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Effective Tax Burden﹑Financing Constraints and Adjustment of Capital Structure

Author: LiNing
Tutor: YueSong
School: Anhui University of
Course: Accounting
Keywords: Capital Structure The effective tax rate Financing constraints The reform of the income tax law
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 145
Quote: 0
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Abstract


Tax and capital structure relationship has been the focus of theorists, fails to consider certain limited conditions, strong endogeneity between the tax and the company's capital structure may lead to some conclusions are not convincing. After research on the subject of the present theory emerged before the concept of the 1986 tax reform in the United States, a good external tax policy changes to avoid the endogeneity problem in the theoretical study on the basis of a lot of valuable literature. China in 2007, the reform of the new Enterprise Income Tax Law also provide a good external environment for in-depth study tax and capital structure relationship. Western scholars to establish the impact on corporate investment and financing financing constraints in the of information asymmetry theoretically development up certain theoretical results, but our special financing environment, when corporate capital structure with the external environment constantly adjust optimized, different financing constraints faced by the enterprises themselves, how they affect the capital structure of decision-making, this article will examine the issue. Because in theory that the corporate existence of an optimal capital structure, companies will adjust its capital structure to the external environment changes, and the changes in institutional environment is characterized by the income tax reform, coupled with China's enterprises in which the specific financing constraints, whether and how the impact of the adjustment of the capital structure of listed companies in China, currently the academic community has not yet formed a consensus. In this paper, the listed companies in China as the research object, certain sample size in the five years before and after the reform of the current income tax law, the relationship between changes in the effective tax rate of the listed companies with a different type of financing constraints enterprise recapitalization empirical research. In this paper, the high and low financing constraints as the standard samples are grouped based on control other be an impact on the capital structure variables as the dependent variable in the rate of change of the balance, the actual rate of change as the independent variable to examine the corporate income tax impact on the capital structure. The study shows a positive correlation between effective tax rate externalities, changes in corporate capital structure adjustment, verify the debt financing of the tax shield effect; also found that companies at different levels of financing constraints on the sensitivity of the debt tax shield companies with low financing constraints than companies with high financing constraints on the actual rate of change is more sensitive, more inclined to consider the debt tax shield in the recapitalization process; further study also found that enterprises in the process of recapitalization of its debt levels change significantly greater than the change in the owner's equity, that companies tend to adjust its debt level to reach close to the optimal capital structure consistent with the theory of capital structure is expected to.

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