中国银行业上市公司资本结构的影响因素分析

资本结构决策是企业融资决策的核心问题。本文基于银行业自身的特殊性,对相关数据进行统计分析,探讨了我国商业银行资本结构的现状,并利用主成分分析法对影响商业银行资本结构的因素进行了实证分析。研究结果表明,所提炼的三个主成分因素中,资产的风险状况、盈利能力与资产负债率负相关,而银行的资产规模对资产负债率的影响并不显著。     

基于分位数回归的资本结构影响因素研究

运用分位数回归方法对公司资本结构影响因素进行了实证研究;结果表明,盈利能力、非债务税盾与资本结构负相关,公司规模、成长性与资本结构正相关,而资产抵押价值与资本结构关系不显著.     

林业上市公司资本结构影响因素实证研究

选取14家林业上市公司2013-2017年资本结构相关数据作为研究样本,通过建立面板数据实证模型,对林业上市公司资本结构影响因素进行实证研究,研究结果表明:(1)企业规模和资产担保价值对林业上市公司资本结构有显著正向影响;(2)内部资源能力与林业上市公司呈负相关关系;(3)成长能力和盈利能力对林业上市公司资本结构无显著影响;(4)偿债能力对林业上市公司资本结构有显著负向影响。基于此,提出剥离不良资产、适当扩大规模、拓宽融资渠道等对策,以优化林业上市公司的资本结构。     

我国石油石化上市公司资本结构与融资决策研究

不同行业间的资本结构存在显著差异,对融资决策产生较大的影响。介绍石油石化行业上市公司的资本结构和融资决策的现状,构建多元回归模型,分析影响资本结构的相关因素。分析结果表明,主营业务利润率、流动比率和资产担保价值与企业资产负债率呈正相关关系,主营收入增长率、总资产增长率与企业资产负债率呈负相关关系。     

我国石油石化上市公司资本结构与融资决策研究

不同行业间的资本结构存在显著差异,对融资决策产生较大的影响。介绍石油石化行业上市公司的资本结构和融资决策的现状,构建多元回归模型,分析影响资本结构的相关因素。分析结果表明,主营业务利润率、流动比率和资产担保价值与企业资产负债率呈正相关关系,主营收入增长率、总资产增长率与企业资产负债率呈负相关关系。     

农业转移人口市民化能力影响因素及机制研究 ——基于内生资本视角的分析

推进农业转移人口市民化对推进城镇化高质量发展具有重要意义.从人力资本、社会资本和人格特质三维视角构建农业转移人口内生资本分析框架,运用结构方程模型分析内生资本对转移人口市民化能力的影响机制与作用路径.结果表明,人力资本对农业转移人口经济融入能力和未来发展能力具有显著的正向影响,社会资本、人格特质对心理融入能力和未来发展能力具有显著正向影响.但人力资本对心理融入能力影响不显著,社会资本和人格特质对经济融入能力影响不显著.据此提出政策建议,以期帮助农业转移人口摆脱强市民化意愿与弱市民化能力的困境.     

医药类上市公司资本结构与公司绩效实证研究

本文以在深圳和上海两交易所上市的36家医药类上市公司为样本，以长期负债比率和资产负债率作为资本结构的代表变量，以净资产收益率和总资产收益率为公司绩效的代表变量，分析研究资本结构与资产结构、成长性、公司规模、获利能力和经营风险之间的相关性，以及公司绩效与资本结构之间的关系。研究结果显示资产结构和企业规模对以长期负债比率表示的资本结构有显著影响，资产负债率与总资产收益率正相关。     

上市企业的资本结构分析：以房地产行业为例

通过对A股市场39家房地产行业的资本结构回归分析，发现企业负债比率与企业获利能力负相关，与企业成长性显著正相关。但是企业规模、企业资产担保程度等对企业资本结构影响不显著，这一定程度上反映了我国债券市场的不完善。     

资产交易、资本结构与公司价值最大化

现代资本结构理论认为，资本结构决定公司价值是实现经营目标的重要手段，本文在权衡理论的基础上，分析了资产交易对资本结构的影响和通过资产交易优化资本结构及提升公司价值额方法。     

电力行业上市公司资本结构分析

合理的资本结构有利于完善公司的治理结构,规范公司的行为,提高公司的价值。文章首先对沪深两市30家电力行业上市公司的资本结构现状进行了分析,然后运用SPSS20.0软件,建立多元线性回归模型对影响我国电力行业上市公司资本结构的因素进行了实证研究。研究结果显示,公司规模、公司治理、股权集中度、资产担保价值与所得税率与资本结构呈正相关关系;偿债能力、盈利能力与资本结构呈负相关关系。     

税收政策的变化影响公司资本结构吗？--基于两税合并的经验数据

本文基于我国两税合并的背景,运用区间分析、配对样本T检验、回归分析和倍数差分法等方法,实证检验所得税政策的变化是否对资本结构产生影响,进而验证修正的MM理论是否适应中国资本市场。研究结果表明：所得税税负水平与公司资本结构显著正相关;由于新税法的实行,所得税税率下降的内资公司相应的降低了公司财务杠杆;两税合并前后税率下降的样本公司比税率不变的样本公司的资本结构变动显著要大。综合而言,税收政策能够显著影响公司资本结构决策。     

Corporate In‐house Tax Departments*

In‐house human capital tax investment is a significant input to a firm's tax decisions. Yet, due to the lack of data on corporate in‐house tax departments, there is little empirical evidence on how tax departments are associated with tax planning and compliance outcomes. We expect the size of tax departments to be positively associated with the effectiveness of tax planning and compliance. Using hand‐collected data on the number of corporate tax employees in S&P 1500 firms over the 2009–2014 period, we find that firms with larger tax departments are associated with lower and less volatile cash effective tax rates. Furthermore, using tax employees' specialization, we identify tax departments' relative focus on planning or compliance and document a trade‐off between tax avoidance and tax risk. Specifically, tax departments with more of a tax planning focus have incrementally greater tax avoidance but higher tax risk, whereas tax departments with more of a tax compliance focus have incrementally lower tax risk but higher tax rates. Overall, this paper contributes to the literature by looking inside the “black box” of corporate tax departments and shedding light on the importance of human capital tax investment for tax outcomes.     

两税合并对我国吸引外资的影响分析

两税合并主要是指对内外资企业所得税实行统一税法、统一税率、统一税前扣除标准、统一优惠政策。本文从对引进外资规模的影响和引进外资结构与投向两个方面分析了两税合并对我国吸引外资的影响。     

The determinants of capital structure: Evidence from China

This paper employs a new database containing the market and accounting data (from 1994 to 2003) from more than 1200 Chinese-listed companies to document their capital structure characteristics. As in other countries, leverage in Chinese firms increases with firm size and fixed assets, and decreases with profitability, non-debt tax shields, growth opportunity, managerial shareholdings and correlates with industries. We also find that state ownership or institutional ownership has no significant impact on capital structure and Chinese companies consider tax effect in long-term debt financing. Different from those in other countries, Chinese firms tend to have much lower long-term debt.     

Analysis of tax effort in WAEMU: How important are institutional/administrative reforms?

This paper examines, in depth, the hypotheses explaining the tax effort of seven West African Economic and Monetary Union (WAEMU) countries over the period 1996–2018. The studies of Karakaplan and Kutlu were applied to the stochastic tax frontier model. This provides a new method for analyzing tax effort that solves potential endogeneity problems, especially those of income. This study confirms the positive impact of income, trade openness, urbanization, government capital spending and anticorruption on tax revenue mobilization, while the size of the agricultural sector has a negative impact on tax revenue. On the other hand, reforms of tax institutions have no effect on tax effort. The average tax revenue of the countries of the WAEMU is 11.34 and the average tax effort is estimated at 0.7901 over the period 1996–2018. Thus, these countries could achieve a tax revenue to GDP ratio of 13.72% if they fully exploit their potential.     

公共支出、税收政策对居民消费结构的影响

为促进消费水平,积极响应国内经济大循环的构建,在内生经济框架下,研究我国财政政策对居民消费结构的影响,分析消费对于经济增长的贡献。文中将税率分解,通过将消费结构细化,研究不同税率对于不同性质的消费所产生的差异化影响。基于省级面板数据的实证结果表明,增加公共支出可促进消费增速,税制的调整符合拉弗曲线。以调整消费结构为目的来优化财政政策,建议增加政府公共支出,提升资本税率,同时就短期税收增长和经济增长不平衡的现状而言,建议降低个人所得税与增值税。     

Tax and leverage: Evidence from China

This study exploits two institutional features of China to test the causal link between tax and capital structure. First, the central government exclusively determines the corporate tax rate in China, which results in changes in corporate income tax rates across different Chinese public firms over the period of 2000–2011. Such mandatory tax shifts provide a quasi-natural experimental setting for our difference-in-differences analysis investigating the impact of tax on leverage. We find evidence supporting the dynamic trade-off theory, namely that firms are unresponsive to tax cuts but increase long-term leverage when taxes rise (particularly those in low statutory tax regimes). Second, governmental intervention in capital allocation is common in China such that political connections are usually regarded as an asset for firms in accessing bank loans. Using anti-corruption events as shocks to the value of political connections over the sample period, our research is the first study to show that political connections become a liability that enables banks to recall loans from affected firms during the anti-corruption campaign periods. This change overturns the typical tax-leverage relationship observed, as we find anti-corruption affected firms reduce long-term leverage when taxes are cut and they become insensitive to tax increases. Our results reveal the importance of political ties in explaining how firms adjust their capital structure to tax changes, which is extremely relevant to policy makers and regulators when monitoring bank loan markets.     

The effect of China's agricultural tax abolition on rural families' incomes and production

This paper uses the rural household panel data collected by Research Center for Rural Economy to evaluate the impacts of China's agricultural tax abolition during 2004–2005 on farmers' income and production behavior. We find that the abolition of agricultural tax did not significantly affect agricultural production. The effects on input use and productivity are also found statistically insignificant. All these are consistent with the lump-sum property of the tax and imply little effect of the tax abolition on relaxing credit constraints to farmers. Finally, we find that the tax abolition did not increase farmers' net income significantly.     

税收政策对居民消费的“异质性”效应——基于规模结构双重视角下的实证分析

在全球经济形势愈加严峻及中央实施"双循环"新发展格局的背景下，充分发挥税收政策对居民消费的驱动作用具有重要意义。以往基于常参数计量经济模型的研究忽略了不同经济时期税收政策对居民消费的"异质性"效应。文章采用DAG递归预测的方差分解法，对于税收政策与居民消费间的动态因果关系进行识别，并构建带有随机波动率的时变参数因子扩展向量自回归模型，分别从税收规模和税制结构视角出发，探究税收总量、不同税系、不同税类以及不同税种对居民消费的时变效应。研究发现：（1）不同时期税收政策对居民消费的影响程度差异较大，经济萧条时期税收政策对居民消费的影响并不显著，危机后影响程度大幅提高并长期稳定在较高水平。（2）从税收规模来看，税收政策对居民消费产生极为显著的"非凯恩斯效应"。从税制结构来看，直接税的扩张对居民消费产生显著的促进效应；商品税及其内部消费税、增值税的扩张显著"挤出"消费，关税轻微"挤入"消费，近年来增值税的"挤出效应"大幅增强；个人所得税对消费的"挤入效应"显著强于企业所得税；财产税的总体扩张对消费产生"挤出效应"，但占比相对较高的房产税、契税和土地增值税并未"挤出"消费。因此，政策当局应适度降低商品税税负水平、逐步下调个人所得税税率、完善财产税制。     

Levels and Trends in U.S. Income and its Distribution: A Crosswalk from Market Income towards a Comprehensive Haig‐Simons Income Approach

Recent research on U.S. levels and trends in income inequality varies substantially based on how these studies measure income. We crosswalk (move between standards) from a market income of tax units to a more comprehensive measure of income including realized capital gains of households using a unified data set and replicate common findings in the literature. By using a comprehensive income definition in the spirit of Haig‐Simons, considering yearly accrued capital gains rather than focusing on the delayed reporting of capital gains that appear in Internal Revenue Service tax return data, the observed growth in income inequality and top income shares since 1989 is dramatically reduced.