摘要
本文采用面板数据分数响应模型、个体随机效应模型、极大似然随机效应模型和固定效应模型估算企业的目标资本结构,剖析税收征管与上市公司债务政策激进性的关系,及其对资本结构动态调整产生的影响。研究发现:税收征管强度越大,上市公司债务政策的激进程度越高;宏观经济状况和产权性质对税收征管与上市公司债务政策激进性之间的正向关系具有显著的调节效应;税收征管对资本结构的动态调整影响显著,税收征管强度越大,上市公司资本结构调整的速度越慢;在资本结构的动态调整过程中,税收征管强度越大,上市公司越倾向于通过权益调整的方式优化资本结构。
This paper uses panel data model,fractional individual random effects model,maximum likelihood random effect model and fixed effect model to estimate the enterprise’s target capital structure and analyzes the relationship between tax enforcement and the debt aggressiveness of listed companies,and reveals that how tax enforcement influences the dynamic adjustment of capital structure.The results show that the greater the intensity of tax enforcement is,the more radical listed companies’ debt policy will be carried out.The macroeconomic status and the nature of property rights have a significant moderating effect on the positive relationship between tax enforcement and debt aggressiveness of listed companies.The tax enforcement has a significant impact on the dynamic adjustment of the capital structure.The greater the intensity of tax enforcement becomes,the slower the capital structure adjustment of the listed companies will be.In the process of dynamic adjustment of capital structure,the greater the intensity of tax enforcement,the more the listed company is inclined to optimize its capital structure by equity adjustment.
作者
李彬
刘小梅
姚瑶
LI Bin;LIU Xiaomei;YAO Yao(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China)
出处
《西安交通大学学报（社会科学版）》
CSSCI
北大核心
2019年第3期10-22,共13页
Journal of Xi'an Jiaotong University：Social Sciences
基金
国家自然科学基金项目(71572144)
教育部重大攻关项目(15JZD012)
关键词
税收政策
税收征管
债务政策激进性
资本结构
权益调整
产权性质
tax policies
tax enforcement
debt aggressiveness
capital structure
equity adjustments
nature of property rights
