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个人所得税对公司加权平均资金成本的影响 被引量：2

Effect of Personal Taxes on Weighted Average Capital Cost
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摘要 本文利用Dempsey的包含个人所得税的股票价值模型建立了包含个人所得税的公司平均资金成本模型,研究个人所得税对公司资本结构和资金成本的影响。本文还根据中国的实际,研究中国现行的所得税制度对公司资金成本和资本结构的影响。 Based on Dempseys share value model, this pa pe r proposes a WACC model with personal tax factor to study the effect of personal taxes on capital structure and weighted average cost. We also research into the impact of Chinas income tax regime on corporate capital cost and structure ac cording to Chinas specific situations.
作者 杜鹃 魏嶷
机构地区 同济大学中德学院
出处 《当代经济科学》 CSSCI 北大核心 2005年第3期62-68,110,共8页 Modern Economic Science
关键词 个人所得税 资本结构 加权平均资金成本 Personal income tax Capital structure Weighte d average capital cost
分类号 F224 [经济管理—国民经济]
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参考文献17

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同被引文献33

  • 1唐国正,刘力.公司资本结构理论——回顾与展望[J].管理世界,2006,22(5):158-169. 被引量：51
  • 2吴联生,岳衡.税率调整和资本结构变动——基于我国取消“先征后返”所得税优惠政策的研究[J].管理世界,2006,22(11):111-118. 被引量：61
  • 3吴联生,李辰.“先征后返”、公司税负与税收政策的有效性[J].中国社会科学,2007(4):61-73. 被引量：104
  • 4蒂姆·奥吉尔(TimOgier)、约翰·拉格曼(JohnRugman)、鲁辛达·斯派塞(LucindaSpicer)著,宋云玲、纪新伟、杨丽君译:《资本成本:为企业更好的财务决策提供指南》,经济管理出版社2005年版.
  • 5Ezra Solomon. Measuring a Company's Cost of Cap-ital[ J ]. The Journal of Business, 1955,28, (4) :240 -252.
  • 6F Modigliani, MH Miller. The cost of capital, corpo- ration finance and the theory of investment [ J ]. The Ameri- ean eeonomie review, 1958,48 ( 3 ) :261 - 297.
  • 7MH Miller, F Modigliani, Some estimates of the cost of capital to the electric utility industry: 1954 - 1957 [ J]. The American Economic Review, 1966:333 - 391.
  • 8彼得·纽曼等著,胡坚等译:《新帕尔格雷夫货币金融大辞典》,经济科学出版社2000年版,第470页.
  • 9希克斯著,薛蕃康译:《资本与价值》,商务印书馆2010年版.
  • 10Durand, David. Cost of Debt and Equity Funds for Business: Trends and problems of Measurement,Conference on Research in Business Finance, national Bureau of Eco- nomic Research, New York, 1952, :215 - 247.

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当代经济科学
2005年 第3期

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