《先征后返对上市公司资本结构的实证研究》.pdf

i ii The purpose of this study was to find out the impact of capital structure factors on listed companies of China. Adopting Panel Model, and select 560 companies as sample, the years considered are from 1999 to 2008. Then comparison the differences of impact the first levying and then rebating tax policy on capital structure of china listed companies factors. The empirical results show that after the First Levying and then rebating tax, effective tax rate and debt ratio to the relationship was significantly negative, indicating companies will be use of debt financing to increase the tax shield. Size of the company before and after the regression coefficients are significantly positive in the policy, showing the larger, easier to obtain funds from financial institutions, may use a higher debt ratio.