Research On Taxation's Infection On Financing Of Listed Companies

This thesis is to study the taxation's infection on financing of listed companies in China. Firstly, the thesis concisely reviews the theories and empirical analysis on financing. With the tool of Game Theory, the thesis proves that a company can gain the best financing structure by Tax Planning. Citing the After-Tax Capital Assets Pricing Model, the thesis reasons out China's listed companies will have strong inclination to financing by stock. Then the thesis analyzes China's listed companies' financing structure and approves the deduction. Lastly, the thesis brings forward the advice to ameliorate China's taxation basing on the conclusion from theories and statistical analysis.