上市公司债务税盾拐点对财务绩效的影响——基于制造业的经验研究  

Study on the Debt Financing Tax Shields Inflection Points and Financial Performance of Listed Manufacturing Company

作　　者：马亚蒙 谢璐 于谦龙[1] 

机构地区：[1]上海理工大学管理学院,上海200093 [2]上海商学院财金学院,上海200235

出　　处：《财经理论研究》2017年第6期102-109,共8页Journal of Finance and Economics Theory

基　　金：上海市科技发展基金软科学研究重点项目(16692108300);"大飞机产业配套服务的价格机制研究"及上海理工大学"精品本科"教学改革项目(2015-JPBKY-009);"‘生态位’视域下应用型卓越会计人才培养方案研究:以上海理工大学为例"联合资助

摘　　要：通过研究我国制造业上市公司的债务税盾拐点(Kink)对财务绩效的影响发现:降低税盾拐点,并不会使资产回报率、每股现金流量以及净利润增长率增加,即企业并不会为了享受债务税盾的利益而盲目举债。但是,当企业预估上期和本期实际税率较高时,会提高借款水平,降低税盾拐点,借助债务税盾去降低企业的税收负担。企业的资产规模、行业差异在一定程度上会影响Kink对财务绩效的贡献,但是作用不强。The effects of the debt tax shield inflection point （Kink） on financial performance of manufacturing companies in China are studied, the result is that lowering the tax shield inflection point does not increase ROA .PSCF and NPGR. It is that companies do not borrow blindly to enjoy the benefits of the debt tax shield. However, when the company expected a higher actual level of tax rate, will gain much more loans for debt tax shields benefit. Meanwhile, the differences of assets and industries will adjust the effect of Kink on financial performance, but it＇s not significant.

关 键 词：融资 边际税率 税盾拐点 财务绩效 

分 类 号：F234.4[经济管理—会计学]