摘要
制度环境是资本结构理论的重要影响因素。我国大部分上市公司直接或间接为国家控制。以我国企业所得税改革为契机,本文首先研究企业所得税法外生性变化对企业资本结构的影响,检验西方债务税盾与资本结构理论在中国的适用性。研究发现:所得税改革后,税率降低企业明显地降低了债务水平,而税率提高企业明显地提高了债务水平,并且企业在所得税改革中获得的"与投资有关税盾"与债务水平变化负相关,符合"替代效应"的理论预期。税率提高企业中,非国有企业比国有企业增加更多债务;税率降低企业中,非国有企业比国有企业减少更多债务。表明非国有企业在资本结构决策中会更多地考虑债务税盾的因素,在税收筹划方面更为激进。本文的结果不仅支持了西方有关债务税盾的理论,而且发现产权性质对债务税盾有影响。
Institution is an important factor of capital structure. Most listed firms in the Chinese market are controlled directly or indirectly by the state, which provides a unique opportunity to study capital structure theory. Corporate income tax reform was introduced in 2008. We firstly study the effect of the exogenous corporate income tax law change on capital structure. Based on this, we further study the effect of different ownership nature of Ultimate Controller on the relation between debt-related tax shields and capital structure. The results of empirical tests suggest： After the tax reform, firms with tax rate reduced during the tax reform significantly decrease the debt level, but firms with tax rate increased during the tax reform significantly raise the debt level; ＂Investment-related tax shields＂ has a negative relation with capital structure, which supports ＂substitution effect＂. Further study based on ownership nature of ultimate controller suggests： Non-state-owned firms raise the debt level much more than state-owned firms in firms with tax rate increased during the tax reform, and Non-state-owned firms decrease the debt level much more than state-owned firms in firms with tax rate reduced during the tax reform. The results suggest that non-state-owned firms are more aggressive than state-owned firms. Our paper not only support the traditional theory on debt-related tax shields, but also find ownership nature of ultimate controller has effect on tax shields. Apart from this, our results reveal the effect of corporate income tax reform on firms＇ capital structure.
出处
《经济研究》
CSSCI
北大核心
2010年第9期122-136,共15页
Economic Research Journal
基金
国家自然科学基金"企业所得税改革
公司行为及其经济后果:理论分析与实证检验"和"基于实验与可计算的行为金融学若干前沿问题研究"的资助
关键词
企业所得税改革
产权性质
债务税盾
资本结构
Corporate Income Tax Reform
Ownership Nature of Ultimate Controller
Debt-Related Tax Shields
Capital Structure
