Research On The Influence Of Tax Uncertainty On Capital Structure Of Listed Companies

On July 17,2017,the General Secretary Xi Jinping presided over the 16th meeting of the Central Financial and Economic Leading Group.The meeting stressed that we should improve the investment and market environment,accelerate the pace of opening up,reduce the cost of market operation,create a stable,fair,transparent and predictable business environment,accelerate the construction of a new open economy system,and promote the sustained and healthy development of China’s economy.As a manifestation of economic policy uncertainty in the field of fiscal and tax policy,tax uncertainty is one of the important factors affecting the business decision and profit income of enterprises,but it has not been paid enough attention in reality.This thesis attempts to explore the impact of tax uncertainty on the debt financing decision-making behavior of microenterprises and its channels through empirical research.This thesis selects the financial data of Shanghai and Shenzhen A-share listed companies from 201 0 to 2021,uses stata 16.0 statistical analysis software to empirically test the impact of corporate income tax uncertainty on corporate capital structure,and conducts a robustness test and heterogeneity analysis on the data,and finally selects after-tax cash flow as an intermediary variable to analyze its mechanism of action on capital structure.The results show that:first,the volatility of the effective tax rate of corporate income tax has a significant inhibitory effect on the asset-liability ratio of enterprises;Secondly,there are obvious differences in the inhibition of tax uncertainty on the scale of enterprise financing,especially for non-state-owned enterprises,industries with low debt dependence,enterprises with high degree of financing constraints and current liabilities of enterprises;Third,tax uncertainty plays a partial masking effect on its transmission chain by promoting the increase of after-tax cash flow and weakening the inhibition of debt financing scale.Based on this,this thesis puts forward the following suggestions from the three levels of the country,enterprises and credit institutions:scientifically adjust tax policies,standardize tax law enforcement,deepen the reform of the capital market,improve the level of corporate governance and scientific decision-making,rationally allocate capital structure,and improve the evaluation mechanism of credit institutions.This thesis focuses on the uncertainty of economic policy in the perspective of fiscal and tax policy,and confirms that the tax uncertainty has a positive effect on reducing the scale of debt financing,expanding the impact factors of capital structure.The research conclusions of this thesis provide policy suggestions for China’s scientific legislation,standardized law enforcement,optimized business environment,improved financial market,and promoted the stable development of the real economy,and put forward targeted countermeasures for guiding enterprises to make scientific decisions on the allocation of capital structure,do a good job in the expected management of funds,reasonably arrange investment and financing plans,and improve the efficiency of capital use.