【摘要】：本文借鑒國(guó)外關(guān)于所得稅影響公司股權(quán)資本成本的研究成果，針對(duì)21世紀(jì)中國(guó)所得稅法規(guī)特點(diǎn)，首先分析了2000年以來我國(guó)上市公司所得稅稅負(fù)和股權(quán)資本成本的現(xiàn)狀，構(gòu)建了我國(guó)含所得稅的股權(quán)資本成本模型，探究了所得稅與公司股權(quán)資本成本的相關(guān)關(guān)系，所得稅影響公司股權(quán)資本成本的機(jī)制；其次用回歸分析、結(jié)構(gòu)方程組，實(shí)證研究了所得稅對(duì)公司股權(quán)資本成本的具體影響及機(jī)制；最后總結(jié)全文并提出相關(guān)建議。 本文利用2000－2012年我國(guó)證監(jiān)會(huì)所有行業(yè)上市公司的股權(quán)資本成本（OJ、PEG和Gordon的均值）、所得稅稅負(fù)等數(shù)據(jù)，經(jīng)驗(yàn)檢驗(yàn)了所得稅對(duì)公司股權(quán)資本成本影響，具體結(jié)論包括：（1）公司股權(quán)資本成本與所得稅稅負(fù)存在二次曲線函數(shù)關(guān)系；2008年新企業(yè)所得稅法實(shí)施后，上市公司總體股權(quán)資本成本下降；公司融資政策在企業(yè)所得稅影響公司股權(quán)資本成本過程中，，發(fā)揮了有調(diào)節(jié)的完全中介效應(yīng)。（2）2006年個(gè)人所得稅法規(guī)修訂后，上市公司總體股權(quán)資本成本增加；公司融資和股利分配政策作為個(gè)人所得稅影響公司股權(quán)資本成本的中介變量，發(fā)揮了調(diào)節(jié)性的橋梁作用。（3）所得稅對(duì)公司股權(quán)資本成本的影響存在年度差異；公司財(cái)務(wù)（運(yùn)營(yíng)、融資和股利）政策在所得稅影響公司股權(quán)資本成本中發(fā)揮了中介作用；所得稅法規(guī)修訂后，公司所得稅稅負(fù)、現(xiàn)金股利分配、工資支付、股東持股比例等發(fā)生變化，從而對(duì)公司股權(quán)資本成本產(chǎn)生直接影響，也通過公司財(cái)務(wù)政策的中介效應(yīng)產(chǎn)生間接影響。（4）與企業(yè)所得稅相比，個(gè)人所得稅的股權(quán)資本成本效應(yīng)較高；公司財(cái)務(wù)政策的中介效應(yīng)存在非對(duì)稱性，即在企業(yè)所得稅影響公司股權(quán)資本成本過程中，公司財(cái)務(wù)政策發(fā)揮了較強(qiáng)的緩沖劑作用，而在個(gè)人所得稅影響公司股權(quán)資本成本過程中，公司財(cái)務(wù)政策卻發(fā)揮了較弱的加速器作用。 本文從公司和政府視角提出建議。公司應(yīng)在充分利用所得稅法規(guī)條款，把握所得稅對(duì)公司股權(quán)資本成本直接影響的基礎(chǔ)上，做好公司運(yùn)營(yíng)管理，合理安排融資規(guī)模、結(jié)構(gòu)，制定科學(xué)的股利分配政策，發(fā)揮公司財(cái)務(wù)政策的中介效應(yīng)，控制公司的資本成本，實(shí)現(xiàn)公司的理財(cái)目標(biāo)。政府應(yīng)在考慮公司財(cái)務(wù)政策中介效應(yīng)的基礎(chǔ)上，構(gòu)建內(nèi)部均衡的所得稅法規(guī)體系，完善相關(guān)稅收金融配套措施，調(diào)整好微觀經(jīng)濟(jì)主體的利益關(guān)系，保障資本市場(chǎng)的長(zhǎng)遠(yuǎn)健康發(fā)展，促進(jìn)經(jīng)濟(jì)可持續(xù)增長(zhǎng)。
[Abstract]:According to the characteristics of China's income tax laws and regulations in the 21st century, this paper first analyzes the current situation of income tax burden and equity capital cost of listed companies in China since 2000. This paper constructs a model of equity capital cost with income tax in China, probes into the correlation between income tax and the cost of equity capital of a company, and discusses the mechanism of income tax affecting the cost of equity capital of a company. This paper empirically studies the impact and mechanism of income tax on the cost of corporate equity capital, and finally summarizes the full text and puts forward some relevant suggestions. Based on the data of stock capital cost (OJG and Gordon average) and income tax burden of listed companies in all industries of CSRC from 2000 to 2012, this paper tests the effect of income tax on the cost of equity capital. The specific conclusions are as follows: (1) the relationship between the cost of equity capital and the tax burden of income tax is quadratic, and after the implementation of the new enterprise income tax law in 2008, the total cost of equity capital of listed companies decreases; In the process of corporate income tax affecting the cost of corporate equity capital, corporate financing policy exerts a fully regulated intermediary effect. (2) after the revision of personal income tax regulations in 2006, the total equity capital cost of listed companies increases; Corporate financing and dividend distribution policy, as intermediary variables of individual income tax affecting the cost of corporate equity capital, play a regulating role. (3) there are annual differences in the impact of income tax on the cost of corporate equity capital. Financing and dividend) policies play an intermediary role in the impact of income tax on the cost of equity capital of the company. After the revision of the income tax regulations, the tax burden of the company income tax, the distribution of cash dividends, the payment of wages, the proportion of shareholders holding shares, and so on have changed. As a result, it has a direct impact on the cost of corporate equity capital, and indirectly affects the cost of equity capital through the intermediary effect of corporate financial policy. (4) compared with corporate income tax, the cost of equity capital effect of individual income tax is higher than that of individual income tax; The intermediary effect of corporate financial policy is asymmetric, that is, in the process of corporate income tax affecting the cost of corporate equity capital, corporate financial policy plays a strong role as a buffer. However, in the process of individual income tax affecting the cost of equity capital, corporate financial policy plays a weaker role as accelerator. This paper puts forward some suggestions from the perspective of company and government. On the basis of making full use of the provisions of income tax laws and regulations and grasping the direct influence of income tax on the cost of equity capital of the company, the company should do a good job in the management of the company's operation, arrange the financing scale, structure and formulate a scientific dividend distribution policy. Exert the intermediary effect of the company's financial policy, control the company's capital cost, realize the company's financial management goal. On the basis of considering the intermediary effect of the company's financial policy, the government should construct an internal balanced income tax regulation system, perfect the relevant tax and financial supporting measures, and adjust the interest relationship of the microeconomic subject. Ensure the long-term and healthy development of the capital market and promote sustainable economic growth.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F812.42;F275

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本文編號(hào)：2191770