Corporate Financing Behavior Of Tax Planning Study

Financing, a major work of financial management, is the precondition of enterprise's operation. The object of finance management is cash flow, while tax disburse is just cash outflow. Hence, financing must have relation to tax, and tax should be considered when companies make financial decisions. Taxation has the characteristic of compelling, free and fixity. On the basis of abidance of tax laws, enterprises making tax planning on financing will help to make correct financing decision and financial management, so as to realize the financial aim of owners' profit after tax maximum at the same time of tax-saving.This thesis introduces a series of financing-modes and corresponding tax- planning practice, which unveils that tax disburse must be considered when the enterprises make financial decisions. Then, this thesis demonstrates that most Listed Companies didn't consider tax planning when they raise funds, which can be shown by the phenomena that strong inclination to financing by stock and low debt on assets, and suggests that Listed Companies should improve their financing. Furthermore, because the tax planning on financing has much risk, enterprises should take active action to keep away risk.The main body of this thesis consists of four chapters. The first chapter introduces financing, tax planning and their relation. The second chapter studies how to make reasonable tax planning on the main two financing-modes (equity fund and debt fund),On the basis of the previous chapters, the third chapter review the exertion of tax planning on Listed Company's financing, then makes conclusions and suggestions. Finally, we discuss the risk prevention and development of tax planning on financing.