本文選題：海南省　切入點(diǎn)：非債務(wù)稅盾　出處：《海南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自MM理論誕生以來,資本結(jié)構(gòu)理論受到了經(jīng)濟(jì)學(xué)界的廣泛關(guān)注。資本結(jié)構(gòu)對企業(yè)的經(jīng)營與價(jià)值的提高具有根本性的作用。企業(yè)資本結(jié)構(gòu)合理與否,關(guān)系到企業(yè)的生產(chǎn)經(jīng)營活動、盈利狀況以及企業(yè)長期的生存與發(fā)展。然而,影響資本結(jié)構(gòu)的因素有很多,稅盾效應(yīng)就是其中重要因素之一。而對于一個(gè)理性的經(jīng)濟(jì)主體,必然追求企業(yè)價(jià)值的最大化。因此,在進(jìn)行資本結(jié)構(gòu)安排時(shí),必然會考慮企業(yè)應(yīng)如何充分利用“稅盾效應(yīng)”,從而為企業(yè)的經(jīng)營行為帶來節(jié)稅與合理避稅的效果。作為支撐海南資本市場的上市公司,其合理的資本結(jié)構(gòu)顯得尤為重要。而伴隨著海南省建設(shè)國際旅游島上升為國家戰(zhàn)略,其為海南省上市公司的發(fā)展帶來新的機(jī)遇。在這樣的背景下去研究海南省上市公司非債務(wù)稅盾與資本結(jié)構(gòu)之間的相關(guān)關(guān)系具有很強(qiáng)的現(xiàn)實(shí)意義。本文從非債務(wù)稅盾、資本結(jié)構(gòu)的概念及資本結(jié)構(gòu)相關(guān)理論入手,對海南省上市公司非債務(wù)稅盾與資本結(jié)構(gòu)進(jìn)行實(shí)證研究。本文以海南省2007年至2011年連續(xù)存在的12家上市公司作為研究對象,以資產(chǎn)負(fù)債率作為衡量資本結(jié)構(gòu)的變量,非債務(wù)稅盾作為解釋變量,另外本文還選取了7個(gè)控制變量來控制其他因素對資本結(jié)構(gòu)的影響,分別是企業(yè)規(guī)模、資產(chǎn)收益率、可抵押資產(chǎn)價(jià)值、成長率、資產(chǎn)專用性、產(chǎn)生內(nèi)部資源能力、流動比率,并基于多元線性回歸分析結(jié)果對海南省上市公司資本結(jié)構(gòu)的優(yōu)化提出了相應(yīng)的政策性建議。 本文主要包括六個(gè)章節(jié),第一章節(jié)是導(dǎo)論,該章節(jié)主要闡述了本文的研究背景、目的、意義以及研究內(nèi)容與基本框架,簡要說明了本文的重難點(diǎn)與創(chuàng)新點(diǎn);第二章節(jié)是國內(nèi)外相關(guān)的文獻(xiàn)綜述,本章介紹了非債務(wù)稅盾與資本結(jié)構(gòu)之間的國內(nèi)外研究現(xiàn)狀,以及資本結(jié)構(gòu)相關(guān)理論；第三章節(jié)是非債務(wù)稅盾與資本結(jié)構(gòu)的理論基礎(chǔ),本章分別介紹了非債務(wù)稅盾與資本結(jié)構(gòu)概念的界定,上市公司融資行為中稅盾效應(yīng)產(chǎn)生機(jī)理,非債務(wù)稅盾與資本結(jié)構(gòu)的現(xiàn)實(shí)分析以及非債務(wù)稅盾效應(yīng)對債務(wù)稅盾效應(yīng)的制約；第四章節(jié)是海南省上市公司資本結(jié)構(gòu)特征,本章主要分析了海南省上市公司不同行業(yè)資本結(jié)構(gòu)特征,得出兩個(gè)結(jié)論：第一,海南省上市公司資產(chǎn)負(fù)債率普遍偏低；第二,不同行業(yè)的資本結(jié)構(gòu)無明顯差異;第五章節(jié)分析了海南省上市公司資本結(jié)構(gòu)特征。第五章節(jié)是海南省上市公司非債務(wù)稅盾與資本結(jié)構(gòu)關(guān)系的實(shí)證研究。本章將資產(chǎn)負(fù)債率作為被解釋變量,非負(fù)債稅盾作為解釋變量,企業(yè)規(guī)模、資產(chǎn)收益率、可抵押資產(chǎn)價(jià)值、等作為控制變量,年度以及行業(yè)作為虛擬變量,對海南省上市公司非債務(wù)稅盾與資本結(jié)構(gòu)進(jìn)行多元線性回歸分析。實(shí)證結(jié)果表明：①房地產(chǎn)業(yè)與制造業(yè)其非債務(wù)稅盾與資本結(jié)構(gòu)呈現(xiàn)一種顯著負(fù)相關(guān)關(guān)系；②農(nóng)林牧漁業(yè)和交通運(yùn)輸倉儲業(yè)其非債務(wù)稅盾與資本結(jié)構(gòu)正相關(guān);第六章節(jié),研究結(jié)論與政策建議,本章基于實(shí)證結(jié)果得出研究結(jié)論,提出了關(guān)于完善并優(yōu)化其上市公司資本結(jié)構(gòu)的建議,利用上市公司先行來促進(jìn)海南經(jīng)濟(jì)的發(fā)展。
[Abstract]:Since the birth of MM theory, capital structure theory has attracted wide attention of economists. Is the fundamental business and the value of the capital structure of enterprises to improve the role. The enterprise capital structure is reasonable or not, related to the production and business activities of enterprises, profitability and long-term survival and development. However, there are a lot of factors the impact of capital structure of the tax shield effect is one of the important factors. And for a rational economic subject to maximize the inevitable pursuit of enterprise value. Therefore, the capital structure arrangement, will consider how the enterprises should make full use of the "tax shield effect", which brings the tax and reasonable tax avoidance effect for business the behavior of enterprises. As the support of the Hainan capital market listed companies, the reasonable capital structure is very important. And with the construction of Hainan International Tourism Island National strategy, It has brought about new opportunities for the development of the listed companies in Hainan province. In this context the research of Listed Companies in Hainan, the relationship between non debt tax shield and the capital structure has a strong practical significance. This article from the non debt tax shield, starting with the related theory and concept of capital structure and capital structure, non debt tax shield and the empirical research on the capital structure of Listed Companies in Hainan province. This paper exists in Hainan province from 2007 to 2011 for the 12 listed companies as the research object, to asset liability ratio as a measure of capital structure variables, non debt tax shields as explanatory variables, this paper selects 7 control variables to control the influence of other factors on the capital structure, such as the enterprise scale, return on assets, mortgage assets value, growth rate, asset specificity, internal resource capacity, flow rate, and based on multiple linear regression The results of the analysis of the capital structure of the listed companies in Hainan province put forward the corresponding policy suggestions.
This paper includes six chapters, the first chapter is the introduction, this chapter mainly expounds the research background, purpose, significance and the research content and the basic framework, a brief description of the difficulty and innovation of this paper; the second chapter is the domestic and foreign related literature review, this chapter introduces the research status between the non debt tax shield and the capital structure at home and abroad, and the related capital structure theory; the third chapter is the theoretical basis of non debt tax shields and capital structure, this chapter introduces the definition of the non debt tax shield and the capital structure concept, financing behavior of Listed Companies in the tax shield effect mechanism, restricting the realistic analysis of the non debt tax shield and capital the structure and the non debt tax shield effect on tax shield effect; the fourth chapter is the characteristics of capital structure of Listed Companies in Hainan Province, this chapter mainly analyzes the different sectors of the capital of Listed Companies in Hainan Province The structure characteristics, draw two conclusions: first, asset liability ratio of Listed Companies in Hainan province is generally low; second, no significant difference of capital structure in different industries; the fifth chapter analyzes the characteristics of capital structure of Listed Companies in Hainan province. The fifth chapter is the empirical research of Listed Companies in Hainan, the non debt tax shield and the capital structure. The asset liability ratio as explanatory variables, non debt tax shields as explanatory variables, firm size, return on assets, collateral value of assets, such as control variables, and the annual industry as a dummy variable, non debt tax shield and the capital structure of the multivariate linear regression analysis of the listed companies in Hainan province. The empirical results show that: the real estate industry and manufacturing industry to the non debt tax shield and the capital structure has a significant negative correlation; the animal husbandry and fishery and the transportation and warehousing industry and capital non debt tax shield This structure is positively related. The sixth chapter, research conclusions and policy recommendations. Based on the empirical results, this chapter draws the conclusions, and puts forward suggestions for improving and optimizing the capital structure of listed companies, and promoting the development of Hainan's economy by using the listed companies in advance.

【學(xué)位授予單位】：海南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F276.6

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