摘要：合理的资本结构对上市公司来说至关重要。对于上市公司来说，融资主要包括发行股票或者发行债券。但是发行债券到期时支付的利息，是可以税前抵扣的，相对股票的发行降低了上市公司的融资成本。目前中国的股票市场比较活跃，债券市场却明显落后。企业的债务融资能够带来税盾价值，尤其对于上市公司发行的债券来说，而现实中债务的税盾效应是否明显，却受到诸多因素的制约，例如：税收实施细则、融资环境、成长性、产权性质等。尤其是在2007年公司所得税改革以后，税率的改革以及抵扣抵减项目的改变或多或少会影响一个公司的资产结构和借债水平。尽管绝大多数人认为税收带来的税盾效应对公司的融资行为会产生一定的影响,但经验方面的证据并不多,且目前并没有一致性的实证结论，所以进行研究。52689

在构建税盾价值模型的基础上，控制某些因素不变，通过实证检验了公司成长性、产权性质、债务税盾对公司资本结构的影响。实证结果表明：在未来除规模因素前，受非税因素影响使负债不能发挥税盾的正向价值，而除去规模因素后，负债的税盾价值在税改前后都是显著存在的。产权性质不同，成长性不同的企业资产结构不同，企业债务水平不同，债务税盾价值也就不同。

毕业论文关键词 ： 债务税盾  资本结构  净利润  产权性质  负债比率

The Thinking about The Debt Tax Shield of The Assets Structure of Listed Companies

Abstract:The reasonable assets structure is vital to the listed companies.For the listed companies,issuing bonds and shares are two primary financing channels.However,issu

-ing bonds needs to pay for interests when it’s at maturity,the interest can be deducted at pre-tax.Compared with the shares,issuing bonds can lower the financing cost of the listed companies.Now the Stock Market is active and the Bond Market is backward in China.Corporate bond financing can bring some tax shield value especially for list-ed corporate.The tax shield value is notable or not usually depending on lots of factors in reality.Such as Administration of tax Collection,financing condition,corporate growth and property right character and so on.The corporate income tax rate and the itemized deductions’ reformation maybe influence asset structure and debt lever of  the listed company especially after the income tax reformation in 2007.Although overwhelming majority people think tax shiel will be influence the financing of corporate, lacking experience evidence and no conforming conclusion with experience,so be studying on this task.

Structuring a tax shield model,keeping some factors conformation to checkout corporate growth ,property right character and tax shield How to influence company’s asset structure.It turned out that considering of size factors the tax shield can’t play positive values because of non-tax factor.Without the size factors,tax shield value is notable when tax reformation is carried out.Property right character and growth are different then asset structure and debt lever are different too,so tax shield value also different.

Keywords:  Debt Tax Shield   Asset Structure   Retained profits   Property -Right Character   Debt ratio

目 录

一、绪论 1

二、文献综述2         

     （一） 债务税盾与资本结构…2

       1、国外文献 …2

      2、国内文献 …2

     （二） 企业资本结构…3  

     （三） 成长性与资本结构3

      1、国外文献 …3