中国“走出去”企业资本结构安排——理论分析与现实选择

Capital Structure Arrangement of Our Country's Enterprises When Investing Cross-border——Theoretical Analysis and Practical Choice

本文分析了中国企业跨国投资时资本结构安排的理论依据,结合了权衡理论和上下游投资假设,综合考虑税盾、代理成本以及国与国之间的风险差异,得出如下结论:当中国企业向发展中国家及新兴市场化国家投资时,应该实行低负债的资本结构,主要因为东道国公司所得税税率比中国低,债务税盾效应减小,而且跨国经营的代理成本加大,债务融资难,以及向这类下游国家投资的风险加大;当向发达国家投资时,应该实行高负债的资本结构,主要因为发达国家的公司所得税税率比中国高,债务税盾效应上升,而且向这类上游国家投资的风险减小。在现实中,中国企业主要是向发展中国家及新兴市场化国家的下游投资,应采用低负债的资本结构,情况也确实如此。

This paper analyses the theory base of capital structure arrangement of our country＇s enterprises when invesring cross - border, Combines trade - off theory and upstream and downstream hypothesis, also comprehends tax shield, agent cost and risk difference between countries, and it comes to a conclusion as follows：when our county＇s enterprises invest in the developing countries and emerging market, they should borrow less debt in their capital structure. Because host country has lower corporate income tax rate than that of our country, which leads to smaller tax shield effect, and they will have higher risk investing in these downstream countries, meanwhile agent cost and difficuhy of financing will increase On the contrary, when they invest in the developed countries, they should borrow more debt. Because host country has higher corporate income tax rate than that of our country, which brings out more tax shield effect, and they will have lower risk investing in these upstream countries. In reality, our county＇s companies lay out mainly in the developing countries and emerging market, therefore a lower level of debt to equity ought to be taken, so it is the case