非债务税盾

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 ;

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 .

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 .

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 .

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 .

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 .

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 .

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 .

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 .