税盾

营业净利理论假设：当企业负债比例增加时，负债带来的税盾效应刚好被负债增加所引起的股权资本成本的上升所抵消，公司总价值不变。

Operating profit theoretical assumed that when enterprise debt ratio increases , the debt tax shield benefits brought about by increased liabilities of just being caused by the cost of equity capital , offset by an increase , the total value of the company remain unchanged .

非债务税盾与三个负债均呈负相关。

The non-debt tax shield assumes the inverse correlation with three debts .

非债务税盾不能构成利息税盾的替代；

Non-debt tax shields are not substitute for tax shields .

和托宾指数、盈利能力、非负债税盾显著负相关；

Decreases with profitability , Tobin'Q and non-debt tax shields ;

资产担保价值和非负债税盾与负债比率负相关；

Have negative correlation with collateral value of asset and non - debt tax shield ;

关于债务融资的意义，传统的财务理论仅仅告诉我们具有税盾收益和财务杠杆效应等。

Traditional financial theory tells us that debt financing has the effect on taxation earning and financial lever .

而企业产品独特性、企业非债务税盾对中小企业融资能力影响不显著。

The enterprise product unique , non-debt tax shield on corporate financing capacity of SMEs has no significant effect .

通过对理论基础的阐述，笔者总结了债务融资具有的几个优点：一是负债的税盾作用。

Through analyzing theories , the author summarizes the advantages of debt financing : first , liabilities tax shields role .

传统理论认为：由于债务融资具有税盾效应，因而公司的市场价值与债务权益比率正相关。

Traditional opinion holds that owing to tax shield effect of debt financing market value is positively related to debt equity ratio .

本文将基于民营上市公司的样本，讨论税盾价值对民营上市公司融资行为的影响。

This paper will discuss how the tax shield acts on the financing behavior based on the sample of listed private enterprise .

研究结果发现在样本期内，债务的利率扭曲价值要大于净税盾价值。

Findings indicated that the distortion value of interest rate on loan must be bigger than net tax shield value in sample time .

资产流动性、成长性、资产担保价值、非债务税盾与杠杆负相关；

The empirical studies show that : ( 1 ) asset liquidity , growth , collateral and non-debt tax shields are negatively related to leverage ;

正是因为税盾的存在，使得杠杆企业获得负债融资的好处，从而增加企业价值。

It is because the " tax shield " exists , making leverage the benefits of corporate access to debt financing , thereby increasing enterprise value .

随后，权衡理论，代理理论都直接或间接地利用负债融资税盾价值讨论债务资本与权益资本的选择。

After that , the Trade-off theory and the Agency theory all discussed how to make choices between debt and equity by using the tax shield .

控制变量中，企业规模，资产担保价值与债务水平存在显著的正相关关系，盈利能力及非债务税盾与债务水平之间呈显著的负相关关系。

For the Control variables , the enterprise scale , asset collateral value has significant positive correlation with debt levels , and others have significantly negative correlation .

非负债税盾与资本结构负相关，笔者呼吁我国多数上市公司关注税盾效应以优化资本结构。

Non-liability tax shield is negatively related to leverage . I appeal to the majority of listed companies to concern about the " tax shield effect " .

针对目前研究认为公司债务政策趋于保守是普遍现象的观点，本文从管理者过度自信视角，利用税盾拐点考察公司债务政策。

From the perspective of managers ' overconfidence , the paper uses tax shield kink to examine corporate debt policy according to the popular trend that corporate debt conservatism is common phenomenon .

企业负债不仅起着税盾和财务杠杆作用，还能改善企业金融结构和提高市场价值、强化对企业经理的监督和约束。

Debt of enterprises not only works as tax shield and financial leverage , but also improves financial structure and promotes market value as well as enhances supervision over and constraint on managers .

研究还表明公司的成长性、规模、非负债税盾以及盈利性也是影响我国上市公司资本结构的重要因素。

This paper also points out that growth opportunities , firm scale , non-debt tax shield , profitability are all the significant factors which have great impacts on the capital structure in China .

在安排资本结构时要合理地权衡债务税盾和财务困难成本，使资本结构达到最优状态，并促进完善治理结构。

Companies should weigh the debt tax shield and financial difficulties cost while arranging the structure of capital , make the structure of capital reach the optimum state , promote and perfect the administration structure .

研究表明，公司成长性、主营业务收入增长率、企业规模与融资效率之间显著正相关，资产负债率、非债务税盾与融资效率显著负相关。

The research shows that the enterprises grows , the main business income growth rate and enterprise scale are positively correlated to financing efficiency , while the asset-liability ratio and non-debt tax shield are negatively correlated to financing efficiency .

最优资本结构与流动比率、非债务类税盾、净利润率及成长性负相关，与公司规模，有形资产占比，公司成熟度正相关，且存在年份与行业的差别。

The optimal capital structure is negatively related to current ratio , non-debt tax shield , net profit ratio and growth , and positively related with the size of the company , the proportion of tangible assets , and the survival time .

本文首先对经典资本结构理论进行回顾，并在理论基础上分析得出债务融资具有财务杠杆效应、税盾效应以及公司治理效应。

This paper begins with a look at the classical theory of capital structure . On the basis of theoretical analysis , the effect of debt financing lies in financial leverage effect , the tax shield effect and the company governance effects .

公司特征因素包括了：公司规模、盈利能力、收益现金流、成长性、国有股比例、资产结构、非债务税盾和董事会规模及其构成。第三部分为研究假设和模型的建立。

Corporate identity factors include : the company size , profitability , cash flow , earnings , growth , state-owned shares ratio , asset structure , non-debt tax shield and the board size and composition . Part ⅲ is composed of research assumptions and model .

结合分位数回归结果，文章从公司规模、盈利能力、成长性、资产有形性、资产流动性、非债务性税盾以及宏观经济因素方面提出了优化我国上市公司资本结构的相关建议。

Combining with the results of quantile regression , the article proposed some advices on the angle of the company size , profitability , growth , asset tangibility , asset liquidity , non-debt tax shield and macroeconomic factors to optimize the capital structure of listed companies in China .

西方研究表明企业所得税税率和就业税盾是劳动力需求的重要影响因素。

Western studies show that corporate tax rate and " Employment Tax Credit " are two important factors of labor demand .