CAJ | 학술논문

基于企业决策者认知异质性,构建决策者主观价值最大化的最优资本结构决策模型,选用中国沪深两市337家上市公司2000-2010年的数据,深入剖析认知偏差对资本结构税收效应的影响.研究发现：我国上市公司偏好于选择保守型的债务政策.企业决策者的认知偏差会对企业资本结构与税率的关系产生重要影响,当决策者不存在认知偏差或认知偏差较低时,随着税率的提高决策者会相应提高企业的负债率;而当决策者认知偏差居中或偏高时,企业的资本结构决策与税率并不相关.研究结论表明,企业决策者的认知异质性使得企业资本结构对税率变动的敏感性各异,从而拓展了资本结构理论的外延,对认识认知偏差对企业资本结构税收效应的影响有着重要的理论价值和现实意义.
기우기업결책자인지이질성,구건결책자주관개치최대화적최우자본결구결책모형,선용중국호심량시337가상시공사2000-2010년적수거,심입부석인지편차대자본결구세수효응적영향.연구발현：아국상시공사편호우선택보수형적채무정책.기업결책자적인지편차회대기업자본결구여세솔적관계산생중요영향,당결책자불존재인지편차혹인지편차교저시,수착세솔적제고결책자회상응제고기업적부채솔;이당결책자인지편차거중혹편고시,기업적자본결구결책여세솔병불상관.연구결론표명,기업결책자적인지이질성사득기업자본결구대세솔변동적민감성각이,종이탁전료자본결구이론적외연,대인식인지편차대기업자본결구세수효응적영향유착중요적이론개치화현실의의.
This paper establishes a decision model of optimal capital structure based on decision-makers＇ cognitive heterogeneity. The relationships between cognitive bias and tax effect of capital structure are empirically tested using data of 337 companies listed on Shanghai and Shenzhen stock exchange from 2000 to 2010. This paper conducts an in-depth analysis of the impact of cognitive bias on tax effect of capital structure. The research reveals that, Chinese listed companies tend to employ conservative debt policies. Decision-maker＇s cognitive bias can have a major impact on the relationship between corporate capital structure and tax rate. When a decision-maker doesn＇t involve or involves to a minimum cognitive bias in decision making, the decision-maker will increase company＇s debt ratio relatively to the increase in tax rate. While, when cognitive bias of the policy-maker is medium or high, the capital structure decision and tax rate are uncorrelated. The findings show that, the corporate decision-maker＇s heterogeneity causes the sensitivity of corporate capital structure towards tax-rate change to vary. Thus, expanding the extensions of the theories of capital structure, and understanding of the effect of cognitive bias on the tax effect of corporate capital structure has both theoretical value and practical significance.