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An Empirical Study on the Relationship between the Liability and Tax

Author: WangLiYu
Tutor: LiuFang
School: Huazhong University of Science and Technology
Course: Business management
Keywords: Capital Structure Liabilities The effective tax rate Asset-liability ratio ROE
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 38
Quote: 0
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Abstract


Corporate capital structure refers to the source of all the funds of the enterprises constitute their proportional relationship . For businesses, the choice of corporate capital structure is a very important part in the decision-making of corporate finance , to determine the cost of capital and the total value of the enterprise , plays a vital role in the survival and development of enterprises . The choice of capital structure is the proportion of debt capital arrangements . Liabilities occupies an important position in the capital structure of the enterprise , the reason is because of the liabilities has not only the tax deductibility of the role of financial leverage , as the liabilities increasing at the same time , will increase the enterprises are facing the risk of financial distress and increase agency costs , which in turn will offset the benefits in the tax liabilities , liabilities to bring the cost is greater than the benefits it brings , liabilities but will make the enterprise value loss , so the choice of corporate capital structure is brought in liabilities tax deductible effects and weigh the costs of financial distress . Thesis a brief summary of the results of previous studies , get a revelation on the capital structure and tax relations . The basis of the financial data of listed companies in China , with empirical research on capital structure , the relationship between income tax and corporate net assets assets analysis: First, we control the other be an impact on the capital structure of the variables asset-liability ratio as the dependent variable , the effective tax rate as independent variables to analyze the impact of the tax on the capital structure . The results show that the capital structure of the corporate income tax will have a significant impact , and draw high effective tax rate , companies tend to use more liabilities conclusion . Second, the return on net assets of the enterprise as the dependent variable , the effective corporate tax rate and the asset-liability ratio as independent variables studied , the results show that the balance rate and the effective tax rate and the net assets of the enterprise yields significantly and come to the asset-liability ratio to around 48% , the effective tax rate of about 21% of the time , companies can get a higher return on net assets .

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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