本文選題：上市公司 + 資本結(jié)構(gòu)　； 參考：《東北農(nóng)業(yè)大學(xué)》2012年碩士論文

【摘要】：企業(yè)的運營的最終目標(biāo)是追求企業(yè)價值的最大化,企業(yè)要想獲得價值最大化,必然要根據(jù)企業(yè)自身的情況尋求一個合理的資本結(jié)構(gòu)。資本結(jié)構(gòu)問題是公司財務(wù)長期以來研究的重要問題之一,然而,如何平衡影響上市公司資本結(jié)構(gòu)的眾多因素,尋求一種最佳的、并且有利于上市公司發(fā)展的資本結(jié)構(gòu),也成為人們關(guān)注的問題。隨著社會經(jīng)濟(jì)的不斷發(fā)展,現(xiàn)代稅收制度日趨細(xì)致完善,并逐步滲透到社會生活的各個方面,成為經(jīng)濟(jì)決策不可忽視的影響因素,這無疑影響到了上市公司的資本結(jié)構(gòu)問題。然而,所得稅對我國上市公司資本結(jié)構(gòu)的影響究竟如何,體現(xiàn)在哪些方面,能否對我國上市公司資本結(jié)構(gòu)的優(yōu)化提供有益的參考,將成為本文研究的動因。 本文通過對國內(nèi)外所得稅和資本結(jié)構(gòu)已有研究成果和相關(guān)理論進(jìn)行系統(tǒng)的梳理和闡述,總結(jié)并分析了所得稅對資本結(jié)構(gòu)的影響。在此基礎(chǔ)上,以2008-2011年在滬深交易所上市的公司為樣本,以能夠代表資本結(jié)構(gòu)的資產(chǎn)負(fù)債率和長期負(fù)債改變量為因變量,以邊際稅率和非債務(wù)稅盾為解釋變量,將公司規(guī)模、盈利能力、資產(chǎn)抵押性、破產(chǎn)可能性和行業(yè)因素為控制變量,以描述性統(tǒng)計為基礎(chǔ),運用計量經(jīng)濟(jì)學(xué)法、多元線性回歸法模型對企業(yè)所得稅對我國上市公司對資本結(jié)構(gòu)的影響進(jìn)行實證考察,得出了邊際稅率,企業(yè)規(guī)模,盈利能力和破產(chǎn)可能性與資本結(jié)構(gòu)正相關(guān),非債務(wù)稅盾和資產(chǎn)抵押性與資本結(jié)構(gòu)負(fù)相關(guān)的結(jié)論。并根據(jù)企業(yè)所得稅對資本結(jié)構(gòu)的影響結(jié)論,提出了優(yōu)化我國上市公司資本結(jié)構(gòu)的建議,為我國上市公司資本結(jié)構(gòu)決策提供幫助,更加有利于我國經(jīng)濟(jì)的發(fā)展和增強(qiáng)我國上市公司在國際市場上的競爭力。
[Abstract]:The ultimate goal of the enterprise operation is to pursue the maximization of the enterprise value. If the enterprise wants to obtain the value maximization, it must seek a reasonable capital structure according to the enterprise's own situation. The problem of capital structure is one of the most important problems in corporate finance for a long time. However, how to balance the many factors that affect the capital structure of listed companies, and seek for a kind of best capital structure which is conducive to the development of listed companies, Also becomes the question which people pays close attention to. With the continuous development of social economy, the modern tax system is becoming more and more perfect, and gradually infiltrates into all aspects of social life, and becomes an influential factor that can not be ignored in economic decision-making, which undoubtedly affects the capital structure of listed companies. However, the impact of income tax on the capital structure of listed companies in China, which aspects are embodied, and whether it can provide a useful reference for the optimization of capital structure of listed companies in China will become the motivation of this paper. This paper summarizes and analyzes the influence of income tax on capital structure by systematically combing and expounding the existing research results and related theories of income tax and capital structure at home and abroad. On this basis, taking the companies listed on the Shanghai and Shenzhen Stock Exchange from 2008 to 2011 as a sample, taking the asset-liability ratio and the amount of long-term liabilities that can represent the capital structure as dependent variables, and taking the marginal tax rate and the non-debt tax shield as the explanatory variables, the size of the company will be changed. Profitability, asset mortgage, bankruptcy possibility and industry factors are control variables, based on descriptive statistics, using econometrics, The multiple linear regression model is used to investigate the influence of enterprise income tax on the capital structure of listed companies in China. The results show that the marginal tax rate, enterprise size, profitability and the possibility of bankruptcy are positively related to the capital structure. Conclusion that non-debt tax shield and asset mortgage are negatively correlated with capital structure. According to the conclusion of the influence of enterprise income tax on capital structure, this paper puts forward some suggestions to optimize the capital structure of listed companies in China, which can help the capital structure decision of listed companies in China. More conducive to the development of China's economy and enhance the competitiveness of listed companies in the international market.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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