所得税率、所有权性质与债务结构

发布时间：2019-05-17 17:07

【摘要】：本文研究所得税率对公司债务结构的影响,并考察这种影响在国有控股公司和非国有控股公司之间的差异。研究发现:税率越高,公司有息债务占总负债的比例就越高,并且这种关系在国有控股公司中更加明显;税率越高,公司有息债务中长期债务的比例就越高,并且这种关系在非国有控股公司中更加明显。上述证据表明公司的确会因利息的税盾作用而调整债务结构,但是所有权属性不同的公司,由于其面临的融资环境不同,利用债务税盾作用方面存在一定的差异。本文丰富和深化了税收与资本结构方面的研究,可以增进我们关于不同产权类型企业财务决策行为差异的认识。
[Abstract]:This paper studies the influence of income tax rate on corporate debt structure, and examines the difference between state-owned holding company and non-state-owned holding company. It is found that the higher the tax rate, the higher the proportion of corporate interest-bearing debt to total debt, and this relationship is more obvious in state-owned holding companies. The higher the tax rate, the higher the proportion of medium-and long-term debt of corporate interest-bearing debt, and the relationship is more pronounced among non-state-owned holding companies. The above evidence shows that the company does adjust the debt structure because of the tax shield of interest, but the company with different ownership attributes has some differences in the use of debt tax shield because of the different financing environment it faces. This paper enriches and deepens the research on tax and capital structure, and can enhance our understanding of the differences in financial decision-making behavior of different property right types of enterprises.
【作者单位】：浙江财经大学会计学院;
【基金】：浙江省哲学社会科学规划课题(15NDJC119YB) 教育部人文社科基金项目(15YJC790101;16YJC790001) 国家自然科学基金青年项目(71502161) 浙江省自然科学基金项目(LY16G030014)
【分类号】：F271;F275

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