【作者】 杨敏；

【导师】 邵伟钰；

【作者基本信息】 苏州大学 ， 税务（专业学位）， 2022， 硕士

【摘要】 当前我国公司发展面临着需求收缩、供给冲击与预期转弱三重市场压力,叠加新冠疫情对全球经济的冲击,外部发展环境更趋严峻复杂。优化资本结构既是公司降低财务风险的必然举措,也是应对经济波动、实现稳中求进的压舱石。以MM理论为基础的现代资本结构理论认为,最优资本结构应当平衡债务利息的抵税效应和财务风险。追求利润最大化的理性公司会合理安排债务利息、折旧摊销等税盾,充分发挥其降低融资成本、减轻税收负担的作用。因此,税收因素对公司融资决策的影响不容忽视,是公司优化资本结构、提升经营效益的重要参考。本文以MM理论、权衡理论、优序融资理论与代理成本理论为基础,剖析了债务税盾与非债务税盾影响资本结构的作用机理。通过收集沪深两市A股上市公司的财务数据,分析了其资本结构、税收负担以及税盾的实际使用情况。为更贴合我国国情,探讨了不同所有制和不同行业上市公司的融资现状,比较了税盾影响国有制上市公司与非国有制上市公司、房地产上市公司与高新技术上市公司资本结构的差异。在实证部分,利用2010年至2019年A股上市公司的面板数据,建立相应模型检验了税盾对资本结构的影响。根据理论分析与实证结果,本文得出以下几点结论:(1)债务税盾与资本结构之间显著正相关;(2)非债务税盾与资本结构之间显著负相关;(3)税盾对不同产权性质公司的影响程度存在差异;(4)税盾对不同行业公司的影响程度存在差异。为实现资本结构的优化,本文提出以下建议:公司应当重视税盾工具,主动调整资本结构,兼顾融资需求与财务风险;加强融资管理,深化制度改革,实现降本增效目标;提高调整弹性,顺应行业趋势,助推经济稳定增长。更多还原

【Abstract】 The development of China’s companies is facing the triple market pressure of demand contraction,supply shock and expectation weakening.Superimposed on the impact of the COVID-19,the economic environment is becoming more severe and complex.In the new stage of development,the company must clarify the appropriate capital needs and arrange reasonable sources of funds in order to rely on capital strength to support transformation and upgrading,and achieve true high-quality development.Optimizing the capital structure is not only an inevitable measure for the company to reduce financial risks,but also a ballast stone for coping with economic fluctuations and achieving stability and progress.Modern capital structure theory based on MM theory holds that the optimal capital structure is formed on the basis of balancing the tax deduction effect of debt interest with financial risk.Rational companies with the goal of maximizing profits will make reasonable use of tax shields such as debt interest and depreciation and amortization,and give full play to their role in reducing financing costs and reducing tax burdens.Therefore,the impact of tax factors on the company’s financing decisions cannot be ignored,providing new ideas for the company to optimize its capital structure and enhance its operating efficiency.Based on MM theory,trade-off theory,prioritized financing theory and agency cost theory,this paper analyzes the mechanism of the impact of debt tax shield and non-debt tax shield on corporate capital structure.By collecting the financial data of A-share listed companies in Shanghai and Shenzhen stock markets,the paper analyzes their capital structure,tax burden and the actual use of tax shield.In order to better fit my country’s national conditions,this paper discusses the financing status of listed companies with different owner ships and industries,and compares the differences in the effect of tax shield on the capital structure of state-owned listed companies and non-state-owned listed companies,real estate listed companies and high-tech listed companies.In the empirical part,we use the panel data of A-share listed companies from 2010 to 2019 to test the impact of the tax shield on capital structure.Based on theoretical analysis and the empirical results,this paper draws the following conclusions:(1)There is a significant positive correlation between debt tax shield and capital structure.(2)There is a significant negative correlation between non-debt tax shield and capital structure.(3)The tax shield has different There are differences in the degree of influence of companies with property rights.(4)There are differences in the degree of influence of tax shields on companies in different industries.In order to optimize the capital structure,this paper puts forward the following suggestions:companies should pay attention to the tax shield tool,actively adjust the capital structure,taking into account financing needs and financial risks;strengthen financing management,deepen institutional reform,and achieve the goal of reducing costs and increasing efficiency;conform to industry trends,and promote stable economic growth.更多还原