金融市场发展、两税合并与企业资本结构——基于双重差分模型的实证分析

Financial Market Development,Consolidation of the Two Taxes and Capital Structure

笔者以上市公司为样本,运用双重差分模型与多元回归分析,研究了两税合并对企业资本结构的影响和金融市场发展不均衡对所得税率影响资本结构呈现的不同特征。结果显示:相比于税率不变的样本企业,税率下降的样本企业负债率下降更显著;金融市场发展越完善,税率变化对企业负债率的影响越显著。

The paper studies the impact of consolidation of the two taxes on capital structure by sampling the listed companies with difference-in-difference model and multiple regression analysis method.Further analysis is made on the different characteristics of imbalanced financial market development influence on the capital structure.It shows that the firm＇s libility decreases singnificantly with a decresing tax rate.In a perfectly developed financial market,tax rate change has a singnificant impact on frim＇s libility.