Research on the Impact of Tax Shield Effect on Corporate Capital Structure—Empirical Analysis Based on A-Share Listed Companies - Modern Economy

ME > Vol.11 No.1, January 2020

Volume 11, Issue 1 (January 2020)

ISSN Print: 2152-7245 ISSN Online: 2152-7261

Google-based Impact Factor: 0.96 Citations

Research on the Impact of Tax Shield Effect on Corporate Capital Structure
—Empirical Analysis Based on A-Share Listed Companies ()

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Download as PDF (Size: 368KB) PP. 126-139

DOI: 10.4236/me.2020.111012 1,335 Downloads 4,933 Views Citations

Author(s)

Lei Lei

Affiliation(s)

College of Economics, Jinan University, Guangzhou, China.

ABSTRACT

This paper uses a random-effects model and takes 224 listed companies in China from 2002 to 2017 as a sample to empirically study the relationship between the corporate income tax shield effect and corporate capital structure in China. It is found that the debt tax shield and corporate capital structure are significantly positive. Relatedly, the non-debt tax shield is significantly negatively related to the corporate capital structure. At the same time, the impact of debt tax shields and non-debt tax shields on corporate capital structure varies from industry to industry.

KEYWORDS

Capital Structure, Tax Shield Effect, Corporate Income Tax

Share and Cite:

Lei, L. (2020) Research on the Impact of Tax Shield Effect on Corporate Capital Structure
—Empirical Analysis Based on A-Share Listed Companies. Modern Economy, 11, 126-139. doi: 10.4236/me.2020.111012.

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