所得税对公司股权资本成本的影响研究
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摘要
本文借鉴国外关于所得税影响公司股权资本成本的研究成果，针对21世纪中国所得税法规特点，首先分析了2000年以来我国上市公司所得税税负和股权资本成本的现状，构建了我国含所得税的股权资本成本模型，探究了所得税与公司股权资本成本的相关关系，所得税影响公司股权资本成本的机制；其次用回归分析、结构方程组，实证研究了所得税对公司股权资本成本的具体影响及机制；最后总结全文并提出相关建议。
本文利用2000－2012年我国证监会所有行业上市公司的股权资本成本（OJ、PEG和Gordon的均值）、所得税税负等数据，经验检验了所得税对公司股权资本成本影响，具体结论包括：（1）公司股权资本成本与所得税税负存在二次曲线函数关系；2008年新企业所得税法实施后，上市公司总体股权资本成本下降；公司融资政策在企业所得税影响公司股权资本成本过程中，发挥了有调节的完全中介效应。（2）2006年个人所得税法规修订后，上市公司总体股权资本成本增加；公司融资和股利分配政策作为个人所得税影响公司股权资本成本的中介变量，发挥了调节性的桥梁作用。（3）所得税对公司股权资本成本的影响存在年度差异；公司财务（运营、融资和股利）政策在所得税影响公司股权资本成本中发挥了中介作用；所得税法规修订后，公司所得税税负、现金股利分配、工资支付、股东持股比例等发生变化，从而对公司股权资本成本产生直接影响，也通过公司财务政策的中介效应产生间接影响。（4）与企业所得税相比，个人所得税的股权资本成本效应较高；公司财务政策的中介效应存在非对称性，即在企业所得税影响公司股权资本成本过程中，公司财务政策发挥了较强的缓冲剂作用，而在个人所得税影响公司股权资本成本过程中，公司财务政策却发挥了较弱的加速器作用。
本文从公司和政府视角提出建议。公司应在充分利用所得税法规条款，把握所得税对公司股权资本成本直接影响的基础上，做好公司运营管理，合理安排融资规模、结构，制定科学的股利分配政策，发挥公司财务政策的中介效应，控制公司的资本成本，实现公司的理财目标。政府应在考虑公司财务政策中介效应的基础上，构建内部均衡的所得税法规体系，完善相关税收金融配套措施，调整好微观经济主体的利益关系，保障资本市场的长远健康发展，促进经济可持续增长。
Learning from foreign research on the income tax effects of the company's costof capital, and being based on the features of Chinese income tax regulations in21stcentury, this paper firstly analyses the status quo of China's income tax burden andcost of equity capital since2000, builds the Chinese model of cost of equity capitalwith income tax, probes the positive (negative) relationship between Corporate(personal) income tax and the company's cost of equity capital, and reveals incometax impact mechanism of the company's cost of equity capital; Using regressionanalysis and structural equations, the paper, Secondly, studies the specific impact andthe impact mechanisms of income tax on the company's cost of capital by empiricalmethods; Finally, the paper summarizes conclusions and makes recommendations.
The paper calculates income tax burden, estimates the cost of equity capital forChina's listed companies in all industries SFC according to OJ, PEG and Gordonmodels from2000to2012, and discusses the effect of income tax on the company'scost of equity capital, applying cost of equity capital (arithmetic mean of the threeestimates) and other data. Specific conclusions are as follows:(1) There is a quadraticfunctional relationship between the company's cost of equity capital and income taxburden; The cost of equity capital of listing corporation has reduced since theimplementation of the new enterprise income tax law in2008; Corporate financingpolicy makes mediating effect of regulation in the process that enterprise income taxinfluences the company cost of equity capital.(2)The overall average cost of equitycapital of listed companies has increased after the personal income tax regulationswas amended in2006; As mediating variables in the effect of income tax oncompany's cost of capital, corporate financing and dividend distribution policies serveas adjustabe bridge roles（.3）There are annual differences in the effects of income taxon the cost of equity capital; Corporate’s operating, financing and dividend policiesplay mediating roles in the influence of income tax upon company's cost of capital;When Income tax laws and regulations are amended, corporate income tax burden,cash dividend distribution, wage payment, shareholder equity ratio and other variableschange, which not only has a direct impact on the company’s cost of equity capital,but also has a indirect effect through the intermediary effect of company’s financial policies.(4)Effects of individual income tax on the cost of equity capital are moresignificant than that of the enterprise income tax. The intermediary effects ofcorporate’s financial policies are asymmetric, that is, the company's financial policieshave played strong roles as the buffer when enterprise income tax affects the cost ofequity capital, but played weak roles as the accelerator when individual income taxaffects the cost of equity capital.
The paper makes suggestions from the perspectives of the company and thegovernment. Companies should take advantage of income tax laws and regulations,grasp the direct impact of income tax on the company's cost of equity capital, manageefficiently the company's operations, arrange reasonable financing Strategies andscientific dividend policies, playing mediating roles of the company’s financialpolicies, in order to control the company's cost of capital, and achieve the company'sfinancial goals. The Government should consider the intermediary effect of thecompany's financial policies, establish internal balance system of income taxregulations, improve relevant measures of tax and finance, adjust interest relationshipbetween the microeconomic and macroeconomic bodies, to keep the long-termhealthy development of the capital market, and promote sustainable economic growth.
本文利用2000－2012年我国证监会所有行业上市公司的股权资本成本（OJ、PEG和Gordon的均值）、所得税税负等数据，经验检验了所得税对公司股权资本成本影响，具体结论包括：（1）公司股权资本成本与所得税税负存在二次曲线函数关系；2008年新企业所得税法实施后，上市公司总体股权资本成本下降；公司融资政策在企业所得税影响公司股权资本成本过程中，发挥了有调节的完全中介效应。（2）2006年个人所得税法规修订后，上市公司总体股权资本成本增加；公司融资和股利分配政策作为个人所得税影响公司股权资本成本的中介变量，发挥了调节性的桥梁作用。（3）所得税对公司股权资本成本的影响存在年度差异；公司财务（运营、融资和股利）政策在所得税影响公司股权资本成本中发挥了中介作用；所得税法规修订后，公司所得税税负、现金股利分配、工资支付、股东持股比例等发生变化，从而对公司股权资本成本产生直接影响，也通过公司财务政策的中介效应产生间接影响。（4）与企业所得税相比，个人所得税的股权资本成本效应较高；公司财务政策的中介效应存在非对称性，即在企业所得税影响公司股权资本成本过程中，公司财务政策发挥了较强的缓冲剂作用，而在个人所得税影响公司股权资本成本过程中，公司财务政策却发挥了较弱的加速器作用。
本文从公司和政府视角提出建议。公司应在充分利用所得税法规条款，把握所得税对公司股权资本成本直接影响的基础上，做好公司运营管理，合理安排融资规模、结构，制定科学的股利分配政策，发挥公司财务政策的中介效应，控制公司的资本成本，实现公司的理财目标。政府应在考虑公司财务政策中介效应的基础上，构建内部均衡的所得税法规体系，完善相关税收金融配套措施，调整好微观经济主体的利益关系，保障资本市场的长远健康发展，促进经济可持续增长。
Learning from foreign research on the income tax effects of the company's costof capital, and being based on the features of Chinese income tax regulations in21stcentury, this paper firstly analyses the status quo of China's income tax burden andcost of equity capital since2000, builds the Chinese model of cost of equity capitalwith income tax, probes the positive (negative) relationship between Corporate(personal) income tax and the company's cost of equity capital, and reveals incometax impact mechanism of the company's cost of equity capital; Using regressionanalysis and structural equations, the paper, Secondly, studies the specific impact andthe impact mechanisms of income tax on the company's cost of capital by empiricalmethods; Finally, the paper summarizes conclusions and makes recommendations.
The paper calculates income tax burden, estimates the cost of equity capital forChina's listed companies in all industries SFC according to OJ, PEG and Gordonmodels from2000to2012, and discusses the effect of income tax on the company'scost of equity capital, applying cost of equity capital (arithmetic mean of the threeestimates) and other data. Specific conclusions are as follows:(1) There is a quadraticfunctional relationship between the company's cost of equity capital and income taxburden; The cost of equity capital of listing corporation has reduced since theimplementation of the new enterprise income tax law in2008; Corporate financingpolicy makes mediating effect of regulation in the process that enterprise income taxinfluences the company cost of equity capital.(2)The overall average cost of equitycapital of listed companies has increased after the personal income tax regulationswas amended in2006; As mediating variables in the effect of income tax oncompany's cost of capital, corporate financing and dividend distribution policies serveas adjustabe bridge roles（.3）There are annual differences in the effects of income taxon the cost of equity capital; Corporate’s operating, financing and dividend policiesplay mediating roles in the influence of income tax upon company's cost of capital;When Income tax laws and regulations are amended, corporate income tax burden,cash dividend distribution, wage payment, shareholder equity ratio and other variableschange, which not only has a direct impact on the company’s cost of equity capital,but also has a indirect effect through the intermediary effect of company’s financial policies.(4)Effects of individual income tax on the cost of equity capital are moresignificant than that of the enterprise income tax. The intermediary effects ofcorporate’s financial policies are asymmetric, that is, the company's financial policieshave played strong roles as the buffer when enterprise income tax affects the cost ofequity capital, but played weak roles as the accelerator when individual income taxaffects the cost of equity capital.
The paper makes suggestions from the perspectives of the company and thegovernment. Companies should take advantage of income tax laws and regulations,grasp the direct impact of income tax on the company's cost of equity capital, manageefficiently the company's operations, arrange reasonable financing Strategies andscientific dividend policies, playing mediating roles of the company’s financialpolicies, in order to control the company's cost of capital, and achieve the company'sfinancial goals. The Government should consider the intermediary effect of thecompany's financial policies, establish internal balance system of income taxregulations, improve relevant measures of tax and finance, adjust interest relationshipbetween the microeconomic and macroeconomic bodies, to keep the long-termhealthy development of the capital market, and promote sustainable economic growth.
引文
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