Research On The Tax Policy Optimizing The Listed Company Capital Structure In China

Since the two Stock Exchanges in Shanghai and Shenzhen were established successfully in 1990 and 1991,the capital market of our country has got very great development,the financing channels of enterprises and financing way are changed into the pluralistic leading type of market and financed in the way gradually by the leading type of the single bank loan or the government of the financial allocations. However, because of many kinds of reasons,the listed companies in our country are willing to issue stocks and raise the fund but not bond financing from Stock Exchange. It's different from the financing order of the developed country. According to the tax system of the security market in our country,it should be the tax policy of encouraging bond financing,in fact but plays an opposite role,a great deal of tax policies of hindering capital from disposing effectively exist at the same time. So, it is necessary to perfect the tax system of the security market of our country,and promote the reasonable disposition of the fund. Proceeding from tax revenue angle,adopting qualitative analysis and quantitative analysis methods,the paper analyses taxation's infection on financing of listed companies,and studies the reason that the listed company hankers after stock financing from tax revenue angle. On one hand,it can optimize and establish the micro foundation for the macroscopic analysis of the tax revenue and tax system, on the other hand,can reduce efficiency loss that tax revenue brings through appropriate system under the situation that the tax system is external variable, and improve the whole economic operational efficiency through increasing enterprise's efficiency . The paper introduces the capital structure theory at first and analyses the achievement of the real example of enterprise's financing behavior domestic and internationally,then analyses the influence of the tax revenue and capital structure. Then, carrying on statistical analysis to the financing structure of the listed companies, the paper proves the listed companies of our country really have strong stock financing inclination. Then,referencing the Miller Model (1977), the paper structures a new theory model,to reason out the listed company's rights financing cost is somewhat low under the current tax system of our country. In this foundation, the paper analyses the influence of tax factor. According to statistics and result that theory analyses,the paper puts forward some optimization of our country listed company's financing policy in terms of tax revenue mainly finally.