基于辽宁省制造业上市公司所得税与债务融资相关性的研究

Based on Manufacturing Industry in Liaoning Province Research on the Listed Company Income Tax and Debt Financing Correlation

权益性资本成本的提高导致债务融资成为企业融资的重要选择,为了研究企业所得税和债务融资之间的相关性,以在沪深上市的所有辽宁制造企业为研究样本,选取其2012-2014年的数据,在建立多元回归分析模型的基础上,对企业所得税和债务融资进行实证分析,得出:企业所得税对企业进行债务融资、扩大企业的规模和确定合理的资本结构都有一定的贡献作用,同时,税收上的优惠也促使了辽宁省制造业上市公司的债务融资行为。

The rising cost of equity capital to debt financing has become an important option for the corporate financing. In order to study the correlation between the enterprise income tax and debt financing, this paper selects the data from 2012 to 2014 in all Liaoning manufacturing companies based in Shanghai and Shenzhen, and uses multiple regression analysis model as well to analyze empirically the enterprise income tax and debt financing. It is concluded that the enterprise income tax has certain contribution to enterprise debt financing, increasing the size of the enterprise, and determining the reasonable capital structure. At the same time, the preferential tax will prompt debt financing behavior of manufacturing companies listed in Liaoning province.