论文部分内容阅读
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。
Based on the tax-sharing system in our country, the article discusses the institutional factors of preference of listed companies in equity financing. As state-controlled shareholders maximize the total profits and taxes, the tax shield value of state-controlled listed companies’ debt financing is reduced, the preference of equity financing is enhanced, and the lower the separation of profits and taxes, the more inclined the company is to equity financing. The empirical results show that: privately controlled listed companies have the highest debt ratio, the central government holding the lowest rate of listed companies, the local government holding listed companies living in the debt ratio between the two, and the higher the income tax rate, the private holding and local government-controlled listed companies the more Tend to debt financing.