非债务税盾与融资偏好-以制造业为例
首发时间:2016-03-28
摘要:在研究企业进行融资决策时,非债务税盾历来受学者关注,但现有文献较少深入探究其作用。本文试图以固定资产加速折旧新政为背景,通过研究2009-2014年沪深制造业上市公司相关经验数据来考察非债务税盾与融资偏好的关系。实证结果表明:在制造业上市公司中,非债务税盾与资本结构呈显著负相关关系;且非债务税盾与企业的债务期限也呈负相关关系;此外企业规模、盈利能力、成长性等均与资本结构显著相关。本文丰富了非债务税盾与融资偏好之间的相关文献,并对我国制造业上市公司融资行为的选择提供了借鉴与参考的作用。
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Analysis of the Relationship between Non-Debt Tax Shields and Financing Preference-Based on Manufacturing Companies
Abstract:In the study of enterprise financing decision, non-debt tax shields have always been attention by scholars, but the existing literature delving into its role. In this paper, the fixed assets to accelerate depreciation of the new deal as the background, studying of 2009-2014 years of relevant experience in the manufacturing listing Corporation in Shanghai and Shenzhen to investigate the relationship between non-debt tax shields and financing preferences. The result shows that the non-debt tax shields display negative correlation with the capitalstructure and the debt maturity structure. In addition, the scale of enterprises, profitability, growth and so on are significantly related to capital structure. This paper enriches the literature related to the non-debt tax shields and financing preference, and provides reference for the choice of financing behavior of China's manufacturing industry listing Corporation.
Keywords: non-debt tax shields financing preference tax shield effect manufacturing industry
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No.4681671113904814****
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