【摘要】：本文研究所得稅率對(duì)公司債務(wù)結(jié)構(gòu)的影響,并考察這種影響在國(guó)有控股公司和非國(guó)有控股公司之間的差異。研究發(fā)現(xiàn):稅率越高,公司有息債務(wù)占總負(fù)債的比例就越高,并且這種關(guān)系在國(guó)有控股公司中更加明顯;稅率越高,公司有息債務(wù)中長(zhǎng)期債務(wù)的比例就越高,并且這種關(guān)系在非國(guó)有控股公司中更加明顯。上述證據(jù)表明公司的確會(huì)因利息的稅盾作用而調(diào)整債務(wù)結(jié)構(gòu),但是所有權(quán)屬性不同的公司,由于其面臨的融資環(huán)境不同,利用債務(wù)稅盾作用方面存在一定的差異。本文豐富和深化了稅收與資本結(jié)構(gòu)方面的研究,可以增進(jìn)我們關(guān)于不同產(chǎn)權(quán)類型企業(yè)財(cái)務(wù)決策行為差異的認(rèn)識(shí)。
[Abstract]:This paper studies the influence of income tax rate on corporate debt structure, and examines the difference between state-owned holding company and non-state-owned holding company. It is found that the higher the tax rate, the higher the proportion of corporate interest-bearing debt to total debt, and this relationship is more obvious in state-owned holding companies. The higher the tax rate, the higher the proportion of medium-and long-term debt of corporate interest-bearing debt, and the relationship is more pronounced among non-state-owned holding companies. The above evidence shows that the company does adjust the debt structure because of the tax shield of interest, but the company with different ownership attributes has some differences in the use of debt tax shield because of the different financing environment it faces. This paper enriches and deepens the research on tax and capital structure, and can enhance our understanding of the differences in financial decision-making behavior of different property right types of enterprises.
【作者單位】： 浙江財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：浙江省哲學(xué)社會(huì)科學(xué)規(guī)劃課題(15NDJC119YB) 教育部人文社科基金項(xiàng)目(15YJC790101;16YJC790001) 國(guó)家自然科學(xué)基金青年項(xiàng)目(71502161) 浙江省自然科學(xué)基金項(xiàng)目(LY16G030014)
【分類號(hào)】：F271;F275

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本文編號(hào)：2479273