本文選題：債務(wù)融資　切入點：稅盾效應(yīng)　出處：《西南財經(jīng)大學(xué)》2014年碩士論文

【摘要】：各企業(yè)要在越來越激烈的國內(nèi)和國際市場競爭中不斷發(fā)展自身,就必須不斷提高自身的適應(yīng)能力和競爭能力。企業(yè)為了自身發(fā)展,不可避免的要面臨融資問題。債務(wù)融資作為企業(yè)融資的一大來源,對于提高自己競爭力進而提升企業(yè)價值有著不可取代的作用。合理的資本結(jié)構(gòu)和融資方式,可以幫助企業(yè)在不增加財務(wù)風(fēng)險的情況下獲得財務(wù)杠桿優(yōu)勢,可以使企業(yè)在較低的資本成本下獲得更多的收益。因此,研究企業(yè)的資本結(jié)構(gòu)和融資政策,對于提升企業(yè)價值,保持企業(yè)長久發(fā)展具有重要的現(xiàn)實和長遠意義。 由于債務(wù)利息具備兩個鮮明地基本特征：一是稅前抵扣,即產(chǎn)生稅盾效應(yīng)；二是額度固定,即產(chǎn)生財務(wù)杠桿效應(yīng)。稅盾效應(yīng)是企業(yè)債務(wù)融資根本性效應(yīng),而財務(wù)杠桿效應(yīng)則是企業(yè)債務(wù)融資的延伸性性效應(yīng),兩者是一個有機的整體,同時也是債務(wù)融資綜合效應(yīng)的直接表現(xiàn)形式,于是本文將債務(wù)融資的稅盾效應(yīng)和財務(wù)杠杠效應(yīng)結(jié)合起來進行分析。 首先,本文根據(jù)我國各行業(yè)上市公司的現(xiàn)有資產(chǎn)負債率水平和長期負債率水平,以及它們所發(fā)揮的債務(wù)融資稅盾及財務(wù)杠桿效應(yīng)進行描述性分析。通過描述性統(tǒng)計發(fā)現(xiàn),我國大部分企業(yè)都能夠發(fā)揮稅盾效應(yīng),但是這部分企業(yè)發(fā)揮稅盾效應(yīng)的水平卻很低,并沒有充分利用債務(wù)融資帶來的稅盾效應(yīng)。另外,在我國各行業(yè)上市公司中,能夠發(fā)揮財務(wù)杠桿正效應(yīng)的企業(yè)數(shù)目明顯少于發(fā)揮財務(wù)杠桿負效應(yīng)的企業(yè)數(shù),這是值得關(guān)注的一個問題。通過描述性統(tǒng)計分析,本文得出了我國各行業(yè)上市公司發(fā)揮債務(wù)融資稅盾及財務(wù)杠桿正負效應(yīng)的整體情況。那么,對我國上市公司而言,它們現(xiàn)有的負債水平以及負債結(jié)構(gòu)對債務(wù)融資稅盾和財務(wù)杠桿效應(yīng)存在著怎樣的影響?這些效應(yīng)又是否存在行業(yè)間的差異呢?這是本文要著重研究的內(nèi)容。 考慮到財務(wù)杠桿會產(chǎn)生正負兩種效應(yīng),即當(dāng)總資產(chǎn)利潤率(ROA)債務(wù)利息率(Rd)時,財務(wù)杠桿表現(xiàn)為正效應(yīng)；當(dāng)總資產(chǎn)利潤率(ROA)債務(wù)利息率(Rd)時,財務(wù)杠桿表現(xiàn)為負效應(yīng)。為了分別對這兩種效應(yīng)進行分析,本文將樣本分為ROARd和ROARd兩部分分別進行實證分析。另外考慮到債務(wù)融資稅盾和財務(wù)杠桿效應(yīng)可能存在行業(yè)間的差異,為了研究是否存在這種差異以及是什么樣的行業(yè)宏觀因素引起的這種差異,本文引入分層線性模型,通過SAS軟件的PROC MIXED程序進行編程,以此來分析我國上市公司債務(wù)融資稅盾及財務(wù)杠桿效應(yīng),突破以往利用簡單的多元線性回歸分析債務(wù)融資效應(yīng)。 本文通過描述性分析以及實證建模,得出結(jié)論總結(jié)如下： (1)我國上市公司中,發(fā)揮財務(wù)杠桿負效應(yīng)的企業(yè)占比大于發(fā)揮財務(wù)杠桿正效應(yīng)的企業(yè)占比,大多數(shù)企業(yè)的盈利能力還不夠強。 (2)我國上市公司中,雖然絕大部分企業(yè)都能夠發(fā)揮稅盾效應(yīng),但是這些企業(yè)中大部分卻沒能充分利用稅盾效應(yīng)。 (3)對于盈利能力較強的公司,提高資產(chǎn)負債率特別是長期負債率會同時增大稅盾效應(yīng)與財務(wù)杠桿正效應(yīng),這些公司可以適當(dāng)提高自身負債水平,充分發(fā)揮債務(wù)融資所帶來的稅盾效應(yīng)和財務(wù)杠桿正效應(yīng),進而增大公司價值。 (4)對于盈利能力較弱的公司,提高負債水平在增大稅盾效應(yīng)的同時,卻增大了財務(wù)杠桿負效應(yīng),所以為企業(yè)帶來的價值呈現(xiàn)不確定性。因此,這些企業(yè)不能盲目增加負債,應(yīng)該根據(jù)自身的實際情況,衡量在改變負債水平的時候,哪種效應(yīng)給公司帶來的影響程度更大。 (5)我國上市公司債務(wù)融資財務(wù)杠桿效應(yīng)的發(fā)揮會受到行業(yè)集中度宏觀變量的正向影響。對于盈利能力較強的公司,行業(yè)集中度高的行業(yè),企業(yè)可以利用行業(yè)內(nèi)的激烈競爭,適當(dāng)提高負債水平,增大財務(wù)杠桿正效應(yīng)的同時也提高了自身的競爭力；對于盈利能力較弱的公司,行業(yè)集中度偏高的行業(yè),企業(yè)可以適當(dāng)降低自身負債水平,從而減小財務(wù)杠桿負效應(yīng)來減少負債可能帶來的損失,從而提高自身競爭力。 (6)我國上市公司稅盾效應(yīng)的發(fā)揮會受到行業(yè)穩(wěn)定性的負向影響。越穩(wěn)定的行業(yè)反而越少的利用負債融資來獲得稅盾效應(yīng),它們在自身穩(wěn)定經(jīng)營的同時,可以適當(dāng)?shù)耐ㄟ^負債融資,通過獲得更大的稅盾效應(yīng)來進一步提升公司價值。 與以往的研究相比,本文主要有以下幾點創(chuàng)新： (1)考慮到債務(wù)融資效應(yīng)會受到行業(yè)宏觀因素的影響,本文創(chuàng)新性的運用分層線性模型來分析我國上市公司債務(wù)融資稅盾及財務(wù)杠桿效應(yīng),突破以往利用簡單的多元線性回歸分析我國上市公司債務(wù)融資效應(yīng)的總體情況。 (2)債務(wù)融資的稅盾及財務(wù)杠桿效應(yīng)是有負債帶來的,考慮到債務(wù)融資有結(jié)構(gòu)差異,本文不僅僅分析我國上市公司總體負債水平所帶來的稅盾和財務(wù)杠桿效應(yīng),還納入了債務(wù)結(jié)構(gòu)這一影響因素。 (3)本文采納Mautizio的觀點,考慮債務(wù)融資效應(yīng)的多樣性,基于債務(wù)融資稅盾及財務(wù)杠桿效應(yīng)的緊密聯(lián)系,文章將這兩種效應(yīng)結(jié)合分析。 由于本人知識的局限性,本文還存在以下不足之處： (1)基于債務(wù)融資稅盾及財務(wù)杠桿效應(yīng)的緊密聯(lián)系,本文僅僅著眼于對上市公司債務(wù)融資稅盾及財務(wù)杠桿綜合效應(yīng)的研究,而沒有對債務(wù)融資所帶來的其他方面的效應(yīng)進行研究。 (2)在分析影響債務(wù)融資稅盾和財務(wù)杠桿效應(yīng)行業(yè)差異的時候,由于數(shù)據(jù)可獲取性等原因的限制,沒有選取更多的行業(yè)指標(biāo)進行更多的解釋。
[Abstract]:The enterprises in the increasingly fierce competition in domestic and international market in the continuous development of their own, we must constantly improve their own ability and competition ability. The enterprise for its own development, inevitably facing financial problems. Debt financing as a major source of financing for enterprises, enhance their competitiveness and enhance corporate value is replace. The effect of capital structure and financing way is reasonable, can help enterprises to obtain financial leverage advantages without increasing the financial risk situation, enterprises can gain more benefits at lower cost of capital. Therefore, capital structure and financing policy of enterprises, to enhance corporate value, keep has important practical long term and long-term development of enterprises.
Because of debt interest have two basic characteristics: one is clearly the tax deduction, which is the tax shield effect; two is the amount of fixed, which is the financial leverage effect. The tax shield effect is the fundamental effect of corporate debt financing, and financial leverage is the extension of the effect of corporate debt financing, which is an organic overall, the direct form of financing is also the comprehensive effect of debt, and the debt financing tax shield effect and financial leverage effect of combining analysis.
First of all, according to the existing balance of various industries in China listed companies rate level and the level of long-term debt ratio, descriptive analysis and their play debt tax shield and the financial leverage effect. Through the descriptive statistics, most of the enterprises of our country are able to play the tax shield effect, but this part of enterprises play the tax shield effect the level is very low, and does not make full use of debt financing to bring the tax shield effect. In addition, in various industries in China's listed companies, the number of enterprises can play the positive effects of financial leverage is significantly less than the financial lever to play the negative effects of the number of enterprises, this is a problem worthy of attention. Through descriptive statistical analysis. This paper concludes that the overall situation of debt financing and financial leverage and tax shield effect of various industries in China listed companies play. So, our listed companies, their existing debt What are the impacts of debt structure on debt financing, tax shields and financial leverage? Are there any differences between industries?
Taking into account the financial leverage will produce positive and negative two effects, namely when the profit ratio of total assets (ROA) debt interest rate (Rd), financial leverage has a positive effect; when the total return on assets (ROA) debt interest rate (Rd), the financial leverage is negative effect. For each of these two effect analysis, the samples were divided into ROARd and ROARd respectively in the two part of the empirical analysis. Considering the debt tax shield and financial leverage effect there may be differences between the industry, in order to study the existence of this difference is and what kind of industry because of the difference of macro reasons, this paper introduces the hierarchical linear model of. Through the SAS software programming PROC MIXED program, in order to analyze the debt financing of Chinese listed companies tax shield and financial leverage effect, a breakthrough by using multiple linear regression analysis of simple effect of debt financing.
Through descriptive analysis and empirical modeling, the conclusion is summarized as follows:
(1) in China's listed companies, the proportion of enterprises that play a negative role in financial leverage is greater than that of enterprises that play a positive role in financial leverage, and most enterprises' profitability is not strong enough.
(2) although most of the companies in China are able to play the tax shield effect, most of these enterprises are not able to make full use of the tax shield effect.
(3) the strong profitability of the company, improve the rate of assets and liabilities especially the long-term debt rate will also increase the tax shield effect and financial leverage effect, these companies can improve their debt levels, give full play to the role of debt financing caused by the tax shield effect and financial leverage effect, thus increasing the value of the company.
(4) for the weak profitability of the company, improve the level of debt in increasing the tax shield effect at the same time, it increases the negative effect of financial leverage, so bring value to the enterprise present uncertainty. Therefore, these enterprises should not blindly increase the debt, according to their actual situation, measure when the changes in the levels of debt, influence the degree of effect which brings to the company more.
(5) use of China's listed companies debt financing the financial leverage effect will be positively influenced by concentration of macro variables. For the strong profitability of the company, the industry highly concentrated industries, enterprises can use the fierce competition within the industry, appropriate to increase the level of debt, increase the positive effects of financial leverage and enhance their own for the competition; the weak profitability of the company, industry concentration is high in the industry, enterprises can reduce their debt levels, thereby reducing the negative effect of financial leverage to reduce debt losses, so as to improve their own competitiveness.
(6) use the listed company of our country tax shield effect is affected by the negative effects of industry stability. The more stable industries but the less use of debt financing to obtain tax shield effect of their operating stability on its own at the same time, can be appropriate through debt financing, the greater the tax shield effect to further enhance the value of the company.
Compared with previous studies, there are several innovations in this paper.
(1) considering the effect of debt financing will be affected by the macro factors, analysis of debt financing of Chinese listed companies tax shield and financial leverage effect of hierarchical linear model using this innovative, breakthrough by multivariate linear simple analysis the overall situation of the effect of debt financing of Listed Companies in China to return.
(2) the tax shield and leverage effect of debt financing is due to liabilities. Considering the structural differences of debt financing, this paper will not only analyze the tax shield and financial leverage effects brought by the overall debt level of China's listed companies, but also include the debt structure.
(3) in the view of Mautizio, considering the diversity of debt financing effects, based on the close connection between debt financing, tax shields and financial leverage, the article combines these two effects.
Because of the limitations of my knowledge, the following shortcomings are also found in this paper.
(1) based on the close relationship between debt financing, tax shields and financial leverage, this paper only focuses on the comprehensive effect of debt financing, tax shields and financial leverage of listed companies, but has no research on other aspects of debt financing.
(2) when analyzing the industry differences of debt financing tax shields and financial leverage effects, we did not select more industry indicators for more explanation because of the limitations of data accessibility and other reasons.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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