企业资本结构选择中的税盾效应  

Tax Shield Effect in the Choice of Enterprise Capital Structure

作　　者：高艳荣 雷蕾[2] 朱小云[1] GAO Yan-rong;LEI Lei;ZHU Xiao-yun(Huashang College, Guangdong University of Finance and Economics,Guangzhou 511300, China;School of Economics, Jinan University, Guangzhou 510632,China)

机构地区：[1]广东财经大学华商学院,广州511300 [2]暨南大学经济学院,广州510632

出　　处：《商业研究》2020年第11期18-24,共7页Commercial Research

基　　金：教育部人文社会科学研究青年项目,项目编号:17YJC790138;广东财经大学华商学院科研项目,项目编号:2019HSXS09。

摘　　要：企业在构建资本结构时,税盾效应经常是重要影响因素。本文通过多元线性回归模型的设定、运用计量软件,实证分析中国224家A股上市公司的税盾效应对资本结构的影响以及行业差异。实证分析发现:债务税盾与企业资本结构显著正相关,非债务税盾与企业资本结构显著负相关,税盾效应与不同行业资本结构特性密切相关。后“疫情”时期,在不侵蚀企业所得税税基的前提下,国家应通过税制设计为企业提供更多税盾工具,激励企业优化投资结构、加速经济恢复。Tax shield effect is often an important factor in the construction of capital structure.This paper empirically analyzes the impact of tax shield effect on capital structure and industry differences of 224 A-share listed companies in China by setting multiple linear regression model and using measurement software.The empirical analysis shows that debt tax shield is significantly positively correlated with corporate capital structure,non debt tax shield is significantly negatively correlated with corporate capital structure,and tax shield effect is closely related to capital structure characteristics of different industries.In the post COVID-19 period,on the premise of not eroding the tax base of enterprise income tax,the state should provide more tax shield tools for enterprises through tax system design,encourage enterprises to optimize investment structure and accelerate economic recovery.

关 键 词：企业所得税 资本结构 税盾效应 

分 类 号：F812.0[经济管理—财政学]