资本结构选择的影响因素——来自中国上市公司的新证据

以中国上市公司为样本,采用逐步回归法,对企业资本结构影响因素进行了实证分析。结果表明,资产担保价值与资产负债率和长期负债率显著正相关;非负债税盾与资产负债和流动负债率显著负相关;成长性与资产负债率、长期负债率和银行借款比率显著正相关;盈利能力与资产负债率、长期负债率和银行借款比率显著负相关;企业规模与资产负债率、流动负债率、长期负债率及银行借款比率显著正相关;变异性与资产负债率和流动负债率显著正相关;公司年龄与资产负债率、流动负债率及银行借款比率显著正相关,但与长期负债率负相关;另外,行业效应可能也是影响企业资本结构选择的重要因素。     

宏观经济因素对我国房地产上市公司资本结构影响的实证分析

房地产上市公司的资本结构是否合理对公司的发展起着很重要的作用,而资本结构不止受到企业内部因素的影响,而且还会受到外部经济环境的影响。本文以2006年到2010年沪深两市110家房地产上市公司的数据为样本,实证研究了对房地产上市公司的资产负债率和有忠负债率和短期借款比率,长期借款比率和贸易应付款比率和资本公积比率等资本结构变动的影响,考察经济改革动态背景中宏观冲击对我国房地产上市公司资本结构调整的影响。我国当前正处于经济转轨时期和金融市场缺乏完全管制环境,资本结构可能不是企业自主能决定的结果,所以宏观政策的实施和资本市场的条件可能是影响房地产企业赘本结构的重要因素。     

税率变动与资本结构调整——基于2007年新企业所得税法实施的研究

本文以我国2007年企业所得税改革为背景,研究了税率变动对资本结构的影响及资本结构的调整方式。研究发现:(1)税率提高的企业提高了财务杠杆,税率下降的企业降低了财务杠杆。同时,资本结构的变动对税率上升更为敏感;(2)税率提高企业和税率降低企业调整财务杠杆的方式并不相同,税率提高的企业主要通过增加流动负债提高了债务水平,而税率下降的企业主要通过增加未分配利润降低了债务水平。这个结果表明,由于管理层对损失和收益的敏感程度不同和对企业规模的偏好使得企业资本结构对不同方向的税率变动敏感程度不同,调整的方式也有所不同,从而深化和拓展了税收与资本结构理论,对认识税率调整下企业的财务行为具有重要的理论价值和实践意义。     

地方经济发展与企业资本结构选择——来自我国上市公司的经验证据

本文选择1994～2004我国上市公司数据为研究样本,检验地方经济发展以及地方经济发展因素与公司内因素的交互作用如何影响企业资本结构。本文发现,人均居民消费水平越高,企业资产负债率越高;人均GDP较高的地区,人均居民消费水平对资产负债率影响较小,企业资产负债率较高;企业非债务税盾越大,人均GDP对其资产负债率影响越小;城乡储蓄年度余额越高的地区,企业资产负债率越高;随着地区人均GDP的提高,城乡储蓄对企业资产负债率的影响减小;资本形成总额越高、企业资产负债率越高。     

会计盈余质量与资本结构动态调整

本文以我国2003²012年沪深A股上市公司为研究样本,研究会计盈余质量对资本结构动态调整的影响,研究发现:上市公司的会计盈余质量越高,其实际资本结构偏离最优资本结构的幅度越小,资本结构越合理;会计盈余质量的上升会显著加快资本结构调整速度;会计盈余质量对资本结构动态调整的影响存在异质性,企业负债水平较高时,会计盈余质量对资本结构偏离度的影响更加显著,而企业负债水平较低时,会计盈余质量对资本结构调整速度的影响更明显。     

管理者过度自信与企业资本结构——基于主动曝光次数的实证分析

本文利用样本公司管理者主动曝光次数作为管理者过度自信的衡量指标,利用国内500强上市公司2006-2010年的面板数据,对管理者过度自信与上市公司资本结构的关系进行了实证分析。检验结果表明,在控制了传统影响因子(资产规模、有形资产率、盈利能力、成长机会、实际所得税率、独立董事比例)之后,管理者过度自信与资产负债率显著负相关,即管理者自信程度越强,越倾向于股权融资。实证结果还表明,作为过度自信替代指标,管理者主动曝光次数比传统的管理者持股对企业资本结构具有更强的解释力。     

中国林业上市公司资本结构影响因素的实证研究

以沪深两市17家林业上市公司2011年的年报数据为样本,运用统计分析的方法,具体分析了中国林业上市公司资本结构的影响因素,最终得出结论:企业规模、获利能力、成长能力、有形担保资产比率、经营活动现金流量、所得税税率与资本结构之间不存在显著的线性相关关系;资产营运能力、资产变现能力与资本结构之间存在显著的负线性相关关系。     

浅谈我国民营企业资本结构优化问题

民营企业已成为我国国民经济的重要组成部分。改革开放以来,民营企业虽然有了很大的发展。但在发展过程中也遇到了很多困难,暴露出不少问题,其中资本结构不合理就是一个突出问题,它已在一定程度上影响到企业的进一步发展。因此,研究民营企业资本结构问题对我国民营企业的发展有重大意义。文章介绍了资本结构理论,分析了民营企业出现的资本负债率偏低、资产结构不合理、融资渠道狭窄等问题,剖析了造成这种问题的原因,并提出了完善金融市场、实行金融改革等相应的建议。     

增值税简并税率与企业股权融资

企业提高股权融资水平是活跃资本市场、提高直接融资比重及健全资本市场功能的关键路径。那么，增值税简并税率发挥的资源高效配置效应是否有助于促进企业股权融资？选取2012—2021年沪深A股上市公司的样本数据，实证分析2017年实施的增值税简并税率政策对企业股权融资的影响后发现，简并税率政策的实施显著促进了企业股权融资；其影响机制是通过提升企业内在价值及信息效率，进而促进企业股权融资。同时，简并税率政策促进企业股权融资的效果在信贷歧视度较高、适用税率档数较多的企业中更显著。此外，良好的资本市场制度环境提升了简并税率促进企业股权融资的效果，具体体现为在市场化程度较高、资本市场开放程度较高的组别中,简并税率与企业股权融资之间的正向作用更显著。为此，未来需要持续优化增值税简并税率政策，针对不同类型企业制定差别化税收支持政策，发挥减税政策与资本市场制度的合力，提振投资者信心，从而促进企业股权融资。     

金融市场开放能降低企业营运风险吗?

作为优化我国金融供给结构、提升资源配置效率和对外开放的关键环节,金融市场开放为打通国内国际双循环、充分发挥资源配置的决定性作用提供了新契机。本文基于局部均衡模型诠释了金融市场开放影响企业营运风险的内在机理,并运用2007—2020年沪深A股非金融上市企业数据,实证检验了金融市场开放对企业营运风险影响的潜在作用机制及效果。研究发现,金融市场开放会显著降低企业营运风险,该效应在资本密集型、制度质量较高、行业竞争程度较高以及非成长期企业样本中尤为明显;金融市场开放会通过缓解融资约束、提高资本配置效率及提高资本配置质量降低企业营运风险。本文不仅为有序推进金融市场开放以促进实体经济高质量发展提供理论与经验证据,而且对于在新发展格局下加快构建中国式现代金融体系具有重要的参考意义。     

增值税转型改革的效应评价——基于安徽省经验数据的实证分析

增值税转型引起增值税实际税率下降和税负降低,而增值税的税负降低必然导致经济运行发生变化.基于增值税转型所产生的投资效应、财政收入效应和安徽省的经验数据,实证检验了增值税转型对企业固定资产投资和财政收入的影响.结果显示:增值税转型具有投资正效应和财政收入负效应.即增值税转型促进了安徽省企业的固定资产投资增加,但导致了其财政收入减少.     

资本市场开放能抑制企业避税吗*——基于沪港通的准自然实验

资本市场开放作为我国金融供给侧改革的重要内容，深刻改变了中国资本市场交易者结构特征，可能对上市公司的自利行为产生深远影响。本文基于沪港通这一准自然实验，研究发现资本市场开放能显著抑制企业的避税行为。影响机制检验表明，资本市场开放不仅有助于提高公司治理水平、抑制高管避税寻租动机，而且有助于改善公司信息质量、增加避税成本，从而降低企业避税水平。进一步研究还发现，这一影响对于税收征管强度较低地区的企业更显著。本文的研究结果表明，沪港通可以作为有效的外部治理机制，促进企业规范自身行为，提高税收征管效率。这为后续进一步深化金融领域开放提供了理论依据。     

工业化中政府作用的动态经济学分析

中国工业化进程中政府起到了重要作用。本文立足于新中国工业化历程,在动态经济学框架内,讨论政府通过对劳动密集型产业征税而对资本密集型产业扶持来推动工业化的问题。在理论模型的基础上,通过数值模拟,分析了稳态下税率与各经济部门的资本、产出以及社会总资本、总产出存在的倒"U"型关系,并且对税率与政府税收之间的倒"U"型关系进行了讨论。本文认为政府对劳动密集型产业过度提取不仅不利于劳动密集型产业发展,也不利于经济总量与政府税收的增长,甚至不利于资本密集型产业的可持续增长。本研究与结论部分解释了历史上我国优先发展重工业难以维系的原因,并部分揭示了当前亟需调整经济结构的内在机理。     

The impact of Chinese monetary policy on co-movements between money and capital markets

From 2010 to 2017, with interest rate liberalization and capital market development in China, the impact of monetary policies on China’s financial markets underwent continuous evolution. Using the DCC-GARCH model, this study investigates the transmission process of monetary policies from the money market to capital markets (stock and bond markets). The results show that in the early stage the instability of the money and stock markets and the downturn in the bond market are primarily caused by the block of monetary policy transmission and the paucity of fund sources in the capital markets. Subsequently, the outbreak of the 2013 money shortage and the 2015 stock market crash are also closely related to monetary policies. In the later periods, the money and stock markets maintain a low degree of correlation for a long time, reducing the impact of destabilizing factors on the stock market. By contrast, with the advancement of interest rate reform and the optimization of bond market structure, the bond market is highly relevant to the money market. The central bank regulates the bond market more effectively using both traditional and innovative monetary policy tools.     

Financial globalization and wage inequality

This paper analyzes how financial globalization affects skilled-unskilled wage inequality. We treat financial globalization as more regions being integrated into the global financial market. We find that a higher degree of financial globalization will decrease skilled-unskilled wage inequality if it induces a small increase in the capital tax rate. However, a higher degree of financial globalization will increase skilled-unskilled wage inequality if it induces a big increase in the capital tax rate.     

Policy commitment and the welfare gains from capital market liberalization

This paper evaluates the quantitative impact of capital liberalization on the taxation structure and welfare of the liberalizing countries when governments conduct fiscal policy optimally but without commitment (time-consistent policies). The transition from a regime of capital autarky to a regime of free mobility leads to a decrease in the long-term tax rate on capital of 13 percent and an increase in the tax rate on labor of 2 percent. As a consequence of this taxation shift, welfare increases by about 1 percent. The reduction in capital taxation induced by capital market liberalization is welfare improving because, in the absence of capital mobility, the time-consistent policies over-tax capital.     

Some aspects of the taxation of capital gains

The analysis of the effects of capital gains taxation requires a careful modelling both of the details of the tax code and the imperfections in the capital market. Under the standard assumptions concerning perfect capital markets and under the standard idealizations of the tax code, there are several strategies by which rational investors can avoid note only all taxes on their capital income, but also all taxes on their wage income; these strategies leave individuals' consumption and bequests in each state of nature and at each date unchanged from what they would have been in the absence of taxes. Although certain detailed provisions of the tax code may limit the extent to which rational investors can avail themselves of these tax avoidance activities, there are ways, in a perfect capital market, by which the effects of these restrictions can be ameliorated. Accordingly, any analysis of the effects of capital taxation must focus on imperfect capital markets.If individuals face limitations on the amounts which they can borrow and/or if there are limitations on short sales, then under some circumstances there is a locked-in effect (individuals do not sell securities which they would have sold in the absence of taxation); but under other circumstances individuals are induced to sell securities that they otherwise would have held, in order to take advantage of the asymmetric treatment of short-term losses and long-term gains. A policy of realizing gains as soon as they become eligible for long term treatment dominates the policy of postponing the realization of capital gains, provided the gains are not too large.A simple general equilibrium model is constructed within which it is shown that the taxation of capital gains may increase the volatility of asset prices, and lead individuals not to trade when they otherwise would. While the analysis casts doubt on the significance of the welfare losses resulting from these exchange inefficiencies, there are circumstances in which the tax leads to production inefficiencies, e.g. terminating projects at other than the socially optimal date.Finally, we argue that the focus of some recent policy debates on the short-run revenue impact of a decrease in the tax rate on capital gains is misplaced: even when the short-run revenue impact is positive, consumption may increase (thus exacerbating inflationary pressures) and private savings may decrease (thus leading to a lower level of investment in the private sector). Moreover, there is some presumption that the long-run revenue impact is negative.Our analysis has some important implications for empirical research. In particular, it suggests that the impact of the tax is not adequately summarized by a single number, such as the ‘effective tax rate’ representing the average ratio of tax payments to capital gains. Moreover, the impact of the tax cannot be assessed by looking only at reported capital gains and losses.     

资本市场开放与经济稳定增长—对东南亚国家的实证分析及其启示

20世纪90年代,国际资本的急剧流动引发了东南亚的金融危机。国际资本的短期性和投机性,以及它对发展中国家的资本市场、汇率、外汇储备和金融体系的强烈冲击,应当引起我们的深思。资本市场的开放,必须建立在国内金融体系的改革和实质经济市场化转型的基础上。     

Corporate Finance in Africa: The Interactive Impact of Firm Nationality and Characteristics

Using a balance panel data of 351 publicly quoted firms in eleven major African stock exchanges, I investigated the impact of the differences in the internal structures of domestic and foreign firms on corporate financial decisions in Africa. I also analyzed the sensitivity of the impact of the internal firm characteristic on changes in the level of exogenous factors such as marginal tax structure and financial system development. The arising results showed that among the selected key internal characteristics of firms, only the impact of profitability and tangibility on financial structure was significantly sensitive to the proportion of domestic/foreign shareholding and that, consistent with capital structure theories, corporate financing decisions in Africa were significantly sensitive to marginal tax policies and the degree of financial system development prevailing in a country. The results suggest that by investing in assets that are acceptable to lenders and investors as collaterals and maintaining reasonable stability in their cash flow positions, domestic firms can in practice enhance their access to strategic investment capital.     

Leverage versus volatility: Evidence from the capital structure of European firms

The impact of leverage on financial market stability and the relationship with the real economy is a key concern among researchers. This paper makes an initial attempt to investigate the relationship between a firm’s leverage, return and share price volatility from an Islamic finance perspective and capital structure theory. A multi-country dynamic panel framework and the mean-variance efficient frontier are applied to 320 sample firms from eight European countries, divided into portfolios of low and high debt using the shari’ah screening threshold of 33%. We find that the firm’s return and volatility change with changes in the capital structure. Islamic-compliant stocks show, in most cases, less volatility than non-compliant stocks but are no different in terms of return. Finally, our results tend to imply a case for limiting debt beyond certain levels.