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Research on the capital structural optimization based on the coexistence condition of company's income tax and individual income tax
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作者 TAO Ping LI Wen-hua 《Journal of Modern Accounting and Auditing》 2008年第4期49-54,共6页
Capital structure denotes enterprises' form and proportion relation of various long-term funds source. The capital structure is the combination problem of the long-term funds about enterprise development and it is th... Capital structure denotes enterprises' form and proportion relation of various long-term funds source. The capital structure is the combination problem of the long-term funds about enterprise development and it is the quantity and proportion between every fund form. This paper analyzes the various factors which affect capital structural decision-making, and introduces capital structural optimization theory of the shelter benefit of tax revenue and bankruptcy cost balance. It studies the method and the evaluation criterion of capital structural optimization. And it constructs capital structural optimization model of coexistence condition of company's income tax and individual income tax. This will be very helpful for the rationality of enterprise capital structure. 展开更多
关键词 capital structure capital structural optimization income tax shelter benefit of tax revenue
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OPTIONS-GAME ANALYSIS FOR FIRM WITH INSURED DEBT
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作者 梅正阳 李楚霖 《Acta Mathematica Scientia》 SCIE CSCD 2005年第2期243-247,共5页
The strategic model for insured bond of firm is a new model which is developed based on options pricing model and game theory. When firm’s bond was insured against bankruptcy, some interesting results about endogenou... The strategic model for insured bond of firm is a new model which is developed based on options pricing model and game theory. When firm’s bond was insured against bankruptcy, some interesting results about endogenous bankruptcy and optimal capital structure are obtained. 展开更多
关键词 Insured bond endogenous bankruptcy optimal capital structure
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Does Financial Reporting Quality Affect Optimal Capital Structure? Evidence from China
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作者 Bo Zhang Hanze Wei Lijun Ma 《Frontiers of Business Research in China》 2016年第3期432-450,共19页
In this study, we investigate the association between financial reporting quality and a firm's deviation from its optimal capital structure. We find that a firm's deviation from its optimal capital structure is decr... In this study, we investigate the association between financial reporting quality and a firm's deviation from its optimal capital structure. We find that a firm's deviation from its optimal capital structure is decreasing in financial reporting quality. The results suggest that high-quality financial reporting helps to reduce a firm's deviation from its optimal capital structure. In addition, we document that the relationship is intensified in non-SOEs, in which financial reporting quality plays a more crucial role. Furthermore, we find that bank connections diminish the role of financial reporting quality in optimal capital structure. Our results hold when we control for potential endogeneity in financial reporting quality and capital structure decisions. Our study contributes to both financial reporting quality and capital structure literature. We also contribute to the literature on informal contracts in organizational decision-making. 展开更多
关键词 optimal capital structure financial reporting quality state-ownedenterprises bank connections
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