所得税免税冲击、金融发展与资本结构决策——来自中国农业类上市公司的经验证据

Income Tax Exemption Shock,Finance Development and the Decision of Capital Structure——Empirical Evidence from Agriculture Class Listed Firms in China

本文选择中国2005～2010年A股上市的农林牧渔类上市公司为样本,在区分产权性质的情况下,研究了所得税免税冲击以及金融发展等因素对企业资本结构的影响。实证研究发现:(1)对于国有农林牧渔类企业。免税之后金融市场化水平、盈利能力以及财务困境成本对资本结构影响也不明显;(2)对于民营农林牧渔类企业,免除所得税之后负债水平明显下降。进一步研究发现,民营企业负债水平与金融市场化水平、盈利能力显著正相关,但与财务困境成本显著负相关。实证结果说明,第一,债务税盾在民营企业资本结构决策中发挥重要作用,但对国有企业资本结构决策影响不明显;第二,民营企业资本结构调整受到融资约束限制,并据此给出相关建议。

Based on data of Chinese listed agriculture, forestry, husbandry and fishery class companies from 2005 to 2010, this paper researches the effects of tax exemption, finance development on the capital structure of agriculture class listed firms of China based on ownership nature. Empirical findings show that ： （ 1 ） for state - owned enterprises, capital structure doesn＇t significantly change after tax exemption. The level of financial marketization, profitability and financial distress cost don＇t significantly affect their capital structure ; （2） for private enterprises, debt level significantly decrease af- ter tax exemption. Furthermore, the level of financial marketization and profitability are significantly positively related to fi- nancial leverage, but debt level is significantly negatively related to financial distress cost. The empirical result indicates： First, debt tax shield plays an important role in the capital structure decision of private enterprises but it doesn＇t influence the capital structure decision of state-owned enterprises. Second, for private enterprises, capital structure adjustment is con- strained by financing constraints, the text gives some relative suggestions.