【作者】 刘聪；

【导师】 马广奇；

【作者基本信息】 陕西科技大学 ， 会计学， 2013， 硕士

【摘要】 20世纪50年代后期，Modigliani和Miller创立的MM理论开创了现代资本结构理论的先河，此后许多学者从不同视角致力于企业融资行为的研究，并逐渐形成了一个以税收和融资行为之间关系为内容的专门研究领域，其中“非债务税盾”就是近年来被广泛关注的问题。所谓“非债务税盾”，指的是类似于固定资产折旧、无形资产摊销等与债务利息具有同样抵税作用（被称作“债务税盾”）的因素。作为税收对企业融资行为影响的重要构成要素，“非债务税盾”在现有的研究中只是作为影响因素之一，很少有专门文献对非债务税盾如何影响企业的融资行为进行深入系统的研究。基于此，本文试图在2008年《中华人民共和国企业所得税税法》的相关规定背景下，研究非债务税盾对我国上市公司融资行为的影响是否显著，并分析其原因，以期对企业融资行为理性化提供参考依据。本文采用多元线性回归模型和面板数据模型中的个体固定效应模型相结合的方法，对我国沪深两市A股主板非金融业上市公司2008-2011年的数据进行回归分析。在融资行为的衡量方面采用资本结构和债务期限结构两个指标，以更全面和深入地体现上市公司融资选择的结果。融资行为的其他影响因素中以企业规模、盈利能力、成长性、资产有形性、自由现金流量、企业所得税税率和资产流动性7个指标作为控制变量。在研究过程中，除了对样本整体数据进行回归，还对各年度截面数据以及各行业的面板数据进行分类回归，以更科学地分析非债务税盾对上市公司融资行为的影响。通过实证分析，本文得出如下几点结论：（1）2008-2011年我国上市公司融资行为中非债务税盾效应显著。其中非债务税盾与资本结构显著负相关，非债务税盾与债务期限结构也呈现显著的负相关关系。（2）不同行业板块的企业由于其行业特征、经济背景以及享受的税收优惠政策不同呈现的非债务税盾对融资行为的影响程度也不同。（3）现有税收政策为企业提供了较多可利用的非债务税盾，而对利息费用扣除做出较为严格的规定，使得债务税盾效应在较大程度上受到了非债务税盾的制约。（4）个别行业的融资行为不够理性，资本构成与债务期限构成不匹配。上述实证结论说明非债务税盾已成为我国上市公司融资行为中的一个重要权衡因素，新税法的规定为企业提供了更多的可利用的非债务税盾，企业应该根据自身的经营状况、财务风险、现金流量状况等因素综合考量，合理利用非债务税盾安排最佳资本结构和债务期限结构，以优化自己的融资行为。更多还原

【Abstract】 In the late1950s, the MM theorem established by Modigliani and Millerhad inaugurated the modern theory of capital structure. Since then, more andmore economists studied on this field from different perspectives, and therelationship between the tax and financing behavior has become a special field.The non-debt tax shield is tax deductible as the debt interest, which is called thedebt tax shield, such as deprecation of the fixed assets, amortization of theintangible assets. However, as an important factor of tax, many scholars mentionthe non-debt tax shield just as one of the influencing factors when they study thefinancing behavior, not many articles specialize in researching the effect of thenon-debt tax shield to the corporate financing. Basing on the relevant provisionsof China Enterprise Income Tax Law (2008), this paper attempts to discuss thenon-debt tax shield effect is significant or not. The paper offers the reference forthe rational financing of companies.The paper adopts the way of combining the Multiple Linear RegressionModel and the Panel Data Model to test the non-debt tax shield. The basicprinciples of selecting sample corporations are as follows: the securities of thelisted-company had been continually exchangeable in the Shanghai or Shenzhenexchange on the main board in2008-2011; no financial enterprise; no firmswhich are issuing securities abroad. For interpreting the results of the financingchoice of the listed-company more comprehensively and deeply, we adopt thecapital structure and the debt maturity structure. We take the enterprise size,profitability, growth, asset form, free cash flow, tax rates and current ratio as thecontrolling variables. For analyzing the non-debt tax shield effect morescientifically, we make the regression by using sectional data of different yearsand panel data of different industries.We make the conclusions as follows:(1) The non-debt tax shield effect inthe financing of the listed-companies in China is significant from2008to2011, and the non-debt tax shield displays negative correlation with the capitalstructure and the debt maturity structure.(2) Because of the different industrycharacteristic, economic backdrop and enjoying various tax preference policy,the companies in divers industries considerate the non-debt tax shield differentlyin the financing process.(3) The current tax system of China supplies theenterprise lots of non-debt tax shield, and stipulates more stringent regulationson interest costs deduction, leading to the benefits of the debt tax shieldconstrained by the non-debt tax shield.(4) The irrational financing behavior insome individual industry brings about the mismatching between the capitalstructure and the debt maturity structure.The empirical results show that the non-debt tax shield had played animportant role in the financing of the listed companies. The enterprises shouldmake good use of the non-debt tax shield to arrange their capital structure andthe debt maturity structure, according to the comprehensive consideration oftheir operating performance, financial risk and cash flow situation.更多还原