经济经纬
經濟經緯
경제경위
Economic Survey
2012年
3期
151~155
,共null页
两税合并 金融市场发展 资本结构 双重差分模型
兩稅閤併 金融市場髮展 資本結構 雙重差分模型
량세합병 금융시장발전 자본결구 쌍중차분모형
Financial Market Development; Consolidation of the two taxes; Capital structure; Differencein-difference Mode
笔者以上市公司为样本,运用双重差分模型与多元回归分析,研究了两税合并对企业资本结构的影响和金融市场发展不均衡对所得税率影响资本结构呈现的不同特征。结果显示：相比于税率不变的样本企业,税率下降的样本企业负债率下降更显著;金融市场发展越完善,税率变化对企业负债率的影响越显著。
筆者以上市公司為樣本,運用雙重差分模型與多元迴歸分析,研究瞭兩稅閤併對企業資本結構的影響和金融市場髮展不均衡對所得稅率影響資本結構呈現的不同特徵。結果顯示：相比于稅率不變的樣本企業,稅率下降的樣本企業負債率下降更顯著;金融市場髮展越完善,稅率變化對企業負債率的影響越顯著。
필자이상시공사위양본,운용쌍중차분모형여다원회귀분석,연구료량세합병대기업자본결구적영향화금융시장발전불균형대소득세솔영향자본결구정현적불동특정。결과현시：상비우세솔불변적양본기업,세솔하강적양본기업부채솔하강경현저;금융시장발전월완선,세솔변화대기업부채솔적영향월현저。
The paper studies the impact of consolidation of the two taxes on capital structure by sampling the listed companies with difference-in-difference model and multiple regression analysis method.Further analysis is made on the different characteristics of imbalanced financial market development influence on the capital structure.It shows that the firm＇s libility decreases singnificantly with a decresing tax rate.In a perfectly developed financial market,tax rate change has a singnificant impact on frim＇s libility.
