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

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