税收政策的变化影响公司资本结构吗？--基于两税合并的经验数据

Is Companies' Capital Structure Influenced by Tax Policy?——Empirical Data from Consolidation of the Two Taxes

本文基于我国两税合并的背景,运用区间分析、配对样本T检验、回归分析和倍数差分法等方法,实证检验所得税政策的变化是否对资本结构产生影响,进而验证修正的MM理论是否适应中国资本市场。研究结果表明:所得税税负水平与公司资本结构显著正相关;由于新税法的实行,所得税税率下降的内资公司相应的降低了公司财务杠杆;两税合并前后税率下降的样本公司比税率不变的样本公司的资本结构变动显著要大。综合而言,税收政策能够显著影响公司资本结构决策。

Under the background of consolidation of the two taxes in China, this paper applies such methods as interval analysis, paired sample T test, regression analysis and difference in difference estimation to testify influences on capital structure exerted by modifications of income tax, then explores whether the modified MM theory is fit for Chinese capital market. The results are shown as follows. Firstly, there is a positive correlation between income tax burden level and companies＇ capital structure. Secondly, he decreased rate of income tax results in a lower financial leverage by the implementation of new tax law. Finally, the companies with a decreased tax rate after consolidation of the two taxes boast more changes in capital structure than the companies with unaltered tax rate significantly. In all, the policies of taxes will exert dramatic impacts on the decision of companies＇ capital structure significantly.