CAJ | 학술논문

建立合理的资本结构是企业财务管理追求的目标之一，传统的资本结构理论认为企业所得税与公司资本结构密切相关。文章以2004-2012年中国A股上市公司为样本，从所得税最佳衡量变量、新旧税法和企业规模3个角度检验了企业所得税对上市公司资本结构的影响。实证结果表明，拟合的边际税率是测度中国企业所得税税负的最佳变量，所得税与公司资本结构显著正相关，但2008年新税法使其相关性减小。同时，由于小公司的外部融资约束更强，所得税对小公司资本结构的影响比大公司小。
건립합리적자본결구시기업재무관리추구적목표지일，전통적자본결구이론인위기업소득세여공사자본결구밀절상관。문장이2004-2012년중국A고상시공사위양본，종소득세최가형량변량、신구세법화기업규모3개각도검험료기업소득세대상시공사자본결구적영향。실증결과표명，의합적변제세솔시측도중국기업소득세세부적최가변량，소득세여공사자본결구현저정상관，단2008년신세법사기상관성감소。동시，유우소공사적외부융자약속경강，소득세대소공사자본결구적영향비대공사소。
To establish a feasible capital structure is one of the goals of corporate financial management. The traditional capital structure theory believes that corporate income tax is closely related to the company’s capital structure. Using China's A-share listed firms from 2004-2012 as samples, the impact of corporate income tax on listed company's capital structure is examined. The empirical results show that the simulated marginal tax rates is the best variable to measure the company’s income tax rates and the income tax is significantly and positively correlated with the capital structure. However, the new tax law implemented in 2008 has reduced their correlation. And the impact of income tax on small firms' capital structure is smaller than that on big companies, as the former is faced with financial constraints.