税收激励对银行资本结构调整的影响

The Impact of Tax Incentives on Bank Capital Structure Adjustment

企业所得税的税盾效应诱发金融机构过度负债,可能导致金融风险的现象引起学者广泛关注。将经典资本结构理论引入金融领域,构建面板数据模型,重点探讨所得税实际税率的变化对上市商业银行资本结构及其调整方式的影响。实证结果表明:所得税实际税率上升时,上市商业银行资产负债率不发生变动;而所得税实际税率下降时,上市商业银行资产负债率显著降低。上市商业银行资本结构调整对所得税实际税率的变动方向的敏感性不同。因此,应从完善结构性减税措施、注重金融业"营改增"与企业所得税政策的衔接两个方面降低税收政策对银行债务融资的扭曲效应,以降低银行财务风险,防范金融危机。

The tax shield effect of enterprise income tax induces the excessive debt of financial institutions,which may lead to financial crisis. This phenomenon arouses the scholars＇ attention in the society. When the classical capital structure theory is introduced into financial field,the panel data model is set up in this paper to analyze the impact of the changes of the effective tax rate of income tax on the capital structure of listed commercial banks and their adjustment methods. The empirical result shows that the debt asset ratio of listed commercial banks does not change when the effective tax rate of income tax increases; the debt asset ratio of listed commercial banks decreases significantly when the effective tax rate of income tax falls. The sensitivity of the adjustment of capital structure of listed commercial banks to the effective tax rate of income tax is different. Combined with this empirical study,this paper puts forward some proposals aiming to perfect the structural tax reduction measures and focus on the convergence of ＂to replace the business tax with a value-added tax＂of financial industry and the enterprise income tax policy. These proposals are to reduce the distorting effect of tax policy on debt financing of banks,to reduce the financial risk of banks and to prevent the financing crisis.