税率变动与上市公司资本结构的相关性研究毕业论文.doc

PAGE 毕业设计（论文）报告 题 目_税率变动与上市公司资本结构的相关性研究_ RESEARCH INTO THE INTERACTION BETWEEN TAX RATE AND CAPITAL STRUCTURE OF LISTED COMPANIES A Dissertation Submitted to Southeast For the Academic Degree of Bachelor of Management? ? BY He Lei ? Supervised by Associate Professor Jiang Qi-wen School of Southeast June 2008 东南大学学士学位论文 摘要 PAGE 30 税率变动与上市公司资本结构的相关性研究 摘 要 关于税率和资本结构理论上的相关性已经被大量的分析研究。但是其实证证据却还远远不够说服力。以前的大量关于税率与杠杆交互关系的研究都面临一个主要难题：介入变量的控制。两税合并对税务制度是一次史无前例的巨大改变，提供了一次独一无二的难得机会去评估在可控环境下税率与资本结构的相互关系。论文通过搜集大量改革法令实施前后公司数据样本，研究了上市公司资本结构与一定的税率变动因素之间的关系。研究结果的横截面分析支持MM理论以及权衡理论模型，动态分析支持资本结构的税率基础理论。 本文共六章。第一章介绍本文研究背景与目的，研究思路与方法，文章的创新与不足以及结构安排。第二章为资本结构的相关理论与文献回顾。第三章搜集中国实行两税合并后相关公司相关财务数据的变化对比。第四章为方差分析、回归分析及显著性检验。第五章阐述目前资本结构理论与税率相关性的应用。第六章为结束语。 关键词: 税率 资本结构 上市公司 方差分析 回归分析 东南大学学士学位论文 Abstract RESEARCH INTO THE INTERACTION BETWEEN TAX RATE AND CAPITAL STRUCTURE OF LISTED COMPANIES ABSTRACT While the theoretical relation between taxes and capital structure has been extensively analyzed， the empirical evidence on this issue has thus far been inconclusive. One of the main difficulties confronting previous empirical studies of the cross-sectional relationship between taxes and leverage was the control of intervening variables. The Tax Reform Act of 2007， which drastically changed the tax regime， provides a unique opportunity to assess the interaction between taxes and leverage decisions in a controlled environment. We test the relationship between leverage and certain tax-related variables for a large sample of companies in the years surrounding the enactment of the Act. The results of cross-sectional analysis support the MM theories and the trade-off theories, while the results of dynamic analysis agree on the tax-based theories of capital structure. This paper includes six chapters. The preface introduces the meaning and the background of this re