从税收角度看债务利息对企业融资决策的影响

The Influence of Debt Interest on Enterprise's Financing Decision From the Perspective of Tax Revenue

本文借鉴Fama和French理论方法,利用我国上市公司的数据,运用面板数据联立方程的分析方法,从税收的角度研究负债和股息与企业融资关系,以及运用时间序列的分析方法具体研究单个上市公司的负债、股息和企业融资之间的格兰杰因果关系。通过理论分析和实证检验得出:税收通过负债和股息影响企业的融资决策,进而影响了企业的价值。

Referencing to Fama＇s and French＇s theoretical methods and using the statistics of listed companies in China, the paper studies the relationship between debt, dividend and enterprise＇s financing, from the perspective of tax revenue and by utilizing the analysis method of simultaneous equations of panel data. And the paper also studies specifically the Granger causality between a single listed company＇s debts, dividend and enterprise＇s financing by using the analysis method of time series. Based on theoretical analysis and empirical test, the conclusion is that tax revenue influences enterprise＇s financing decision by debt and dividend and then influences the value of enterprise.