Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/6658
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dc.contributorSchool of Accounting and Finance-
dc.creatorZhu, K-
dc.creatorYu, W-
dc.date.accessioned2014-12-11T08:24:10Z-
dc.date.available2014-12-11T08:24:10Z-
dc.identifier.issn1001-9952-
dc.identifier.urihttp://hdl.handle.net/10397/6658-
dc.language.isozhen_US
dc.publisher中国学术期刊(光盘版)电子杂志社en_US
dc.rights© 2010 中国学术期刊电子杂志出版社。本内容的使用仅限于教育、科研之目的。en_US
dc.rights© 2010 China Academic Journal Electronic Publishing House. It is to be used strictly for educational and research purposes.en_US
dc.subjectNature of controlling interesten_US
dc.subjectTax shield of debt financingen_US
dc.subjectEquity financing preferenceen_US
dc.title控股权性质、债务税盾与上市公司股权融资偏好en_US
dc.typeJournal/Magazine Articleen_US
dc.description.otherinformationAuthor name used in this publication: 俞伟峰, Yu Wei-fengen_US
dc.description.otherinformationTitle in Traditional Chinese: 控股權性質、債務稅盾與上市公司股權融資偏好en_US
dc.description.otherinformationJournal title in Traditional Chinese: 財經硏究en_US
dc.identifier.spage116-
dc.identifier.epage127-
dc.identifier.issue12-
dcterms.abstract文章结合我国分税制财政体制,探讨了上市公司股权融资偏好的制度性因素。由于国有控股股东以利税总额最大化为目标,降低了国有控股上市公司债务融资的税盾价值,增强了股权融资偏好的倾向,而且股东利税分离程度越低,公司越倾向于股权融资。实证结果表明:民营控股上市公司负债率最高,中央政府控股上市公司负债率最低,地方政府控股上市公司负债率居于两者之间,而且所得税税率越高,民营控股和地方政府控股的上市公司越倾向于债务融资。-
dcterms.abstractThis paper investigates the institutional factors of equity financing preference of listed companies under tax sharing system in China. A higher share of corporate income tax enjoyed by the controlling shareholders whose objective is to maximize the sum of corporate profits and taxes will result in a lower net tax shield of debt financing and a higher level of equity financing. And the lower level of the separation between profits and taxes of shareholders will lead to companies’ preference for equity financing. The empirical results show that the private listed companies have the highest debt ratios, and listed companies controlled by the central government have the lowest debt ratios while listed companies controlled by local government s have the moderate debt ratios. With the higher income tax rate, private listed companies and listed companies controlled by local governments are more apt to select debt financing.-
dcterms.accessRightsopen accessen_US
dcterms.alternativeNature of controlling interest, tax shield of debts and equity financing preference in China-
dcterms.bibliographicCitation财经研究 (Journal of finance and economics), Dec. 2010, no. 12, p. 116-127-
dcterms.isPartOf财经研究 (Journal of finance and economics)-
dcterms.issued2010-12-
dc.identifier.rosgroupidr54567-
dc.description.ros2010-2011 > Academic research: refereed > Publication in refereed journal-
dc.description.oaVersion of Recorden_US
dc.identifier.FolderNumberOA_IR/PIRAen_US
dc.description.pubStatusPublisheden_US
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