Impact Of Corporate Income Tax On Capital Structure

At present, the real estate enterprises of China rely too much on loans, and the capital structure is irrational, and which will affect the healthy development of real estate enterprises. Whether the sustained and healthy development of real estate companies will be restricted by the capital structure and other factors, and the debt policy will affect the capital structure.The factor which affects the debt policy is various,but the tax is undoubtedly an important factor,and which is a very important system factor. Corporate income tax can best reflect the principle of capacity to the negative tax,and which is also more equitable. Corporate income tax revenue plays an indispensable role on our national organization. If we pay our attention to corporate income tax on the capital structure, we can help the real estate companies improve their capital structure arrangements. Domestic and foreign scholars have conducted a research study on this problem. They have also created a series of research results, but they have not formed a consensus on this problem. In addition, in the process of studying the capital structure, industrial difference has become the consensus between different scholars, so it is necessary to study a specific industry alone. And real estate as capital-intensive industries industry, its asset-liabilities ratio is very high, and the actual tax burden is heavier, There are many problems in real estate, such as project blind starting, making a special research on real estate is very necessary.Therefore, drawing lessons from domestic and international scholars and using the financial data of the 70 listed real estate companies in China from 2005 to 2009 as the sample data, this thesis makes an empirical research in descriptive statistics, the correlation analysis, multiple regression analysis and curve estimation method combining.This paper adopts asset-liability ratio and long-term leverage to interpret the capital structure; For the selection of independent variables, this paper adopts the actual rate. In addition, in order to control the factors which could affect the capital structure. In the end,we draw a conclusion that the Effective tax rate will not obviously influence the capital structure. For the control variables, the results indicate that the size of the company is positively related to asset-liabilities ratio, the asset collateral value is positively related to capital structure, and growth ability and profitability failed to pass the test.