Research On Capital Structure

According to the "PRC Enterprise Income Tax Law" (hereinafter referred to as the corporate income tax) of Article 8, Article 10, Article 19, We can know the enterprise income tax law the interest on the debt financing and equity of financing of the different treatment of dividends to lead the company to adjust its debt financing and equity of financing in proportion to reduce the company's tax costs. The percentage change in their results, the research category of a capital structure.The capital structure of the general sense is to raise long-term funds in the process of doing a variety of decision-making behavior, mainly refers to the source of the company to raise funds, combined ratio between theirrelationship.Structure of foreign capital has formed a complete theoretical system independent. Divided into the early capital structure theory, modern capital structure theory and the new capital structure theory. Have a great meaning to us which is the modern capital structure theory. Has already begun through the 60's modern capital structure, we know of a specific enterprise, there is an enterprise can maximize the value of the capital structure. But it is worth noting that the company select and build the capital structure is consistent with the actual control of the company itself or the interests of the company's capital structure, but may not be consistent with society, market economy, the overall interests of the capital structure. Therefore, we need to discuss what is the optimal capital structure issues. Obviously, the different stakeholders of a different point of view, the optimal capital structure has its own view.Enterprise Income Tax Law that the optimal capital structure of the interests of society as a whole should be the largest capital structure. And to meet this requirement is the lowest cost company agents, the company's capital structure when the body healthy, ie, when the company has good governance and capital structureForm of corporate governance is the capital of the company's capital structure, corporate governance as the main body of the right to determine its financial contributions to the foundation. We can put this right as the main corporate governance of future cash flows of the company claims. Traditional view of the shareholders and creditors as the company claims is the flow of claims, can be transferred. The state claims the company's request as a non-negotiable right. However, under the perspective of Enterprise Income Tax Law to see circulation problems, it is different. The perspective of the enterprise income tax law, the tax claims from the company to public goods with the exchange between the countries reached by the contract, which the company claims to use the tax return for the right to use public goods. Therefore, the state with the shareholders, creditors together to become the company's stakeholders.Since the state and the shareholders, creditors together to become the company's stakeholders, according to the traditional view, the maximum value of the company when the optimal capital structure, then further analysis of this problem, you can know the optimal capital structure under corporate income tax is a national, creditors, shareholders and the largest between the interests of capital structure.Further shows that, since the optimal capital structure should enable the country (on behalf of the entire society), shareholders, creditors and the interests of the largest capital structure. This capital structure is the lowest cost to the company proxy. Corporate governance is the optimal capital structure. In the capital structure, the state received a healthy market economy, the shareholders resolve the agency problem, the creditor can safely get back to this interest. Therefore, the interest and the three largest. Therefore, the corresponding optimal corporate governance capital structure, it becomes the most conducive to the healthy development of the company, but also the most conducive to the economic development of China's market capital structure. Therefore, we should see that in the corporate income tax law perspective, the optimal capital structure is whether the standard should help to promote good corporate governance.Innovation of this paper is the first time from the enterprise income tax law as a social standard method, which has a unique perspective to review the capital structure should have a good standard. As the modern capital structure theory can be divided into the capital structure based on income tax theory and the relationship between agent-based theory of capital structure, capital structure theory can therefore become a link business income tax and corporate governance ties. Traditional disciplines of the capital structure of the study which is also divided into two categories. Taxation, accounting, economics and other scholars, mainly from income tax on the company's capital structure research point of view, but the results of their research focused on the income tax on the general impact of capital structure and capital structure and the relationship between corporate governance research. Quality standards resulting capital structure is whether to maximize the enterprise value as a judge basis. But the 2008 economic crisis proved that the overall interests of the community more and more attention today, simply the individual interests of the company considered as the standard for the construction of a system will inevitably biased. From the starting point of corporate income tax law, establishing the structure of social capital based standards, to avoid this problem. At the same time, the authors hope to provide a new tax law research ideas, the tax impact of market players on the depth within the enterprise, exploring tax on all stakeholders within the enterprise and its response. On the Caishuxueqian, put forward their views, hoping to play the role of better ideas.