摘要
笔者以2001年-2009年708家中国上市公司为样本,从税收利益与破产成本的视角实证研究了企业投融资决策之间的内生机制。实证结果发现：受税收利益的作用,负债融资会显著地增加企业的投资支出,这种正向作用在高负债水平下将变得不再显著;为了利用负债利息税盾的价值促进作用,投资会增加企业的负债融资,但是受高负债水平下高破产成本的影响,这种促进作用变得不再显著;考虑到折旧的税盾替代效应,折旧将会弱化投资对负债融资的促进作用,并最终导致高折旧企业投资支出与负债融资负相关的关系。
Based on the panel data of 708 Chinese listed firms from 2001 to 2009,the authors empirically analyzed the endogenous mechanism of the investment and financing decisions of enterprises from the perspective of tax benefit and bankruptcy cost.The results reveal that because of tax benefit,debt financing increases investment expenditure and the positive effect will become no more significant when the firm is highly in debt.For the purpose of utilizing the value promotion function of debt interest tax shield,investment will increase the debt financing of enterprises.However because of the high bankruptcy cost in the condition of high debt level,the promotion becomes insignificant;considering the tax shield substitute effect of depreciation,depreciation weakens the promotion effect of investment on debt financing and finally results in the negative correlation between investment expenditure and debt financing in those firms with high depreciation rate.
出处
《经济经纬》
CSSCI
北大核心
2011年第3期97-102,共6页
Economic Survey
基金
国家社会科学基金项目(10XGL004)
关键词
税收利益
破产成本
投融资决策
内生机制
tax benefit
bankruptcy cost
investment and financing decisions
endogenous mechanism
