"两税合一"对企业融资结构选择的效应分析——以山东省为例

"两税合一"是指内、外资企业执行统一的所得税税率。本文通过对山东省部分企业的调查发现:在现行融资格局下,企业融资结构选择对名义税率变动的敏感性较弱,但与实际税率却存在符合理论分析的相关性,而且短期内税收政策由于受融资渠道和投资需求等因素的屏蔽作用,其税率调整幅度不足以构成对企业融资方式选择的重大影响,长期则会推动企业融资结构的调整。

The Effect Analysis of "Integration System for Dividend Taxation"to Financing Structure--Investigation in Shandong Province

The investigation on sample enterprises indicates that currently there is no correlation between fi-nancing structure and nominal income tax rate. However,the correlation does exist between financing structure and effective income tax rate. In short term,constrained financing channels and limited investment demand prohibit tax adjustment from tremendously affecting financing structure of enterprises,while in a long run,the taxation will exactly promote the revision of financing structure.