基于税收视角的上市公司资本结构选择分析

优化的上市公司资本结构有助于资本要素的合理配置和充分利用,规避投资风险,增加公司资本收益。据此,公司资本结构理论研究的重点应放在各种融资方式之间选择的动机和适当的比例等问题上。但是,以往的研究往往忽′略了税收这个极其重要的因素对于公司资本结构选择的影响。通过对影响资本结构选择的税收因素的理论和实证分析,可以证实税收的重大影响作用,并借以提出促进债务融资发展和资本市场建设的政策建议。

Capital Structure Choice of Chinese- Listed Companies Based on Tax

Optimized capital structure of listed companies helps capital rational configuration and full utilization and helps avoid investment risk,add earning of capital.Therefore company capital structure theories lay the studying emphasis on the choice motive and suitable proportion of all kinds of financing methods.However past studies often leave out the influence of tax,one most important factor,on capital structure choice.This study theoretically and empirically examines the influence of tax on the capital structure of companies,then a series of policy suggestion will be produced that how to perfect security tax system,promote debt financing and improve the development of capital market.