本文選題：負(fù)債　切入點：稅盾價值　出處：《湖南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國企業(yè)所得稅法規(guī)定，企業(yè)通過銀行貸款、債券融資或其他負(fù)債融資方式而產(chǎn)生的利息費用可以在企業(yè)所得稅前扣除。負(fù)債融資的利息支出可以在計算企業(yè)所得稅時從應(yīng)稅所得中扣除，從而產(chǎn)生稅收抵免收益，這就是通常所說的負(fù)債融資的稅盾價值。稅盾價值的存在意味著企業(yè)可以在融資中增加負(fù)債的規(guī)模以獲得利息稅前抵扣的節(jié)稅效應(yīng)。利息費用的稅前扣除規(guī)定實際上是國家替企業(yè)承擔(dān)了一部分利息費用，是國家對企業(yè)的一種價值讓渡也是稅法鼓勵負(fù)債融資的體現(xiàn)。 一方面，我國房地產(chǎn)開發(fā)經(jīng)營企業(yè)的企業(yè)所得稅稅負(fù)較高。另一方面，，翻閱近幾年的《中國房地產(chǎn)統(tǒng)計年鑒》發(fā)現(xiàn)我國房地產(chǎn)企業(yè)最近幾年資金需求量每年平均增速超過20%，個別年份增速甚至超過了40%，整個行業(yè)對資金需求量很大。房地產(chǎn)企業(yè)在畸高的企業(yè)所得稅負(fù)擔(dān)下應(yīng)該會尋求更多的節(jié)稅手段，如果能在融資時增加負(fù)債融資的比例獲得稅盾價值無疑能有效降低所得稅負(fù)擔(dān)。 本文選取了典型的房地產(chǎn)公司作為案例，企圖通過對個例的研究找出一般的規(guī)律性。當(dāng)前很少有專門研究單個企業(yè)負(fù)債融資稅盾價值的文章，本文擬圍繞A房地產(chǎn)開發(fā)公司對此展開研究。首先對該公司的概況和融資情況進行簡單地說明，并以此為切入點對該公司當(dāng)前融資現(xiàn)狀下的所得稅稅負(fù)、負(fù)債稅盾價值、稅盾價值節(jié)稅效果進行分析；其次，通過權(quán)衡負(fù)債稅盾價值、財務(wù)杠桿效應(yīng)和財務(wù)風(fēng)險選出該公司綜合收益最大化的最優(yōu)資本結(jié)構(gòu)并以相關(guān)指標(biāo)評價該公司的稅盾價值應(yīng)用現(xiàn)狀；最后在案例分析的基礎(chǔ)上提出有益于A房地產(chǎn)開發(fā)公司優(yōu)化使用債務(wù)稅盾價值的建議，希望給其他企業(yè)提供借鑒意見。本篇論文主要研究負(fù)債融資行為產(chǎn)生的稅盾價值對所得稅稅負(fù)的影響及在融資過程中如何優(yōu)化使用負(fù)債稅盾價值。
[Abstract]:According to the Enterprise income tax Law of China, enterprises make loans through banks, Interest expenses arising from bond financing or other forms of debt financing may be deducted before enterprise income tax. Interest expenses on debt financing may be deducted from taxable income in the calculation of enterprise income tax, thereby generating tax credits. This is commonly referred to as the tax shield value of debt financing. The existence of tax shield value means that enterprises can increase the size of their liabilities in financing to obtain the tax saving effect of deductions before interest tax. On the other hand, it is the state that has borne part of the interest cost for the enterprises. It is also the embodiment of tax law to encourage debt financing. On the one hand, the enterprise income tax burden of real estate development and management enterprises in China is relatively high. On the other hand, Looking through the yearbook of Chinese real estate statistics in recent years, it is found that the average annual growth rate of capital demand of Chinese real estate enterprises in recent years has exceeded 20%, and the growth rate of individual years has even exceeded 40%. The whole industry has a great demand for funds. Real estate companies should seek more tax savings under the exceedingly high corporate income tax burden. If we can increase the proportion of debt financing and get the value of tax shield, we can reduce the income tax burden effectively. This paper chooses the typical real estate company as a case to try to find out the general regularity through the study of individual cases. At present, there are few articles devoted to the study of the value of the tax shield of debt financing of a single enterprise. Firstly, the general situation and financing situation of A real estate development company are briefly explained, and the income tax burden, liability tax shield value of the company under the current financing situation of the company are taken as the starting point. The effect of saving tax on tax shield value is analyzed. Secondly, by weighing the value of liability tax shield, The financial leverage effect and financial risk select the optimal capital structure to maximize the comprehensive income of the company and evaluate the current situation of the application of tax shield value of the company with relevant indicators. Finally, on the basis of the case study, the paper puts forward some suggestions for A Real Estate Development Company to optimize the use of debt tax shield value. This paper mainly studies the impact of tax shield value on income tax burden and how to optimize the use of debt tax shield value in the process of financing.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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