税收抵免制度对跨国公司资本结构选择影响的实证研究——基于我国跨国公司经验数据的检验

Empirical Research of the Effect on the Tax Credit to Multinational Corporations' Capital Structure——Based on the Test from Chinese Multinational Corporations' Empirical Data

资本结构理论认为在只有公司所得税的情况下,公司更倾向于选择债务融资。随着世界经济的发展,跨国公司成为国际经济发展的主要趋势。而处在国际税收环境中的跨国公司其资本结构会受到扭曲,其中税收抵免制度是对跨国公司资本结构选择起重要作用的国际税收机制。在探讨了税收抵免制度如何影响跨国公司资本结构选择的机制之后,给出了来自于中国跨国公司经验数据的直接和间接的检验。

The capital structure considers that the corporation prefers to debt financing with corporate income tax only. With the development of world economy, the muhination corporation becomes the main tendency. The inter- national tax environment will also distort the capital structure choice of multination corporation especially tax credit. By analyzing the mechanism of how tax credit affects the capital structure choice, the paper gives direct and indirect empirical analysis with the empirical data from Chinese multination corporation.