A房地产开发公司负债融资税盾价值研究

发布时间：2018-03-12 21:09

本文选题：负债　切入点：税盾价值　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国企业所得税法规定，企业通过银行贷款、债券融资或其他负债融资方式而产生的利息费用可以在企业所得税前扣除。负债融资的利息支出可以在计算企业所得税时从应税所得中扣除，从而产生税收抵免收益，这就是通常所说的负债融资的税盾价值。税盾价值的存在意味着企业可以在融资中增加负债的规模以获得利息税前抵扣的节税效应。利息费用的税前扣除规定实际上是国家替企业承担了一部分利息费用，是国家对企业的一种价值让渡也是税法鼓励负债融资的体现。一方面，我国房地产开发经营企业的企业所得税税负较高。另一方面，，翻阅近几年的《中国房地产统计年鉴》发现我国房地产企业最近几年资金需求量每年平均增速超过20%，个别年份增速甚至超过了40%，整个行业对资金需求量很大。房地产企业在畸高的企业所得税负担下应该会寻求更多的节税手段，如果能在融资时增加负债融资的比例获得税盾价值无疑能有效降低所得税负担。本文选取了典型的房地产公司作为案例，企图通过对个例的研究找出一般的规律性。当前很少有专门研究单个企业负债融资税盾价值的文章，本文拟围绕A房地产开发公司对此展开研究。首先对该公司的概况和融资情况进行简单地说明，并以此为切入点对该公司当前融资现状下的所得税税负、负债税盾价值、税盾价值节税效果进行分析；其次，通过权衡负债税盾价值、财务杠杆效应和财务风险选出该公司综合收益最大化的最优资本结构并以相关指标评价该公司的税盾价值应用现状；最后在案例分析的基础上提出有益于A房地产开发公司优化使用债务税盾价值的建议，希望给其他企业提供借鉴意见。本篇论文主要研究负债融资行为产生的税盾价值对所得税税负的影响及在融资过程中如何优化使用负债税盾价值。
[Abstract]:According to the Enterprise income tax Law of China, enterprises make loans through banks, Interest expenses arising from bond financing or other forms of debt financing may be deducted before enterprise income tax. Interest expenses on debt financing may be deducted from taxable income in the calculation of enterprise income tax, thereby generating tax credits. This is commonly referred to as the tax shield value of debt financing. The existence of tax shield value means that enterprises can increase the size of their liabilities in financing to obtain the tax saving effect of deductions before interest tax. On the other hand, it is the state that has borne part of the interest cost for the enterprises. It is also the embodiment of tax law to encourage debt financing. On the one hand, the enterprise income tax burden of real estate development and management enterprises in China is relatively high. On the other hand, Looking through the yearbook of Chinese real estate statistics in recent years, it is found that the average annual growth rate of capital demand of Chinese real estate enterprises in recent years has exceeded 20%, and the growth rate of individual years has even exceeded 40%. The whole industry has a great demand for funds. Real estate companies should seek more tax savings under the exceedingly high corporate income tax burden. If we can increase the proportion of debt financing and get the value of tax shield, we can reduce the income tax burden effectively. This paper chooses the typical real estate company as a case to try to find out the general regularity through the study of individual cases. At present, there are few articles devoted to the study of the value of the tax shield of debt financing of a single enterprise. Firstly, the general situation and financing situation of A real estate development company are briefly explained, and the income tax burden, liability tax shield value of the company under the current financing situation of the company are taken as the starting point. The effect of saving tax on tax shield value is analyzed. Secondly, by weighing the value of liability tax shield, The financial leverage effect and financial risk select the optimal capital structure to maximize the comprehensive income of the company and evaluate the current situation of the application of tax shield value of the company with relevant indicators. Finally, on the basis of the case study, the paper puts forward some suggestions for A Real Estate Development Company to optimize the use of debt tax shield value. This paper mainly studies the impact of tax shield value on income tax burden and how to optimize the use of debt tax shield value in the process of financing.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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