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Research on Capital Structure

Author: LiWeiNing
Tutor: CongZhongXiao
School: Jilin University
Course: Economic Law
Keywords: Enterprise Income Tax Law Capital Structure Corporate Governance Social values ??based Economic Law
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 495
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Abstract

Enterprise Income Tax Law of Debt Financing Interest, dividends and equity financing deal with different ways, according to the \The proportion of financing and equity financing to reduce the company's tax cost. The proportion of the change and its results belong to the scope of the study of the capital structure. Capital structure in a general sense is made by the company in the process of raising long-term finance decision-making behavior, mainly refers to the ratio between the companies to raise capital sources, a combination of their mutual relationship. The capital structure at home and abroad has been the formation of a separate set of complete theoretical system. Divided into early capital structure theory, the modern theory of capital structure, as well as the new capital structure theory. Which have a greater significance for us is the modern capital structure theory. Modern capital structure research has already begun through the 1960s, we know, there is a specific enterprise allows enterprises to maximize the value of the capital structure. However, it is worth noting that select and build the company capital structure is consistent with the interests of the actual control of the company itself or the company's capital structure, but may not be in line with the capital structure of the overall interests of the social market economy. Therefore, we need to discuss what is the problem of the optimal capital structure. Obviously, different stakeholders stand on a different angle on the optimal capital structure has its own views. Enterprise Income Tax Law that the optimal capital structure should be a the largest capital structure of the overall interests of society. Is Company agent to meet this requirement, the lowest cost, the capital structure of the company when the body healthy, that company has a capital structure of good governance. Capital forms of corporate governance is the company's capital structure, determine the basis of their rights because of the financial contributions of the corporate governance body. We can put this right as a corporate governance body claims of the future cash flows of the enterprise. The traditional view of the shareholders and creditors of the company's claims as a circulation claims to have been transferred. Countries on the company's claims as a non-negotiable claims. See circulation problems, but the perspective of the Corporate Income Tax Law would be different. In the perspective of the Enterprise Income Tax Law, the tax claims from companies with public goods exchange between the countries reached contract, that the tax claims in exchange for the right to use of public goods. Therefore, countries with shareholders, creditors, along the stakeholders of the company's since countries with shareholders, creditors, together with the company's stakeholders, according to conventional wisdom, the maximum value of the company when the capital structure is optimal, then further analysis of this issue, you can know that the optimal capital structure of the corporate income tax as between the interests of the country, creditors, shareholders and capital structure. Since the optimal capital structure of the country (on behalf of the community as a whole), the shareholders, the interests of the creditors of the largest capital structure. This capital structure is to make the company Agent lowest cost. Is to make corporate governance to achieve the optimal capital structure. In the capital structure, the country has access to a healthy market economy, shareholders solve the agency problem, creditors can safely back to the interest rates. Therefore, the interests of the three, and has become the largest. Therefore, the optimal corporate governance model corresponds to the capital structure, it becomes the most conducive to the development of the company's health, but also the most conducive to the development of China's market economy, the capital structure. Therefore, we should see the Perspective of the Enterprise Income Tax Law, the optimal capital structure of the standard should be whether there is conducive to the promotion of good corporate governance. The innovation of this paper is to review the standard the fine capital structure should have first from enterprise income tax law as a social standard, has a unique perspective. As the modern capital structure theory can be divided into the theory of capital structure based on income tax based on the principal and agent relationship theory of capital structure, capital structure theory can join the corporate income tax and corporate governance ties. Traditional disciplines of capital structure are thus also be divided into two categories. Fiscal and taxation, accounting, economics, and other scholars mainly from income tax on the angle of the impact of the company's capital structure research, but the results of their research is generally concentrated in the income tax on the capital structure and capital structure and corporate governance Relationship. Excellent capital structure resulting standard is whether the enterprise value maximization as criterions. However, the practice of the global financial turmoil, more and more attention in the interests of society as a whole today, simply the individual interests of the company as a standard consideration to build a certain system, will inevitably biased. Starting from the point of view of the Enterprise Income Tax Law, establish the social standard criteria of the company's capital structure, this problem can be avoided. At the same time, the authors hope to be able to provide a new way of thinking for the tax law studies, to the Tax-depth study of the impact of the main players in the market within the enterprise, to explore the impact of the tax on corporate internal stakeholders and their reaction. The of Caishuxueqian put forward their point of view, hoping to play a valuable role.

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