【作者】 魏帅；

【导师】 张克中；

【作者基本信息】 华中科技大学 ， 企业管理， 2010， 硕士

【摘要】 所得税改革是当前我国税收改革政策中的一个重要方面,所得税改革对上市公司资本结构的影响及市场反应是一个值得研究的问题。本文基于2007年3月16日审议通过的所得税改革法案,研究这一政策变动对上市公司资本结构的影响以及公司股价在市场上的反应。通过对835家上市公司资本结构进行研究发现,相比于税率不变、税率降低的公司,税改导致公司所得税提高的公司会提高财务杠杆,这一研究结论为资本结构理论在中国的适用性提供了现实基础。此外,对财务杠杆提高的原因进行了进一步探讨发现,财务杠杆提高主要是通过负债增加而不是所有者权益减少,这一结果与吴联生等(2006)对我国“先征后返”所得税优惠政策取消对资本结构变动的研究结论一致。另外,回归模型的结果显示,公司成长性(GROWTH)、规模(SIZE)与资本结构变动显著正相关,公司业绩(ROA)、折旧变动(DDEP)与资本结构变动显著负相关;而托宾Q(TQ)、交易所状态(Exchange)等变量与资本结构变动没有显著的关系。通过对769家公司股价在市场上的反应的研究发现,相比于税率不变、税率提高的公司,市场对税率降低的公司给予正的反应;然而相比于税率不变的公司,税率提高的公司的市场表现没有显著地负面效应。更多还原

【Abstract】 The Income Tax Reform is an important aspect in China’s current tax reform policy, and its influence to capital structure of listed companies and the market reaction is an issue that deserves research. Based on March 16, 2007 passed the tax reform act, we research the influence to the capital structure of listed companies and the company’s stock market reaction. Through the 835 listed companies capital structure study,we found that, compared with the tax rate unchanged & reduced companies, tax reform leading to corporate income tax increased companies will improve financial leverage, which provides basis for the capital structure theory in China’s suitability in reality. In addition, the reason of financial leverage improving is primarily through debt increased rather than owners’ equity reduced, which is consistent to this research conclusion of Wu LianSheng (2006) to our country "first levied then returned" income tax preferential policies to lift its capital of the structural changes. Meanwhile, the regression model results show that company growth (GROWTH), scale (SIZE) are significantly positive with the capital structure change, and the company performance (ROA), depreciation changes (DDEP) are significantly negative with the capital structure change. While tobin Q (TQ) and exchange state (Exchange) variables have no significant correlation with the capital structure changes. Through the 769 company’s share prices in the market’s reaction study, we found that, compared with the tax rate unchanged & increased companies, the tax rate reduced companies will perform a positive response in market. However, compared to the constant tax rate companies, the improving companies’market performances isn’t a significantly adverse effect.更多还原