A Theoretical And Empirical Analysis Of The Impact Of Income Tax Policy On Corporate Debt Financing

According to the data released by the Bank for International Settlements(BIS)and the Chinese Academy of Social Sciences,the current rate of leverage in China has shown a high level of leverage,faster growth and higher than that of the world's major economies.According to the formula of the whole society,the leverage ratio is mainly affected by the total amount of debt and GDP.This paper starts with the total influencing factors of the whole society's leverage ratio and the total debt financing,and thinks that the high leverage ratio is closely related to the debt financing preference of the enterprise.This paper argues from the theoretical and empirical test that the enterprise's debt financing preference is one The tax reason is the effect of the pre-tax deduction policy of the corporate income tax system,that is,the income tax policy has a positive effect on the corporate debt financing choice.Enterprises in order to reduce the corporate income tax burden in order to enhance the debt ratio of enterprises,leading to the whole society's leverage increased.Based on the above analysis,this paper also puts forward relevant policy suggestions from the perspective of corporate income tax system.