking into account the financial leverage will produce positive and negative two effects, namely when the profit ratio of total assets (ROA) debt interest rate (Rd), financial leverage has a positive effect; when the total return on assets (ROA) debt interest rate (Rd), the financial leverage is negative effect. For each of these two effect analysis, the samples were divided into ROARd and ROARd respectively in the two part of the empirical analysis. Considering the debt tax shield and financial leverage effect there may be differences between the industry, in order to study the existence of this difference is and what kind of industry because of the difference of macro reasons, this paper introduces the hierarchical linear model of. Through the SAS software programming PROC MIXED program, in order to analyze the debt financing of Chinese listed companies tax shield and financial leverage effect, a breakthrough by using multiple linear regression analysis of simple effect of debt financing.
Through descriptive analysis and empirical modeling, the conclusion is summarized as follows:
(1) in China's listed companies, the proportion of enterprises that play a negative role in financial leverage is greater than that of enterprises that play a positive role in financial leverage, and most enterprises' profitability is not strong enough.
(2) although most of the companies in China are able to play the tax shield effect, most of these enterprises are not able to make full use of the tax shield effect.
(3) the strong profitability of the company, improve the rate of assets and liabilities especially the long-term debt rate will also increase the tax shield effect and financial leverage effect, these companies can improve their debt levels, give full play to the role of debt financing caused by the tax shield effect and financial leverage effect, thus increasing the value of the company.
(4) for the weak profitability of the company, improve the level of debt in increasing the tax shield effect at the same time, it increases the negative effect of financial leverage, so bring value to the enterprise present uncertainty. Therefore, these enterprises should not blindly increase the debt, according to their actual situation, measure when the changes in the levels of debt, influence the degree of effect which brings to the company more.
(5) use of China's listed companies debt financing the financial leverage effect will be positively influenced by concentration of macro variables. For the strong profitability of the company, the industry highly concentrated industries, enterprises can use the fierce competition within the industry, appropriate to increase the level of debt, increase the positive effects of financial leverage and enhance their own for the competition; the weak profitability of the company, industry concentration is high in the industry, enterprises can reduce their debt levels, thereby reducing the negative effect of financial leverage to reduce debt losses, so as to improve their own competitiveness.
(6) use the listed company of our country tax shield effect is affected by the negative effects of industry stability. The more stable industries but the less use of debt financing to obtain tax shield effect of their operating stability on its own at the same time, can be appropriate through debt financing, the greater the tax shield effect to further enhance the value of the company.
Compared with previous studies, there are several innovations in this paper.
(1) considering the effect of debt financing will be affected by the macro factors, analysis of debt financing of Chinese listed companies tax shield and financial leverage effect of hierarchical linear model using this innovative, breakthrough by multivariate linear simple analysis the overall situation of the effect of debt financing of Listed Companies in China to return.
(2) the tax shield and leverage effect of debt financing is due to liabilities. Considering the structural differences of debt financing, this paper will not only analyze the tax shield and financial leverage effects brought by the overall debt level of China's listed companies, but also include the debt structure.
(3) in the view of Mautizio, considering the diversity of debt financing effects, based on the close connection between debt financing, tax shields and financial leverage, the article combines these two effects.
Because of the limitations of my knowledge, the following shortcomings are also found in this paper.
(1) based on the close relationship between debt financing, tax shields and financial leverage, this paper only focuses on the comprehensive effect of debt financing, tax shields and financial leverage of listed companies, but has no research on other aspects of debt financing.
(2) when analyzing the industry differences of debt financing tax shields and financial leverage effects, we did not select more industry indicators for more explanation because of the limitations of data accessibility and other reasons.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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