负债税盾价值对公司融资行为的影响研究
摘要
负债融资的利息在计算所得税时可以从应税所得中扣除,从而产生税收抵免收益,也即通常所税的税盾价值。MM(1963)认为,为了充分利用税盾价值,在引入公司所得税的资本结构模型中,公司价值最大化的最优资本结构是100%的负债。随后,权衡理论,代理理论都直接或间接地利用负债融资税盾价值讨论债务资本与权益资本的选择。本文将基于民营上市公司的样本,讨论税盾价值对民营上市公司融资行为的影响。研究发现税盾价值正向作用于民营上市公司的负债融资行为,折旧和投资抵免的非负债税盾价值对民营上市公司的负债融资行为影响相反;虽然非负债税盾价值对负债税盾价值具有“替代效应”,但作用有限。
2008年的所得税改革,实现了内外资企业所得税的统一。新《企业所得税法》将法定税率调整为25%,并规定原执行15%优惠税率的企业在5年的过渡期内逐步将执行税率提高到25%。至此,所得税改革使得部分企业的实际税负降低,而部分企业实际税负升高。本文研究了税率变化对公司融资行为的影响,发现税率提高的企业增加了负债,而税率降低的企业由于融资环境的改善和税盾价值的依赖并没有降低负债,但税盾价值的影响变弱。
鉴于民营上市公司特殊的内部治理结构,本文将引入股权集中度,以第一大股东持股比例作为解释变量,探讨股权集中度通过税盾价值对公司融资行为的影响。研究表明,第一大股东控制企业的,没有表现出对税盾价值的重视;而第一大股东共同控制企业的,对负债税盾价值表现出强烈的偏好。
The interest of debt financing can be deducted from the taxable income before taxing and taking the tax-deducted advantage ,is called the tax shield.MM(1963)considered that, to take full advantage of the tax shield, the optimal capital structure of maximizing firm value is 100% in debt in the model of Capital structure when being introduced the firm tax. After that, the Trade-off theory and the Agency theory all discussed how to make choices between debt and equity by using the tax shield. This paper will discuss how the tax shield acts on the financing behavior based on the sample of listed private enterprise. We find that the tax shield affects positively on debt financing behavior, and the non-debt tax shield, including depreciation and investment credit, has an opposite affection on it. The non-debt tax shield has an substitution effect on debt tax shield , though it's quite limited.
The foreign-funded and domestic enterprise had realized unification in tax after tax reform in 2008. The new tax law set 25% (33% before)as statutory tax rate , meanwhile it required that some companies implementing 15% preferential rate gradually increased to 25% statutory tax rate in transition period of 5 years. Therefore some companies’active tax rate rised while some descended. This paper studied how the rate changes acted on the company financing behavior. We find that tax rate-rised companies have increase debt, and tax rate-descended companies have not decreased debt may due to improvement of financing situation or their relying on debt ,but the affect of tax shield on debt becomes weak.
Considering the special internal manage structure, we introduce the concentration of equity, diming the first ownership as the independent variable , and explore how the concentration of equity effects company financing behavior through the tax shield. We find that if the first ownership controls the company , he doesn’t show any attention to the tax shield, and if the first ownership controls the company with others , he will show a strong preference to the tax shield.
2008年的所得税改革,实现了内外资企业所得税的统一。新《企业所得税法》将法定税率调整为25%,并规定原执行15%优惠税率的企业在5年的过渡期内逐步将执行税率提高到25%。至此,所得税改革使得部分企业的实际税负降低,而部分企业实际税负升高。本文研究了税率变化对公司融资行为的影响,发现税率提高的企业增加了负债,而税率降低的企业由于融资环境的改善和税盾价值的依赖并没有降低负债,但税盾价值的影响变弱。
鉴于民营上市公司特殊的内部治理结构,本文将引入股权集中度,以第一大股东持股比例作为解释变量,探讨股权集中度通过税盾价值对公司融资行为的影响。研究表明,第一大股东控制企业的,没有表现出对税盾价值的重视;而第一大股东共同控制企业的,对负债税盾价值表现出强烈的偏好。
The interest of debt financing can be deducted from the taxable income before taxing and taking the tax-deducted advantage ,is called the tax shield.MM(1963)considered that, to take full advantage of the tax shield, the optimal capital structure of maximizing firm value is 100% in debt in the model of Capital structure when being introduced the firm tax. After that, the Trade-off theory and the Agency theory all discussed how to make choices between debt and equity by using the tax shield. This paper will discuss how the tax shield acts on the financing behavior based on the sample of listed private enterprise. We find that the tax shield affects positively on debt financing behavior, and the non-debt tax shield, including depreciation and investment credit, has an opposite affection on it. The non-debt tax shield has an substitution effect on debt tax shield , though it's quite limited.
The foreign-funded and domestic enterprise had realized unification in tax after tax reform in 2008. The new tax law set 25% (33% before)as statutory tax rate , meanwhile it required that some companies implementing 15% preferential rate gradually increased to 25% statutory tax rate in transition period of 5 years. Therefore some companies’active tax rate rised while some descended. This paper studied how the rate changes acted on the company financing behavior. We find that tax rate-rised companies have increase debt, and tax rate-descended companies have not decreased debt may due to improvement of financing situation or their relying on debt ,but the affect of tax shield on debt becomes weak.
Considering the special internal manage structure, we introduce the concentration of equity, diming the first ownership as the independent variable , and explore how the concentration of equity effects company financing behavior through the tax shield. We find that if the first ownership controls the company , he doesn’t show any attention to the tax shield, and if the first ownership controls the company with others , he will show a strong preference to the tax shield.
引文
[1] Modigliani, F., and M. H. Miller, The Cost of Capital, Corporation Finance and the Theory of Investment[J].American Economic Review, 1958 48, 261-297.
[2] Modigliani, F., and M. H. Miller, Corporate Income Taxes and the Cost of Capital: A Correction (in Communications)[J]. American Economic Review, 1963.53:433-443.
[3] Miller, M.H..Debt and Taxes[J].Journal of Finance, 1977,32:261-275.
[4] Jensen, M., and W.Meckling.Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure[J].Journal of Financial Economics, 1976,7:305-360.
[5] Harris, Milton, and Artur Raviv.Capital Structure and the Information Role of Debt [J].Journal of Finance, 1990, 45: 321-349
[6] Myers, S.C., and N.S. Majluf.Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have[J]. Journal of Financial Economics, 1984,13:187-221.
[7] DeAngelo,H.,and R.W.Masulis.Optimal Capital Structure under Corporate and Personal Taxation[J]. Journal of Financial Economics, 1980,8:3-29.
[8] Bradley, M., G. Jarrell, and E.H.Kim.On the Existence of an Optimal Capital Structure: Theory and Evidence[J].Journal of Finance, 1984, 39:857-878.
[9] Fischer, Edwin, Robert Heinkel, and Josef Zechner . Dynamic Capital Structure Choice: Theory and Tests[J].Journal of Finance, 1989,44:19-40
[10] Gordon,R.H., and J.K.MacKie-Mason.Effectso f the Tax Reform Act of 1986 on Corporate Financial Policy and Organizationa Florm," in J.Slemrod(ed.), Do Taxes Matter?[J]. MIT Press,Cambridge,1990,9:1-131.
[11] Trezevant,R..Debt Financing and Tax Status:Tests of the Substitution Effect and the Tax Exhaustion Hypothesis Using Firms'Responses to the Economic Recovery Tax Act of 1981[J].Journal of Finance , 1992,47:1557-1568.
[12] Graham J.R..Proxies for the Marginal Tax Rate[J].Journal Of Financial Economics, 1996b 42:187-221.
[13] Graham,J.R..How Big are the Tax Benefits Of Debt?[J].Journal Of Finance, 2000,55,:1901-1941
[14] Kemsley D., and D. Nissim.Valuation of the Debt-Tax Shield[J].Journal of Finance, 2002,57:2045-2073.
[15] Kerry Pattenden. Capital Structure Decisions Under Classical and Imputation Tax Systems :A Natural Test for Tax Effects in Australia[J]. Australian Journal of Management,June 2006,31(1):67-92
[16] Christopher J. Greena, Victor Murinde. The impact of tax policy on corporate debt in a developing economy: a study of unduoted Indian company[J]. The European Journal of Finance. October 2008, 14(7): 583–607
[17] Yue Cheng , Christopher J. Green .Tax and Capital Structure :A Study of European Company[J]. The Manchester School .Supplement 2008 1463–6786 :85–115
[18] Dhaliwal,D., R.Trezevant,and S.Wang.Taxes,Investment-Related Shields and Capital Structure[J].Journal of the American Taxation Association, 1992,14:1-21.
[19] Dammon,R., and L.senbet.The Effect of Taxes and Depreciation on Corporate Investmenat nd Financial Leverage[J].Journaol f Finance, 1988,43: 357-373.
[20] Bathala, C. T., S. J. Carlson, 1992,“Impact of the Repeal of the Investment Tax Credit on Firms Investment Decisions[C]. American Accounting Association meeting,1992.
[21]宋献中.资本结构与税收的相关性分析[J].暨南学报(哲学社会科学),2001,56(3):71-77
[22]王志强.税收非中性与公司财务政策选择[J].商业时代(理论版),2003,23(11):24-26
[23]敬志勇,欧阳令南.不确定条件下公司负债的利息抵税效应分析.中国管理科学,2003,11(5):8-11
[24]冯根福,吴林江,刘世彦.我国上市公司公司资本结构形成的影响因素分析[J].经济学家,2000,(5)
[25]吴联生.国有股权、税收优惠与公司税负[J].经济研究,2009(10)
[26]刘星.中国上市公司融资策略影响因素的实证分析[J].重庆大学学报(自然科学版),2001(1)
[27]陈维云,张宗益.对资本结构财务影响因素的实证研究[J].财经理论与实践.2002,23(115):76-79
[28]王志强.中国上市公司债务政策的实证研究[J].厦门大学学报,2006,(3)
[29]丁成.上市公司资本结构的决定因素与优化分析[EB/OL]. http://www.szse. cn/UpFiles/ Attach/1427/2003/11/06/1208045170.PDF
[30]黄贵海,宋敏.资本结构的决定因素——来自中国的证据[J].经济学(季刊),2004(1)
[31]吴联生,岳衡.税率调整和资本结构变动——基于我国取消“先征后返”所得税优惠政策的研究.管理世界,2006(11)
[32]王跃堂,王亮亮和彭洋.产权性质、债务税盾与资本结构[J].经济研究,2010(9)
[33]彭程,刘星.代理冲突下企业多元化投资行为的实物期权分析[J].中国管理科学,2006(5)
[34]闵丹,韩立岩.市场结构、行业周期与资本结构———基于战略公司财务理论的分析[J].管理世界,2008(2)。
[35]符戈.中国民营企业融资问题研究[M].北京:经济科学出版社.2003(1)
[2] Modigliani, F., and M. H. Miller, Corporate Income Taxes and the Cost of Capital: A Correction (in Communications)[J]. American Economic Review, 1963.53:433-443.
[3] Miller, M.H..Debt and Taxes[J].Journal of Finance, 1977,32:261-275.
[4] Jensen, M., and W.Meckling.Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure[J].Journal of Financial Economics, 1976,7:305-360.
[5] Harris, Milton, and Artur Raviv.Capital Structure and the Information Role of Debt [J].Journal of Finance, 1990, 45: 321-349
[6] Myers, S.C., and N.S. Majluf.Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have[J]. Journal of Financial Economics, 1984,13:187-221.
[7] DeAngelo,H.,and R.W.Masulis.Optimal Capital Structure under Corporate and Personal Taxation[J]. Journal of Financial Economics, 1980,8:3-29.
[8] Bradley, M., G. Jarrell, and E.H.Kim.On the Existence of an Optimal Capital Structure: Theory and Evidence[J].Journal of Finance, 1984, 39:857-878.
[9] Fischer, Edwin, Robert Heinkel, and Josef Zechner . Dynamic Capital Structure Choice: Theory and Tests[J].Journal of Finance, 1989,44:19-40
[10] Gordon,R.H., and J.K.MacKie-Mason.Effectso f the Tax Reform Act of 1986 on Corporate Financial Policy and Organizationa Florm," in J.Slemrod(ed.), Do Taxes Matter?[J]. MIT Press,Cambridge,1990,9:1-131.
[11] Trezevant,R..Debt Financing and Tax Status:Tests of the Substitution Effect and the Tax Exhaustion Hypothesis Using Firms'Responses to the Economic Recovery Tax Act of 1981[J].Journal of Finance , 1992,47:1557-1568.
[12] Graham J.R..Proxies for the Marginal Tax Rate[J].Journal Of Financial Economics, 1996b 42:187-221.
[13] Graham,J.R..How Big are the Tax Benefits Of Debt?[J].Journal Of Finance, 2000,55,:1901-1941
[14] Kemsley D., and D. Nissim.Valuation of the Debt-Tax Shield[J].Journal of Finance, 2002,57:2045-2073.
[15] Kerry Pattenden. Capital Structure Decisions Under Classical and Imputation Tax Systems :A Natural Test for Tax Effects in Australia[J]. Australian Journal of Management,June 2006,31(1):67-92
[16] Christopher J. Greena, Victor Murinde. The impact of tax policy on corporate debt in a developing economy: a study of unduoted Indian company[J]. The European Journal of Finance. October 2008, 14(7): 583–607
[17] Yue Cheng , Christopher J. Green .Tax and Capital Structure :A Study of European Company[J]. The Manchester School .Supplement 2008 1463–6786 :85–115
[18] Dhaliwal,D., R.Trezevant,and S.Wang.Taxes,Investment-Related Shields and Capital Structure[J].Journal of the American Taxation Association, 1992,14:1-21.
[19] Dammon,R., and L.senbet.The Effect of Taxes and Depreciation on Corporate Investmenat nd Financial Leverage[J].Journaol f Finance, 1988,43: 357-373.
[20] Bathala, C. T., S. J. Carlson, 1992,“Impact of the Repeal of the Investment Tax Credit on Firms Investment Decisions[C]. American Accounting Association meeting,1992.
[21]宋献中.资本结构与税收的相关性分析[J].暨南学报(哲学社会科学),2001,56(3):71-77
[22]王志强.税收非中性与公司财务政策选择[J].商业时代(理论版),2003,23(11):24-26
[23]敬志勇,欧阳令南.不确定条件下公司负债的利息抵税效应分析.中国管理科学,2003,11(5):8-11
[24]冯根福,吴林江,刘世彦.我国上市公司公司资本结构形成的影响因素分析[J].经济学家,2000,(5)
[25]吴联生.国有股权、税收优惠与公司税负[J].经济研究,2009(10)
[26]刘星.中国上市公司融资策略影响因素的实证分析[J].重庆大学学报(自然科学版),2001(1)
[27]陈维云,张宗益.对资本结构财务影响因素的实证研究[J].财经理论与实践.2002,23(115):76-79
[28]王志强.中国上市公司债务政策的实证研究[J].厦门大学学报,2006,(3)
[29]丁成.上市公司资本结构的决定因素与优化分析[EB/OL]. http://www.szse. cn/UpFiles/ Attach/1427/2003/11/06/1208045170.PDF
[30]黄贵海,宋敏.资本结构的决定因素——来自中国的证据[J].经济学(季刊),2004(1)
[31]吴联生,岳衡.税率调整和资本结构变动——基于我国取消“先征后返”所得税优惠政策的研究.管理世界,2006(11)
[32]王跃堂,王亮亮和彭洋.产权性质、债务税盾与资本结构[J].经济研究,2010(9)
[33]彭程,刘星.代理冲突下企业多元化投资行为的实物期权分析[J].中国管理科学,2006(5)
[34]闵丹,韩立岩.市场结构、行业周期与资本结构———基于战略公司财务理论的分析[J].管理世界,2008(2)。
[35]符戈.中国民营企业融资问题研究[M].北京:经济科学出版社.2003(1)