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	股利税减税、金融环境异质与企业资本结构——来自中国上市公司的经验证据; Dividend Tax Cuts,Financial Market Heterogeneity and Corporate Capital Structure——Empirical Evidence from Chinese Listed Companies
	童锦治 ; 黄克珑 ; 朱恺容
	2015-10-01
关键词	股利税 个人所得税 金融市场化 资本结构 资产负债率 dividend tax personal income tax commercialization of financial market capital structure asset-liability ratio
英文摘要	文章基于2005年股利税改革,研究了股利税税率变动对我国上市公司资本结构的影响。研究发现,股利税税率总体上与企业资产负债率正相关,股利税减税政策降低了企业的资产负债率。但受所处环境金融市场化水平差异的影响,实施不同股利税政策的企业资产负债率的变化状况不同:一般而言,所处环境金融市场化水平越高,股利税减税带来的企业资产负债率下降程度越大;当所处环境金融市场化水平过低时,股利税率变动不会对企业的资本结构造成显著影响。此外,研究还发现股利税减税对非国企资本结构变化的影响强于国企。据此提出了相应的政策建议。; Based on the dividend tax reform in 2005,this paper studies the impact of dividend tax rate change on capitalstructure of listed companies in China.The study shows that dividend tax rate is positively related to corporate asset-liabilityratio in general.The policy of dividend tax cuts reduces corporate asset-liability ratio.However,the degree of the impact var-ies according to the differences of financial markets' commercialized level.The corporate asset-liability ratio changes are dif-ferent in different dividend tax policies.Generally,the dividend tax rate change has a stronger impact on corporate capitalstructure when the financial market' commercialized level is higher whereas the dividend tax rate change has a weaker im-pact on corporate capital structure when the financial market' commercialized level is lower.Moreover,the degree of impactthat the policy of dividend tax cuts have on non state-owned enterprises is higher than that on state-owned enterprises.Final-ly,the paper puts forward the corresponding policy recommendations.; 国家自然科学基金面上项目(71473209)
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/113514]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	童锦治,黄克珑,朱恺容. 股利税减税、金融环境异质与企业资本结构——来自中国上市公司的经验证据, Dividend Tax Cuts,Financial Market Heterogeneity and Corporate Capital Structure——Empirical Evidence from Chinese Listed Companies[J],2015.
APA	童锦治,黄克珑,&朱恺容.(2015).股利税减税、金融环境异质与企业资本结构——来自中国上市公司的经验证据..
MLA	童锦治,et al."股利税减税、金融环境异质与企业资本结构——来自中国上市公司的经验证据".(2015).

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