Tax Burden,Financing Decision And Business Performance

Nowadays,the high-speed development and evolution of the society and economy,the further amendment and improvement of the tax system,makes the tax revenue for the individual taxpayer and the enterprise’s economic benefit to play more and more important function,plays a key role in the enterprise’s financing decision.However,in the literature of many researchers,there is no agreement on how to influence the financing decision,and how the enterprise value is affected by the financing decision.This paper is in view of the research and conclusion of the system.The tax burden of some agricultural listed companies in China is more scientifically and effectively calculated,and the logical connection and relationship between the tax burden,the financing decision and the enterprise value has formed a unified analytic framework,and the correct and effective theoretical analysis and empirical test are carried out.Through the empirical research on China’s agricultural listed companies,we hope to provide a deeper theoretical basis for the classical capital structure theory and related theories in our country,and make some more effective padding on the theory of capital structure and related theories.In this thesis,the relationship and connection between tax burden,financing decision and enterprise value is analyzed more thoroughly by combining theory and empirical research.There are four parts in order to dissect and analyze the article:Part one is raising question as the start of the whole essay discuss and consider.This section contains the setting and meaning of the research,the main contents of the research framework and research,the research technique and methodology,and bring forth new idea,and presents a logical framework for the study below.The second proportion is the theoretical foundation of the this essay research.Contains two parts:first,the relevant literatures on tax burden,financing decision and enterprise value are analyzed and summarized,and the basic theories of tax burden,financing decision and enterprise value are considered and explained separately.Through the second part of the analysis and summary,the whole article solid strong substantial a theoretical basis.The third segment is the empirical and positive research part.In the second part of the theoretical discuss and consider on the foundation of support,clear this part of the need to study the content.According to the needs of the investigation and research,the fixed effect panel regression model was created,and the relationship between them was verified by Logit regression model,,and the demonstration outcome were obtained.The fourth part is the conclusion,revelation and limitation of the study.According to the inference and conclusion of theoretical investigation and empirical research,the thesis sum up the inference and enlightenment of the essay,and discovers the limitation of the article and the future research directions.According to the relevant taxation load,financing decision and enterprise value-related knowledge of learning,the relationship between the three research and analysis,gain the below inferences and conclusions:(1)The tax burden has the obvious influence on the enterprise financing decision,the bankruptcy cost has the obvious influence to the enterprise’s financing decision.(2)Enterprise value increased along with the raise of debt financing,the increase of equity financing makes enterprise value rise,enterprise value strengthens with the increase of capital structure.The change of capital structure and the change of enterprise value are positively correlated.(3)The enhancement of enterprise value is influenced by tax burden and debt financing.(4)The value of the enterprise will be affected by the tax burden,the more severe and serious revenue burden is,the less future value descent and decrease,if the tax burden can be lowered,thereby enhancing the enterprise value.(5)The financing decision plays an intermediary role between the tax burden and the enterprise value.