本文選題：邊際稅率 + 資本結(jié)構(gòu)��； 參考：《浙江工商大學(xué)》2017年碩士論文

【摘要】：所得稅對資本結(jié)構(gòu)和企業(yè)績效的影響是公司金融研究中的重要問題,也受到國內(nèi)外學(xué)術(shù)界專家學(xué)者的持續(xù)關(guān)注。西方學(xué)者研究這類問題的時間相對于我國來說比較早,理論成果也很豐碩。最初的MM理論認為,假如市場是沒有稅收的,企業(yè)融資方式的不同對企業(yè)價值的影響沒有差別。然而實際生活中沒有稅收的市場是不存在的。企業(yè)借了債就要付相應(yīng)的利息,企業(yè)在債務(wù)方面所要承擔(dān)的利息費用是先要在企業(yè)所得稅稅前減掉的,而股東獲得的股利是在稅后的利潤中分配的,所以在這些因素的影響下,企業(yè)選擇債務(wù)融資往往會比其他融資方式獲得的收益大。但是物極必反,企業(yè)不可能使資產(chǎn)負債率達到100%,因為這會大大增加企業(yè)的破產(chǎn)成本,使企業(yè)面臨風(fēng)險,此外企業(yè)的融資決策還受代理成本等因素的影響,企業(yè)通過債務(wù)這種融資方法帶來的抵稅收益受到這些因素的限制,所以企業(yè)在做融資決策時不能一味地追求高的資產(chǎn)負債率。只有真正理解了所得稅對資本結(jié)構(gòu)的影響機理,才能比較準(zhǔn)確地做出融資決策。所得稅也是影響企業(yè)績效的外部因素之一,衡量企業(yè)績效指標(biāo)的一些公式中都有凈利潤,也就是稅后利潤,即利潤總值減去所用稅后的值。在競爭激烈的市場中,企業(yè)必須提高自己的經(jīng)濟效益才能保證不被市場淘汰。所以研究企業(yè)稅收負擔(dān)與企業(yè)績效的關(guān)系,對所得到的結(jié)果結(jié)合實際情況進行分析,并及時采取有效的措施,能及時改善企業(yè)狀況促進企業(yè)的發(fā)展。研究實際經(jīng)濟生活中企業(yè)所得稅對資本結(jié)構(gòu)和企業(yè)績效的影響可以為企業(yè)的融資決策和營運管理等方面提供理論依據(jù),研究資本結(jié)構(gòu)有一個很重要的目的是提高企業(yè)的績效,邊際稅率是目前衡量企業(yè)稅收負擔(dān)最先進的方法之一。閱讀大量的文章后我們可以發(fā)現(xiàn),國內(nèi)大部分文章使用實際稅率來衡量企業(yè)稅負,資本結(jié)構(gòu)和企業(yè)績效之間的關(guān)系也只是用一個單方程來回歸,忽視了兩者的內(nèi)生性,本文通過豪斯曼檢驗發(fā)現(xiàn)二者之間確實是相互影響的,這種情況要建立聯(lián)立方程模型,然后根據(jù)資本結(jié)構(gòu)權(quán)衡理論選取破產(chǎn)成本、資產(chǎn)擔(dān)保價值、企業(yè)規(guī)模、流動比率等因素加入到模型中,對回歸的結(jié)果進行了分析,最后計算了樣本公司稅盾拐點的情況,希望這些研究能給管理者一些啟示,讓企業(yè)更有效率地利用資金,提升企業(yè)價值,加強自身實力和競爭力,也可以提高社會經(jīng)濟資源配置效率。同時也可以為國家的企業(yè)所得稅稅制的宏觀經(jīng)濟調(diào)控提供政策性建議。本文的大致結(jié)構(gòu)如下:第一章為緒論,介紹了本文的研究背景及研究意義,以及本文的研究思路與研究方法,創(chuàng)新之處與不足之處。第二章主要是對邊際稅率的相關(guān)研究、所得稅對資本結(jié)構(gòu)影響的相關(guān)研究、資本結(jié)構(gòu)與企業(yè)績效的關(guān)系研究以及影響資本結(jié)構(gòu)公司績效的其他因素的國內(nèi)外相關(guān)文獻進行了綜述和梳理。第三章是實證部分,對一些主要變量的幾種計算方法進行對比,并對具體計算過程做描述。通過國內(nèi)473家制造業(yè)上市公司2013-2015的樣本數(shù)據(jù)建立聯(lián)立方程模型。用凈資產(chǎn)收益率作為衡量企業(yè)績效的變量,用資產(chǎn)負債率作為衡量資本結(jié)構(gòu)的變量。對聯(lián)立型方程做了檢驗,結(jié)果證明樣本公司的企業(yè)績效和資本結(jié)構(gòu)確實是相互影響的。接著對變量做了相關(guān)性檢驗,統(tǒng)計性描述,在stata中用廣義矩估計(GMM)對聯(lián)立方程進行了估計。最后得出了結(jié)論:債務(wù)融資比例高會對企業(yè)績效產(chǎn)生不良影響,經(jīng)營績效越好的公司,債務(wù)融資比例越低。資本結(jié)構(gòu)與公司績效是相互影響的負相關(guān)關(guān)系。然后又計算了樣本公司的稅盾拐點的分布以及大小,發(fā)現(xiàn)我國制造業(yè)企業(yè)對債務(wù)的利用過于保守。第四章是根據(jù)本文的實證分析得出的結(jié)論以及根據(jù)我國目前的實際情況提出一些建議。第五章是對未來的展望以及文章的不足。
[Abstract]:The influence of income tax on capital structure and enterprise performance is an important issue in the research of corporate finance, and is also concerned by experts and scholars of academic circles both at home and abroad. The time for western scholars to study such problems is relatively early relative to our country, and the theoretical results are plentiful. The initial MM theory holds that if the market is no tax, enterprises There is no difference in the influence of the way of financing on the value of the enterprise. However, the market without tax in real life does not exist. The enterprise borrows from the debt to pay the corresponding interest. The interest cost of the enterprise is to be cut off before the enterprise income tax, and the shareholder's dividend is divided into the profit after tax. Therefore, under the influence of these factors, the choice of debt financing is often greater than that of other financing methods. However, it is inevitable that the enterprise can not make the asset liability ratio reach 100%, because it will greatly increase the enterprise's bankruptcy cost, make the enterprise face the risk, and the enterprise's financing decision is also subject to the agency cost. The income tax revenue from the financing method of the enterprise is restricted by these factors, so the enterprise can not blindly pursue the high asset liability ratio when it makes the financing decision. Only by truly understanding the influence mechanism of the income tax on the capital structure can we make the financing decision more accurately. The income tax is also affected by the enterprise. One of the external factors of performance is the net profit in some formulas to measure the performance of the enterprise, that is, after tax profit, that is, the value after tax is subtracted from the gross profit. In a competitive market, the enterprise must improve its economic benefits to ensure that it is not eliminated by the market. So the study of the tax burden and the enterprise performance is the key to the study of the enterprise's tax burden. We can analyze the results combined with the actual situation and take effective measures in time to improve the enterprise status in time and promote the development of enterprises. The study of the influence of enterprise income tax on capital structure and enterprise performance in real economic life can provide theoretical basis for the financing decision and operation management of enterprises and research capital. A very important purpose of this structure is to improve the performance of the enterprise. The marginal tax rate is one of the most advanced methods to measure the tax burden of the enterprise. After reading a large number of articles, we can find that most of the articles in China use the actual tax rate to measure the tax burden of the enterprise, and the relationship between the capital structure and the enterprise performance is only a single one. The equation comes back and ignores the endogeneity of the two. In this paper, the Houseman test shows that the two are interrelated. This situation should establish a simultaneous equation model, and then select the cost of bankruptcy, the value of the assets, the scale of the enterprise, the ratio of the flow and so on, and the result of the regression. The analysis is carried out. Finally, the situation of the Sample Firms tax shield turning point is calculated. It is hoped that these studies can give some inspiration to the managers, make the enterprises more efficient use of funds, enhance the value of enterprises, strengthen their own strength and competitiveness, and also improve the efficiency of the allocation of social and economic resources. The general structure of this article is as follows: the first chapter is the introduction, which introduces the background and significance of the study, and the research ideas and methods of this article, the innovation and the inadequacies. The second chapter is mainly about the related research on marginal tax rate, the related research on the influence of income tax on capital structure. The relationship between the structure and the enterprise performance and the other factors affecting the performance of the capital structure company are reviewed and combed. The third chapter is an empirical part, compares several calculation methods of some major variables, and describes the specific calculation process. Through the domestic 473 manufacturing companies 2013-20 15 of the sample data set up a simultaneous equation model. Use the net asset yield as a variable to measure the enterprise performance and use the asset liability ratio as a variable to measure the capital structure. The test shows that the corporate performance and the capital structure of the Sample Firms are interrelated. In Stata, the generalized moment estimation (GMM) is used to estimate the simultaneous equations. Finally, the conclusion is that the higher proportion of debt financing will have a bad effect on the enterprise performance, the better the performance of the company, the lower the debt financing ratio, the negative correlation between the capital structure and the company performance. Then the sample public is calculated. The distribution and size of the tax shield inflection point of the company shows that the use of debt is too conservative in our manufacturing enterprises. The fourth chapter is a conclusion based on the empirical analysis of this article and some suggestions according to the actual situation of our country. The fifth chapter is the prospect of the future and the shortage of the article.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F425;F406.7

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