税收与资本结构相关性经验研究评述

A Review on the Empirical Research of the Relationship between Tax and Capital Structure

税收的普遍存在和非中性使得它在很大程度上影响着资本结构的决定,学者很早就已经注意到了这个问题,并进行了很多相关研究,近年来主要集中于经验研究方面。本文梳理了国内外有关税收与资本结构关系的经验研究结论,发现相关检验大多是从非债务税盾和对企业真实税率的估计等角度出发,方法各异,结论亦有所不同,甚至截然相反。文末指出了现有研究的一些不足之处以及今后应该着重探索解决的问题。

Tax which is prevalence and non-neutral has greatly affected the capital structure decision.Scholars have taken note of this problem from the early beginning and made a lot of research.In recent years,literatures mainly are focused on the empirical research.This article combed domestic and abroad empirical researches about the relationship between taxes and capital structure and found that most of the relevant tests were based on two aspects which are the non-debt tax shield and the real corporate tax rate.They used different methods and drew the different,even diametrically opposed conclusions.This paper pointed out the inadequacy of existing researches and the problems which we should spend more efforts to solve.