| 两税合并对我国上市公司资本结构的影响 |
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| 引用本文： | 彭培鑫,朱学义. 两税合并对我国上市公司资本结构的影响[J]. 北京工商大学学报(社会科学版), 2011, 26(3): 118-122 |
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| 作者姓名： | 彭培鑫 朱学义 |
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| 作者单位： | 彭培鑫,Peng Pei-xin(中国矿业大学,管理学院,江苏,徐州,221008;徐州建筑职业技术学院,经济管理系,江苏,徐州,221116);朱学义,Zhu Xue-yi(中国矿业大学,管理学院,江苏,徐州,221008) |
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| 摘 要： | 本文以2008年我国的两税合并为背景,以2004~2009年经过筛选的上市公司为样本,在理论分析的基础上,实证检验了税率变动对上市公司资本结构的影响,进而验证修正的MM理论是否适用中国资本市场。研究结果表明:所得税税率的下降会导致上市公司降低其财务杠杆,并且主要是通过增加其所有者权益的方式进行调整。
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| 关 键 词： | 两税合并 税率变动 资本结构 |
The Effect of Income Taxes Merger on Capital Structure of Chinese Listed Companies |
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| Peng Pei-xin, , Zhu Xue-yi. The Effect of Income Taxes Merger on Capital Structure of Chinese Listed Companies[J]. Journal of Beijing Technology and Business University:Social Science, 2011, 26(3): 118-122 |
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| Authors: | Peng Pei-xin & Zhu Xue-yi |
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| Affiliation: | Peng Pei-xin1,2 & Zhu Xue-yi1(1.School of Management,China University of Mining and Technology,Xuzhou,Jiangsu 221008,China,2.Department of Economics and Management,Xuzhou Institute of Architectural Technology,Jiangsu 221116,China) |
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| Abstract: | Based on the income taxes merger in China in 2008,selecting the listed companies during the years of 2004~2009 as a sample,this paper uses the theoretical analysis to examine the effect of tax rate change on the capital structure of listed companies and further test whether the correctional MM Theory is suitable for China's capital market.The research result shows that the decrease of income tax rate will cause the listed companies to lower the financial leverage,which is adjusted mainly by increasing the o... |
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| Keywords: | income taxes merger tax rate change capital structure |
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