不确定条件下公司负债的利息抵税效应分析  

An Analysis of Firm's Tax Shields on Uncertainty Condition

作　　者：敬志勇[1] 欧阳令南[1] 

机构地区：[1]上海交通大学现代金融研究中心,上海200030

出　　处：《中国管理科学》2003年第5期8-11,共4页Chinese Journal of Management Science

摘　　要：在不确定条件下,以公司息前税前收益服从均匀分布为假设,基于静态权衡理论,不考虑除利息抵税效应以及破产成本之外的其他因素对融资决策的影响,我们建立了负债抵税价值期望值模型和破产成本期望值模型,然后在统一的负债区间内分析负债的利息抵税净收益,以确定存在利息抵税净效应最高时的最优负债数额和最优资本结构。On the assumption that EBIT(earnings before interest and tax)is a stochastic variable,whose probability density submits to even distribution,based on the theory of static trade-off,we built models on the relationships among debt and tax shields and the cost of bankruptcy.Finally,in a same debt scope we synthesized tax shields and the cost of bankruptcy into models and analyzed net tax shields and drew a conclusion that there existed optimal debt and thus optimal capital structure,given a group of firm's parameters.

关 键 词：静态权衡理论 负债的利息抵税效应 破产成本 均匀分布 

分 类 号：F830.9[经济管理—金融学]