企业所得税有效税率与资本结构  

Effective Corporate Income Tax and Corporate Capital Structure

作　　者：邓明[1] DENG Ming(School of Economics,Xiamen University,Xiamen,Fujian,361005,China)

机构地区：[1]厦门大学经济学院

出　　处：《经济管理》2019年第9期175-190,共16页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“中间产品进口、技能偏向性技术进步与技能溢价”(71973111)

摘　　要：中国企业所得税与资本结构问题一直都受到广泛关注,但已有关于企业所得税与资本结构关系的研究中,存在内生性或者外生冲击导致的信息不充分问题。本文利用规模以上工业企业数据估算了三类中国地级市层面的企业所得税有效税率,在此基础上实证研究了企业所得税有效税率对企业资本结构的影响。研究结果表明,1998-2007年,地级市层面的企业所得税后视性有效平均税率和前视性有效平均税率均有所上升,有效边际税率在2003年之前不断下降,但在2004年有个比较显著的上升趋势,之后又有所降低。企业所得税后视性有效平均税率对企业资本结构的影响并不显著,但前视性有效平均税率和有效边际税率越高则企业的债务融资比率越高。此外,基于分组样本的研究表明,国有企业并不会根据企业所得税税率的变动来调整企业资本结构,但非国有企业则会根据企业所得税有效税率的变动来调整其资本结构;内资企业和外资企业在企业所得税与资本结构的关系上是基本一致的,只是外资企业的资本结构变动对企业所得税前视性有效税率更为敏感。As always,the relationship between corporate income tax and corporate capital structure has attracted great academic attention from the pioneering research of Modigliani and Miller (1963).However,there still have some unresolved problems in empirically testing the effect of corporate income tax on corporate capital structure such as endogeneity,information insufficient in researches based on exogenous tax policy shocks.In China,this problem is more prominent because the tax legislation in China is highly concentrated in central government and the nominal tax rates in all local governments are equal,so we can t use heterogenous regional tax rate to study its effect on corporate capital structure.In order to resolve these problems,this paper calculates three types of effective corporate income tax on prefecture level to empirically study the effect of effective corporate income tax on enterprises capital structure by use of the micro data of China s industrial enterprises above designated size. The estimations of effective corporate income tax show that backward-looking effective average tax rates (BEATR) and forward-looking effective average tax rates (FEATR) both had certain degree of increase from 1998 to 2007;while forward-looking effective marginal tax rates (FEMTR) continuously decreased before 2003 and had a sharp rising in 2004,and then decreased after 2004.The empirical researches reveal that BEATR does not have distinctive effect on enterprises capital structure while higher FEATR or higher FEMTR can stimulus enterprises enhancing the rate of debt financing,which shows that enterprises in China always adjust their capital structure based on the anticipate of the tax and their own profit,rather than based on the implanted tax policy.The baseline regression results show that,1 unit increase of FEATR and FEMTR will respectively cause 0.336 unit and 0.275 unit increase of enterprises debt-to-assets ratio.Moreover,the results from grouping sample show that state-owned enterprises will not adjust their capital

关 键 词：有效税率 平均税率 边际税率 资本结构 去杠杆 减税 

分 类 号：F275.1[经济管理—企业管理]