所得税税制变革、税盾价值与上市公司融资决策研究
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摘要
所得税法由国家以法律形式颁布,它会在很长一段时间里保持稳定不变,这使得关于税率变化对公司资本结构影响的研究很难搜集到相关数据。2007年十届人大通过的新企业所得税法规定,自2008年起将法定执行税率由之前的33%下调为25%,这给研究上市公司税负变化及其对融资结构的影响提供了一个难得的窗口。时至今日,有关所得税对企业融资决策影响的理论研究仍没有一个明确的结论。而有关这方面的实证研究尽管也取得了较为丰富的成果,但结论却存在很大的分歧,有的甚至截然相反。同时,以往的研究在税收负担的衡量指标选择上也存在很多分歧。另外,国内学者对债务税盾价值计量方面的研究基本上处于空白。而这些问题都是非常值得研究的。本文以此为基础,以两税合并前后的企业所得税税制变革为主线,研究了企业所得税税负变化及其对公司负债融资决策和公司价值的影响。
本文以我国所得税税制变革为背景,首先从公司所得税税负计量方法、税盾效应的实证分析以及税收与资本结构关系的研究三个方面,对国内外的相关文献进行了归纳和梳理。然后对所得税与公司融资决策相关的理论、上市公司的所得税税负计量、税盾价值的验证和计量、所得税对上市公司负债融资决策影响等进行了研究与分析。论文的主要工作及成果可概括如下5各方面。
(1)论文对税负公平理论的内涵和分类进行了归纳和梳理,运用税收收入的弹性理论对本次所得税税制改革如何实现税负公平进行了理论分析;分别从资本成本视角和现金流视角将所得税对公司融资决策的影响进行了理论分析,同时考虑其他因素对融资决策的影响,得出了所得税及其他因素影响公司融资决策的运行过程:所得税变革带来税收负担的变化→所得税改变利益相关者的既得利益→改变其利益诉求→影响公司价值→改变公司融资结构→新的公司治理结构产生→公司融资结构决策调整。
(2)运用实际税率对我国上市公司在税改前后的所得税负担进行了计量。结果发现:新税法的实施使我国上市公司的所得税负担总体上下降了10.24个百分点(从22.02%下降到11.78%),其中法定执行税率下降和不变的上市公司的实际税负分别下降了13.983个百分点(从29.81%下降到15.82%)和5.34个百分点(从15.98%下降到10.64%),而法定执行税率提高的上市公司,其实际税负上升了4.69个百分点(从11.59%提高到16.28%);税改后不同地区、不同行业之间的所得税负担差异减小,体现了公平税负的原则,达到了本次税制改革的目的。
(3)运用随机游走模型测算了我国上市公司2005-2009年的边际税率,并比较了不同企业性质、不同规模、不同行业的边际税率。结果发现:连续5年国有企业的边际税率均高于非国有企业;公司规模对边际税率的影响并不显著;除信息技术业和房地产业的边际税率呈整体上升趋势外,其他各个行业均在整体上呈下降趋势。
(4)以公式V_L = V_U +γD和V_U = E ( FOI )/ρ为出发点,通过逻辑推理,提出了基于税盾效用的“总价值分析方法”和“现金流分析方法”,建立了测算债务税盾价值的回归模型;通过税盾收益实证检验,发现两税合并后,债务税盾和非债务税盾对公司价值的影响下降。
(5)运用分位数回归检验了公司实际税率、债务税盾、非债务税盾及其他控制变量与债务融资之间的关系。得出了如下主要结论:实际税率与公司资本结构在不同分位水平下影响程度是不同的,当负债规模较小时,实际税率对资本结构的影响是正向相关的,且随着分位数水平的提高,显著性在下降;债务税盾、成长性与公司资本结构显著正相关,非债务税盾、企业性质与公司资本结构显著负相关;盈利能力与公司资本结构在0.3、0.5、0.7的分位水平上显著负相关;公司规模与企业资本结构在0.1的水平上显著正相关,并且这种正向的影响力随企业资本结构水平的提高而递增。这些结论为经典资本结构理论在中国的适用性提供了经验证据。
The Income Tax Law, promulgated by the nation in a legal form, will remain stable for a very long time. It contributes the difficulty in searching relative data, which is used in the research of the influence of tax rate variation on a company capital structure. The Law of Enterprise Income Tax, adopted by the 10th NPC, sets that the official executed tax rate will fall from 33% to 25% since 2008. This is a rare chance to study the public companies’tax bearing variation and its influence on financing structure. Up to this day, an explicit summing-up is still not concluded, which is concerned with the theoretical research of the impact of income tax on corporate finance decision. Though the empirical research has gained abundant results, there are widely divergent views about the conclusions, which are even poled apart. Meanwhile, much difference also lies in the former research associated with the measurement chosen for tax burden. In addition, the domestic study on the calculation of the value of debt tax shield is basically still in the blank state. All these topics are worth studying in fact. Base on the above research and the tax system reformation before and after the unification of the two taxes, the paper aims to study the influence of tax bearing variation of Corporate Income Tax on its finance decision and company values.
Based on the Income tax system revolution in China, the research is conducted from three aspects: the measurement of corporate income tax bearing, the empirical analysis on tax shield effect as well as the relationship between revenue and capital structure. Literature review is firstly displayed, including domestic study and study abroad. Then, the analysis will be put on the relative theories on income tax, corporate finance decision, measurement of tax bearing, etc. Major tasks and findings of the research are concluded in the following five aspects.
First of all, the connotation and classification of tax bearing equity theory are summed up. Applying elastic theory of tax revenue, the writer analyzes the performance of income tax revolution in achieving the equity of tax bearing. This research academically analyzes the influence of income tax on financing decisions, respectively from the perspectives of capital cost and cash flow. Considering other influence factors on financing decisions, the conducting process is summarized: the change of revenue bearing resulted from income tax revolution→the change of vested interest of stakeholders→the change of interest appeal→the influence of company values→financing structure of a company→the introduction of new corporate governance structure→the adjustment of financing structure decision.
Second of all, the measurement is conducted in income tax burden of public companies in China, before and after the tax revolution. It is found that influenced by the latest Law of Income Tax the burden is generally decreased by 10.24% (from 22.02% to 11.78%). Both of the official executed tax rate and the Effective Tax Rate (ETR) decline, respectively from 29.81% to 15.82% and 15.98% to 10.64%, with the balance of 13.983% and 5.34%. The ETR rises by 4.69% in public companies whose official executed tax rate rises, from 11.59% to 16.28%. The divergence of income tax bearing is reduced among different regions and industries, embodying the principle of fairness. Therefore, the goal of the tax system revolution is achieved.
Thirdly, Marginal Tax Rate (MTR) of Chinese public companies (from 2005 to 2009) is calculated by using the random wandering model. Through the comparative analysis among different enterprises in qualities, scales and industries, the writer find that the MTR of state-owned companies is higher than that of non-state-owned ones during five consecutive years. Companies’scale has little impact on MTR. Apart from the industries of IT and real estate whose MTR are seeing an upward trend, all the others’MTR decline as a tendency.
Fourthly, started from the formula of V_L = V_U +γD and V_U = E ( FOI )/ρ, two approaches based on tax shield effect are promoted through logical reasoning. They are“total value analysis”and“cash flow analysis”. The regression model, which is used to calculate debt tax shield value, is established. The empirical inspection of tax shield profits is carried out to investigate the decrease of influence on company values after the combination of the two taxes.
Finally, the relationship between ETR, debt tax shield, non-debt tax shield as well as other control variable and debt finance is verified by quantile regression. The main results are as follows: on different quantile levels, the degree of influence of ETR and capital structures is different. When the debt scale is small, there is a positive correlation between ETR and its influence on capital structure. With the increase of quantile level, the significance decrease; there is a positive correlation between debt tax shield, growth and company capital structure. A remarkable negative correlation lies in the non-debt tax shield, quality of the enterprise and capital structure. On the quantile level of 0.3, 0.5 and 0.7, earning power and capital structure show negative correlations; there is also a marked positive correlation between the scale and capital structure of a company on the level of 0.1. Besides, such positive influence is increase with the rise of capital structure level. All of these conclusions provide experience and evidence for the applicability of classic capital structure theory in China.
There are 12 figures, 53 tables and 125 references in the dissertation.
本文以我国所得税税制变革为背景,首先从公司所得税税负计量方法、税盾效应的实证分析以及税收与资本结构关系的研究三个方面,对国内外的相关文献进行了归纳和梳理。然后对所得税与公司融资决策相关的理论、上市公司的所得税税负计量、税盾价值的验证和计量、所得税对上市公司负债融资决策影响等进行了研究与分析。论文的主要工作及成果可概括如下5各方面。
(1)论文对税负公平理论的内涵和分类进行了归纳和梳理,运用税收收入的弹性理论对本次所得税税制改革如何实现税负公平进行了理论分析;分别从资本成本视角和现金流视角将所得税对公司融资决策的影响进行了理论分析,同时考虑其他因素对融资决策的影响,得出了所得税及其他因素影响公司融资决策的运行过程:所得税变革带来税收负担的变化→所得税改变利益相关者的既得利益→改变其利益诉求→影响公司价值→改变公司融资结构→新的公司治理结构产生→公司融资结构决策调整。
(2)运用实际税率对我国上市公司在税改前后的所得税负担进行了计量。结果发现:新税法的实施使我国上市公司的所得税负担总体上下降了10.24个百分点(从22.02%下降到11.78%),其中法定执行税率下降和不变的上市公司的实际税负分别下降了13.983个百分点(从29.81%下降到15.82%)和5.34个百分点(从15.98%下降到10.64%),而法定执行税率提高的上市公司,其实际税负上升了4.69个百分点(从11.59%提高到16.28%);税改后不同地区、不同行业之间的所得税负担差异减小,体现了公平税负的原则,达到了本次税制改革的目的。
(3)运用随机游走模型测算了我国上市公司2005-2009年的边际税率,并比较了不同企业性质、不同规模、不同行业的边际税率。结果发现:连续5年国有企业的边际税率均高于非国有企业;公司规模对边际税率的影响并不显著;除信息技术业和房地产业的边际税率呈整体上升趋势外,其他各个行业均在整体上呈下降趋势。
(4)以公式V_L = V_U +γD和V_U = E ( FOI )/ρ为出发点,通过逻辑推理,提出了基于税盾效用的“总价值分析方法”和“现金流分析方法”,建立了测算债务税盾价值的回归模型;通过税盾收益实证检验,发现两税合并后,债务税盾和非债务税盾对公司价值的影响下降。
(5)运用分位数回归检验了公司实际税率、债务税盾、非债务税盾及其他控制变量与债务融资之间的关系。得出了如下主要结论:实际税率与公司资本结构在不同分位水平下影响程度是不同的,当负债规模较小时,实际税率对资本结构的影响是正向相关的,且随着分位数水平的提高,显著性在下降;债务税盾、成长性与公司资本结构显著正相关,非债务税盾、企业性质与公司资本结构显著负相关;盈利能力与公司资本结构在0.3、0.5、0.7的分位水平上显著负相关;公司规模与企业资本结构在0.1的水平上显著正相关,并且这种正向的影响力随企业资本结构水平的提高而递增。这些结论为经典资本结构理论在中国的适用性提供了经验证据。
The Income Tax Law, promulgated by the nation in a legal form, will remain stable for a very long time. It contributes the difficulty in searching relative data, which is used in the research of the influence of tax rate variation on a company capital structure. The Law of Enterprise Income Tax, adopted by the 10th NPC, sets that the official executed tax rate will fall from 33% to 25% since 2008. This is a rare chance to study the public companies’tax bearing variation and its influence on financing structure. Up to this day, an explicit summing-up is still not concluded, which is concerned with the theoretical research of the impact of income tax on corporate finance decision. Though the empirical research has gained abundant results, there are widely divergent views about the conclusions, which are even poled apart. Meanwhile, much difference also lies in the former research associated with the measurement chosen for tax burden. In addition, the domestic study on the calculation of the value of debt tax shield is basically still in the blank state. All these topics are worth studying in fact. Base on the above research and the tax system reformation before and after the unification of the two taxes, the paper aims to study the influence of tax bearing variation of Corporate Income Tax on its finance decision and company values.
Based on the Income tax system revolution in China, the research is conducted from three aspects: the measurement of corporate income tax bearing, the empirical analysis on tax shield effect as well as the relationship between revenue and capital structure. Literature review is firstly displayed, including domestic study and study abroad. Then, the analysis will be put on the relative theories on income tax, corporate finance decision, measurement of tax bearing, etc. Major tasks and findings of the research are concluded in the following five aspects.
First of all, the connotation and classification of tax bearing equity theory are summed up. Applying elastic theory of tax revenue, the writer analyzes the performance of income tax revolution in achieving the equity of tax bearing. This research academically analyzes the influence of income tax on financing decisions, respectively from the perspectives of capital cost and cash flow. Considering other influence factors on financing decisions, the conducting process is summarized: the change of revenue bearing resulted from income tax revolution→the change of vested interest of stakeholders→the change of interest appeal→the influence of company values→financing structure of a company→the introduction of new corporate governance structure→the adjustment of financing structure decision.
Second of all, the measurement is conducted in income tax burden of public companies in China, before and after the tax revolution. It is found that influenced by the latest Law of Income Tax the burden is generally decreased by 10.24% (from 22.02% to 11.78%). Both of the official executed tax rate and the Effective Tax Rate (ETR) decline, respectively from 29.81% to 15.82% and 15.98% to 10.64%, with the balance of 13.983% and 5.34%. The ETR rises by 4.69% in public companies whose official executed tax rate rises, from 11.59% to 16.28%. The divergence of income tax bearing is reduced among different regions and industries, embodying the principle of fairness. Therefore, the goal of the tax system revolution is achieved.
Thirdly, Marginal Tax Rate (MTR) of Chinese public companies (from 2005 to 2009) is calculated by using the random wandering model. Through the comparative analysis among different enterprises in qualities, scales and industries, the writer find that the MTR of state-owned companies is higher than that of non-state-owned ones during five consecutive years. Companies’scale has little impact on MTR. Apart from the industries of IT and real estate whose MTR are seeing an upward trend, all the others’MTR decline as a tendency.
Fourthly, started from the formula of V_L = V_U +γD and V_U = E ( FOI )/ρ, two approaches based on tax shield effect are promoted through logical reasoning. They are“total value analysis”and“cash flow analysis”. The regression model, which is used to calculate debt tax shield value, is established. The empirical inspection of tax shield profits is carried out to investigate the decrease of influence on company values after the combination of the two taxes.
Finally, the relationship between ETR, debt tax shield, non-debt tax shield as well as other control variable and debt finance is verified by quantile regression. The main results are as follows: on different quantile levels, the degree of influence of ETR and capital structures is different. When the debt scale is small, there is a positive correlation between ETR and its influence on capital structure. With the increase of quantile level, the significance decrease; there is a positive correlation between debt tax shield, growth and company capital structure. A remarkable negative correlation lies in the non-debt tax shield, quality of the enterprise and capital structure. On the quantile level of 0.3, 0.5 and 0.7, earning power and capital structure show negative correlations; there is also a marked positive correlation between the scale and capital structure of a company on the level of 0.1. Besides, such positive influence is increase with the rise of capital structure level. All of these conclusions provide experience and evidence for the applicability of classic capital structure theory in China.
There are 12 figures, 53 tables and 125 references in the dissertation.
引文
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