摘要
以2002-2005年经过筛选的上市公司为样本,就所得税对中国上市公司资本结构的影响进行了实证分析,同时将红利所得与资本利得税率差异的影响也纳入了研究范围。结果显示:企业所得税税率与上市公司的流动负债程度显著正相关;与长期负债程度的关系不显著;红利所得与资本利得税率差异显著影响中国上市公司的资本结构,促使形成股权融资偏好。
Using the filtered listed company between 2002 and 2005 as the sample data, this paper has made an empirical analysis on the effect of income tax on listed company＇s capital structure in China. In this study, the impact of the cash bonus and capital gains tax rate has also been incorporated into the scope of study. The results show that the relationship between the corporate tax and the short-term debt is apparent and positively related; but, for the long-term debt, the relationship is not conspicuous; the tax rate difference between cash bonus and capital gains also significantly affects the listed company＇s capital structure and impels the equity financing tendency.
出处
《西安交通大学学报（社会科学版）》
CSSCI
2008年第3期27-32,62,共7页
Journal of Xi'an Jiaotong University：Social Sciences
基金
国家自然科学基金项目(70772110)
国家"985工程"二期建设项目(07200701)
关键词
所得税
股利政策
资本结构
income tax
divided policy
capital structure
