财务困境成本、所得税费用与资本结构税率敏感性

Financial Distress Cost, Tax and the Tax Rate Sensitivity of Capital Structure

本文从决策者"敏感性递减"心理入手,以2002年部分中国上市公司的所得税税率提高为背景,研究了财务困境成本和所得税费用对资本结构税率敏感性的影响。以405家上市公司为样本,通过多元回归分析发现,税率提高时,负债水平高、规模小、息税前利润低的企业对负债水平的提高幅度更大。说明资本结构决策受"敏感性递减"心理的影响,即财务困境成本高时,决策者会低估边际负债所导致的财务困境成本;所得税费用高时,决策者会低估边际负债所节省的所得税;在上述心理影响下,当税率提高时,财务困境成本高,而所得税费用低的企业会更为积极地提高负债率,即资本结构税率敏感性高。该结论对于促进企业融资决策科学化有重要意义。

Using the fact that in 2002 some Chinese listed firm＇s income tax rate increases, this paper studies the relationship between financial distress cost and Tax rate＇ s impact on the tax rate sensitivity of capital structure. The empirical results indicate that when tax rate is raised, firms with high level debt, low scale, and low EBIT will face a higher debt level increase. The results imply that the capital structure decision is affected by declining sensitivity. When financial distress cost is high, firms tend to underestimate the cost led by marginal debt, and vise versa. Under such reasoning, when tax rate is increased, the financial distress cost is high, and firms with low income tax rate tend to more actively increase the debt ratio, leading to a higher tax rate sensitivity of capital structure. This conclusion will help firms make financing decisions better.