所得税率、所有权性质与债务结构

财经论丛 ›› 2017, Vol. 33 ›› Issue (10): 18-26.

所得税率、所有权性质与债务结构

王成方, 叶若慧, 鲍宗客

浙江财经大学会计学院,浙江杭州 310018

收稿日期:2017-01-08 出版日期:2017-10-10 发布日期:2017-10-10
作者简介:王成方(1983),男,浙江瑞安人,浙江财经大学会计学院副教授,博士
叶若慧(1985),女,浙江温州人,浙江财经大学会计学院讲师,博士
鲍宗客(1985),男,浙江平阳人,浙江财经大学会计学院讲师,博士
基金资助:
浙江省哲学社会科学规划课题(15NDJC119YB);教育部人文社科基金项目(15YJC790101;16YJC790001);国家自然科学基金青年项目(71502161);浙江省自然科学基金项目(LY16G030014)

Corporate Income Tax Rate, Ownership and Debt Structure

WANG Chengfang, YE Ruohui, BAO Zongke

School of Accounting, Zhejiang University of Finance and Economics, Hangzhou 310018, China

Received:2017-01-08 Online:2017-10-10 Published:2017-10-10

摘要/Abstract

摘要： 本文研究所得税率对公司债务结构的影响,并考察这种影响在国有控股公司和非国有控股公司之间的差异。研究发现:税率越高,公司有息债务占总负债的比例就越高,并且这种关系在国有控股公司中更加明显;税率越高,公司有息债务中长期债务的比例就越高,并且这种关系在非国有控股公司中更加明显。上述证据表明公司的确会因利息的税盾作用而调整债务结构,但是所有权属性不同的公司,由于其面临的融资环境不同,利用债务税盾作用方面存在一定的差异。本文丰富和深化了税收与资本结构方面的研究,可以增进我们关于不同产权类型企业财务决策行为差异的认识。

关键词: 企业所得税, 税盾, 债务期限结构, 债务来源结构

Abstract: This paper investigates the effects of corporate tax on the debt structure of China’s listed companies, and its differences between state-owned companies and non-state-owned companies. The results are as follows: The proportion of interest-bearing debt in total liabilities is positively related to corporate income tax rate in state-owned companies, and this relationship in state-owned companies is more pronounced than in non-state-owned companies; the maturity of interest-bearing debt is positively related to corporate income tax rate, and this relationship in non-state-owned companies is more pronounced than in state-owned companies. These findings show that companies have adjusted theirs debt structures to adapt to corporate income tax rate, and there are some differences between state-owned companies and non-state-owned companies in debt restructuring behaviors because they face very different financing environment. This paper contributes to the researches on the relationship between tax and capital structure, and helps us to understand financial behaviors of state-owned companies and non-state-owned companies.

Key words: Corporate Tax, Tax Shield, Debt Maturity Structure, Debt Sources Structure

中图分类号:

F275

王成方, 叶若慧, 鲍宗客. 所得税率、所有权性质与债务结构[J]. 财经论丛, 2017, 33(10): 18-26.

WANG Chengfang, YE Ruohui, BAO Zongke. Corporate Income Tax Rate, Ownership and Debt Structure[J]. , 2017, 33(10): 18-26.

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