所得税率及其变化对企业资本结构的影响  

The Impact of Income Tax Rate and Its Changes on the Capital Structure of Enterprises.

作　　者：龚新颍 黄晓波[1] GONG Xinying;HUANG Xiaobo(Business College, Hubei University, Wuhan, Hubei 430062, China)

机构地区：[1]湖北大学商学院,湖北武汉430062

出　　处：《山东商业职业技术学院学报》2021年第3期1-7,共7页Journal of Shandong Institute of Commerce and Technology

摘　　要：以2007-2019年我国上市公司为研究对象,运用静态和动态模型,分别采用全部样本和按企业性质分类的样本,对企业实际税率及其与负债水平之间的关系进行统计分析和实证检验。通过全部样本统计得出:公司平均资产负债率为41.68%、平均长期资本负债率为12.72%、平均实际税率为18.59%。其中,国有企业资产负债率、长期资本负债率和实际税率都显著高于非国有企业。通过全部样本回归分析发现,企业实际税率越高,债务水平也越高;债务水平随实际税率的提高(降低)而提高(降低);通过按企业性质分类样本回归分析发现,国有企业与非国有企业之间存在显著差异。非国有企业对税率变化更敏感。With 2007-2019 listed companies in China as the research object,using static and dynamic models,this paper uses all samples and samples classified by the nature of enterprises to make statistical analysis and empirical test of the relationship between the actual tax rate of enterprises and their debt levels.Through statistical analysis,it is found that the average asset-liability ratio of all sample companies is 41.68%,the average long-term capital-liability ratio is 12.72%,and the average actual tax rate is 18.59%.Among them,the asset-liability ratio,long-term capital-liability ratio and actual tax rate of state-owned enterprises are significantly higher than those of non-state-owned enterprises.Through all the sample regression analysis,it is found that the higher the actual tax rate of enterprises,the higher the debt level,the higher(decrease)with the increase(decrease)of the actual tax rate,and the significant difference between state-owned enterprises and non-state-owned enterprises is found by the analysis of regression of the sample by the nature of enterprises.Non-state-owned enterprises are more sensitive to changes in tax rates.

关 键 词：实际税率 资产负债率 长期资本负债率 国有企业 非国有企业 

分 类 号：F276[经济管理—企业管理]