| 基于税收利益与破产成本的企业投融资决策互动关系研究 |
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| 引用本文： | 彭程,杨红,黄荣.基于税收利益与破产成本的企业投融资决策互动关系研究[J].中国管理科学,2011,19(3):46-54. |
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| 作者姓名： | 彭程 杨红 黄荣 |
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| 作者单位： | 1. 四川外语学院国别经济与国际商务研究中心, 重庆400031;
2. 英国普利茅斯大学商学院, 普利茅斯PL48AA |
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| 基金项目： | 国家社会科学基金项目(10XGL004) |
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| 摘 要： | 本文以实物期权方法为工具,从税收利益与破产成本视角分析了企业投融资决策的互动关系。通过分析发现,企业最优投融资决策会因为税收利益和破产成本而产生一种相互作用的关系,但在股东债权人利益冲突下,股东会倾向于追逐更多的税收利益而产生过度投资的问题,并因此产生更高的负债融资成本,最终导致企业融资决策的非效率。然而,负债代理冲突下的过度投资会因资本折旧的税盾替代效应而有所缓和,并因此降低企业因过度投资产生的融资决策非效率。
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| 关 键 词： | 税收利益 破产成本 投资决策 融资决策 互动关系 |
| 收稿时间： | 2010-4-22 |
| 修稿时间： | 2011-5-26 |
Interactions of Investment and Financing Decisions:On the View of Tax Benefit and Bankruptcy Cost |
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| PENG Cheng,YANG Hong,HUANG Rong.Interactions of Investment and Financing Decisions:On the View of Tax Benefit and Bankruptcy Cost[J].Chinese Journal of Management Science,2011,19(3):46-54. |
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| Authors: | PENG Cheng YANG Hong HUANG Rong |
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| Institution: | 1. Research Center for International Business and Economy, Sichuan International Studies University, Chongqing 400031, China;
2. Plymouth Business School, University of Plymouth, Plymouth PL4 8AA, UK |
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| Abstract: | This paper analyzes interaction relationships of investment and financing decisions on the view of tax benefit and bankrupt cost by the mean of real options.It discloses some kind of coordination relationships of investment and financing decisions,which would be different under the conflicts of equity-holders and debt-holders because of overinvestment resulting from over-chasing of tax benefit of equity-holders and the consequent high debt financing cost,which means non-efficient financing decisions,caused ... |
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| Keywords: | tax benefit bankruptcy cost investment decision financing decision interactions |
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