控股权性质、债务税盾与上市公司股权融资偏好
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财经研究 2010 年 第 36 卷第 12 期, 页码：118 - 129
摘要
参考文献
摘要
文章结合我国分税制财政体制,探讨了上市公司股权融资偏好的制度性因素。由于国有控股股东以利税总额最大化为目标,降低了国有控股上市公司债务融资的税盾价值,增强了股权融资偏好的倾向,而且股东利税分离程度越低,公司越倾向于股权融资。实证结果表明:民营控股上市公司负债率最高,中央政府控股上市公司负债率最低,地方政府控股上市公司负债率居于两者之间,而且所得税税率越高,民营控股和地方政府控股的上市公司越倾向于债务融资。
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[5]陆正飞,叶康涛.中国上市公司股权融资偏好解析——偏好股权融资就是缘于股权资本成本低么-[J].经济研究,2004,(4):50-59.
[6]孙铮,刘凤委,李增泉.市场化程度、政府干预与企业债务期限结构[J].经济研究,2005,(5):53-63.
[7]田利辉.国有产权,预算软约束和上市公司杠杆治理[J].管理世界,2005,(7):123-147.
[8]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[J].管理世界,2006,(11):111-118.
[9]肖泽忠,邹宏.中国上市公司资本结构的影响因素和股权融资偏好[J].经济研究,2008,(6):119-134.
[10]阎达五,耿建新,刘文鹏.我国上市公司配股融资行为的实证研究[J].会计研究,2001,(9):21-27.
[11]张春.公司金融学[M].北京:中国人民大学出版社,2008.
[12]DeAngelo H,Masulis R W.Leverage and dividend irrelevancy under corporate and personal taxation[J].Journal of Finance,1980,35:453-464.
[13]Huang G,Song F M.The determinants of capital structure:Evidence from China[J].China Economic Review,2006,17:14-36.
[14]Friend I,Lang L H P.An empirical test of the impact of managerial self-interest on corporate capital structure[J].Journal of Finance,1988,43:271-281.
[15]Jensen M C.Agency costs of free cash flow,corporate finance,and takeovers[J].American Economic Review,1986,76:323-329.
[16]Jensen MC,Meckling W H.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,(3):305-360.
[17]Kornai J.The concept of the soft budget constraint syndrome in economic theory[J].Journal of Comparative Economics,1998,26:11-17.
[18]La Porta R,Lopez-de-Silanes F,Shleifer A.Corporate ownership around the world[J].Journal of Finance,1999,54:471-517.
[19]Miller M H.Debt and taxes[J].Journal of Finance,1977,32:261-275.
[20]Modigliani F,Miller M H.Corporate income taxes and the cost of capital:Acorrec-tion[J].American Economic Review,1963,53:433-443.
[21]Myers S,Majluf N.Corporate financing andinvest ment decisions whenfirms have in-formation that investors do not have[J].Journal of Financial Economics,1984,13:187-221.
[22]Peterson M.Estimating standard errors infinance panel data sets:Comparing approa-ches[J].Reviewof Financial Studies,2009,22:435-480.
[23]Shleifer A,Vishny R W.Liquidation values and debt capacity:A market equilibrium approach[J].Journal of Finance,1992,47:1343-1366.
[24]Tit man S,Wessels R.The determinants of capital structure choice[J].Journal of Finance,1988,43:1-19.
引用本文
朱凯, 俞伟峰. 控股权性质、债务税盾与上市公司股权融资偏好[J]. 财经研究, 2010, 36(12): 118–129.
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