企业所得税边际税率决策有用性研究——来自中国A股上市.PDFVIP

企业所得税边际税率的决策有用性研究 来自中国 A股上市公司的证据 摘 要: 基于理论分析和实证研究发现，公司的个别税负水平从而节税动机可以用边际税率来度量；相 对于企业所得税法定税率和实际税率，边际税率是测度和表征所得税税负和节税动机的更好的变量；边际 税率对企业的决策有很强的有用性，边际税率反映了企业税负在不同行业、不同时间段、不同规模企 业之间的差别，反映了中国 2002 年、2008 年税收改革前后税负水平的变化；企业进行债务融资决策时 考虑了边际税率的影响，融资前边际税率与债务融资显著正相关。此研究，为解决经典资本结构理论的分 歧和实证检验的难题提供了适合于中国税制体系的合理的代理变量，也为国家的企业所得税税制设计和公 司的债务融资决策，提供了更科学合理的视角和操作思路。 关键词：边际税率；决策有用性；债务融资；企业所得税 The Decision usefulness of Marginal Tax Rates of Enterprise Income in Debt Financing Evidence from Chinese A-share Listed Companies (1.School of Economics and Management Tsinghua University, Beijing, China 100084, 2.School of Economics and Management Tsinghua University, Beijing, China 100084) Abstract: Based on the theoretical analysis and empirical research, it was found that, marginal tax rates can be used to measure the tax levels and Tax-shield pursuing motivation of individual company. Relative to the legal tax rates and practical tax rates of enterprise income, marginal tax rates are better variables to characterize and 基金资助： 作者简介：  *为通讯作者。   measure income tax burden and Tax-shield pursuing motivation. Marginal tax rates have strong usefulness for enterprises debt financing decisions. Marginal tax rates reflect the differences in tax burden of enterprises among different industries, different periods, different scale, and reflect the tax level changes during tax reforms. Enterprises have considered the influence of marginal tax rates in debt financing decisions. Before-financing marginal tax rates are significantly positive correlated to debt financing. This research provides a reasonable proxy varia