证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2008年
11期
60~66
,共null页
企业所得税 资本结构 认知偏差 前景理论
企業所得稅 資本結構 認知偏差 前景理論
기업소득세 자본결구 인지편차 전경이론
Income tax; Capital structure; Acknowledge bias; Prospect theory
本文从决策者“敏感性递减”心理入手，以2002年部分中国上市公司的所得税税率提高为背景，研究了财务困境成本和所得税费用对资本结构税率敏感性的影响。以405家上市公司为样本，通过多元回归分析发现，税率提高时，负债水平高、规模小、息税前利润低的企业对负债水平的提高幅度更大。说明资本结构决策受“敏感性递减”心理的影响，即财务困境成本高时，决策者会低估边际负债所导致的财务困境成本；所得税费用高时，决策者会低估边际负债所节省的所得税；在上述心理影响下，当税率提高时，财务困境成本高，而所得税费用低的企业会更为积极地提高负债率，即资本结构税率敏感性高。该结论对于促进企业融资决策科学化有重要意义。
本文從決策者“敏感性遞減”心理入手，以2002年部分中國上市公司的所得稅稅率提高為揹景，研究瞭財務睏境成本和所得稅費用對資本結構稅率敏感性的影響。以405傢上市公司為樣本，通過多元迴歸分析髮現，稅率提高時，負債水平高、規模小、息稅前利潤低的企業對負債水平的提高幅度更大。說明資本結構決策受“敏感性遞減”心理的影響，即財務睏境成本高時，決策者會低估邊際負債所導緻的財務睏境成本；所得稅費用高時，決策者會低估邊際負債所節省的所得稅；在上述心理影響下，噹稅率提高時，財務睏境成本高，而所得稅費用低的企業會更為積極地提高負債率，即資本結構稅率敏感性高。該結論對于促進企業融資決策科學化有重要意義。
본문종결책자“민감성체감”심리입수，이2002년부분중국상시공사적소득세세솔제고위배경，연구료재무곤경성본화소득세비용대자본결구세솔민감성적영향。이405가상시공사위양본，통과다원회귀분석발현，세솔제고시，부채수평고、규모소、식세전리윤저적기업대부채수평적제고폭도경대。설명자본결구결책수“민감성체감”심리적영향，즉재무곤경성본고시，결책자회저고변제부채소도치적재무곤경성본；소득세비용고시，결책자회저고변제부채소절성적소득세；재상술심리영향하，당세솔제고시，재무곤경성본고，이소득세비용저적기업회경위적겁지제고부채솔，즉자본결구세솔민감성고。해결론대우촉진기업융자결책과학화유중요의의。
Using the fact that in 2002 some Chinese listed firm＇s income tax rate increases, this paper studies the relationship between financial distress cost and Tax rate＇ s impact on the tax rate sensitivity of capital structure. The empirical results indicate that when tax rate is raised, firms with high level debt, low scale, and low EBIT will face a higher debt level increase. The results imply that the capital structure decision is affected by declining sensitivity. When financial distress cost is high, firms tend to underestimate the cost led by marginal debt, and vise versa. Under such reasoning, when tax rate is increased, the financial distress cost is high, and firms with low income tax rate tend to more actively increase the debt ratio, leading to a higher tax rate sensitivity of capital structure. This conclusion will help firms make financing decisions better.
