The Influence Of Enterprise Income Tax And Non-tax Factors On The Capital Structure Of Listed Companies

Operation of enterprise’s ultimate goal is to pursue the maximization of enterprise value, enterprise in order to get maximum value, must according to their own situation to seek a reasonable capital structure. Capital structure problem is one of the important problem of company financial research for a long time, however, how the balance of many factors affecting the capital structure of listed companies, seeking a best, and is conducive to the development of the capital structure of listed companies, has become the focus problem. With the continuous development of social economy, increasingly detailed perfect modern tax system, and gradually penetrated into all aspects of social life, become the influence factors of economic decisions can not be ignored, it affects the problem of the capital structure of listed companies.This paper first analyzes the tax system and enterprise income tax preferential policy and capital structure of listed companies in our country the status quo, and then from the cost of financing, financial risk and corporate governance theoretical analysis angles of enterprise income tax and non-tax factors affect the capital structure of listed companies. On this basis, the selection of the 2008-2014 in Shanghai and shenzhen exchanges of 257 listed companies as samples, to represent the rate of assets and liabilities of the capital structure and change the quantity to be explained variable, long-term liabilities with effective tax rate of enterprise income tax as the explained variable, with company size, profitability, growth, non-debt tax shields, equity, equity concentration and management equity percentage as explanatory variables of non-tax factors, at the same time set the industry virtual variables as control variables, multivariate regression analysis. Through empirical analysis it is concluded that the enterprise income tax is positive correlation with capital structure, company size, collateral value of assets and management ownership and capital structure are positively related to growth, non-debt tax shields, ownership concentration is negative correlation with capital structure. According to the empirical conclusions, puts forward some Suggestions of optimizing the capital structure of listed companies in our country, help for the decision of capital structure of listed companies in our country, more conducive to the development of our economy and strengthen the competitiveness of China’s listed companies in the international market.