Research On The Influence Of Enterprise Income Tax On Capital Structure Based On The Different Property Rights

Debt financing as a way of financing the enterprise will directly affect the capital structure of the company.Debt interest expenditures generated through debt financing can be deducted before taxation according to the provisions of the tax law,thus forming a certain tax avoidance effect.Therefore,the listed company is willing to use the financing process.Reduce the cost of financing by playing a tax-deductible role for debt financing.According to the relevant theory of capital structure,corporate income tax plays a crucial role in the decision of the capital structure of listed companies.The capital structure theory originated from the background of western market economic system does not apply to listed companies with property right system in China.Corporate income tax has different effects on capital structure of different property rights companies.At the same time,China has entered a stage of economic development that deepens the reform of mixed ownership,and improving the capital structure of enterprises is a key issue that must be resolved^[1].This paper sums up the literature of enterprise income tax and capital structure,property property and capital structure at home and abroad,and summarizes the influence of enterprise income tax on capital structure and the influence of property property on its relationship on the basis of MM theory and modern related capital structure theory.In this paper,the data of the A shares listed companies in two cities of Shanghai and Shenzhen from 2010 to 2016 are selected as the research samples.Through descriptive statistics and multiple linear regression models,the impact of enterprise income tax on capital structure is analyzed and verified,and the enterprise income tax is further studied on the basis of property property and tax planning behavior.The influence of the relationship between capital structure.The results of the study show that there is a significant positive correlation between corporate income tax and the capital structure of listed companies,indicating that companies with higher effective tax rates are more motivated by debt tax credits for debt financing;non-debt tax shields and capital of listed companies The structure is negatively related because excessive use of debt financing will bring financial risks to the company.Therefore,the more non-debt tax shields formed by depreciation and amortization,the less incentive to use debt tax shields;and the analysis of the interaction between corporate income tax and the nature of property rights.The effect of the effect on the capital structure shows that the state-controlled listed companies are less affected by the corporate income tax on the capital structure than the non-state-controlled listed companies,the difference of property right will affect the relationship between corporate income tax and capital structure.Based on this,this paper puts forward the following suggestions:starting from standardizing tax preference system,vigorously creating a good taxation environment;balancing the development of bond and equity market;developing institutional investors to establish diversified property rights structure;comprehensively analyzing the company's own development and rationally selecting the company From the top down,the capital structure actively promotes the development of a mixed-ownership economy starting from the improvement of the capital structure.