税盾效应和资本结构关系的实证分析

税盾效应和资本结构关系的实证分析

——以上市公司为例

摘要：资本结构对于一个企业的发展来说有着至关重要的作用。如果资本结构不合理，那么企业的资金使用效率和资源配置效率势必都会降低，紧接着，企业的业绩和盈利能力也将受到不好的影响，也就意味着财务杠杆的调节作用不能得到充分发挥。而影响企业资本结构的因素众多，其中就外部因素来讲，税收是不可忽视的。税收政策作为国宏观调控的重要工具也就显得尤其重要。本文以上市公司为样本，就税收对我国上市公司资本结构的影响做了实证分析，税收政策影响资本结构形成融资偏好。本文首先对已有文献的结论作了归纳总结和简要的评价，然后分析了我国上市公司融资结构现状，接着从理论的角度来阐述了税收对资本结构的影响以及在我国当前的税收制度。在文章的最后进行实证分析，通过描述性统计和相关性分析得出结论。在综合了以上分析后，为了公司长远有利的发展，提出了改善我国上市公司资本结构的政策建议。

关键词：上市公司；税政效应；资本结构

Empirical Analysis of the capital structure and tax shield effect relationship——In The Case Of Listed Company

Abstract: Capital structure for the development of an enterprise has a vital role.If the capital structure isn’t reasonable,the service efficiency of funds and resource allocation efficiency of enterprise will reduce.Then,business performance and profitability will be adversely affected.It means that the regulation of financial leverage can not be fully realized.However,many factors affecting capital structure,among the in terms of external factors,taxes can not be ignored.It is particularly important that tax policy as an important tool for national macroeconomic regulation.This paper takes listed companies as samples,on the impact of taxation on the capital structure of listed companies made the empirical analysis.Tax policy impact of capital structure formation Financing Preference.Firstly, the existing literature and summarizes the conclusions made brief evaluation,then it analyzes the current situation of China's listed companies financing structure.Then from a theoretical point to illustrate the impact of taxes on capital structure, and in our current tax system.At the end of the article for empirical analysis,have a conclusion through descriptive statistics and correlation analysis.In a combination of the above analysis,for long-term favorable development of the company, we put forward policy recommendations to improve the capital structure of Chinese Listed Companies.

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