我国资本弱化法规对企业资本结构的影响

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3.0 李佳 2024-09-20 5 4 1.38MB 50 页 150积分

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硕士学位论文

摘要

近年来，随着商品、资本和劳动力在国际间流动的加快及互联网的发展，国

际避税行为也获得更广阔的活动空间，手法日益翻新。利用各国间对权益资本和

债务资本这两种资金来源所支付的利息和股息在会计和税务上的不同处理而使用

的“资本弱化”避税方式，随着国际资本市场的兴旺繁荣而日益泛滥，引起了国

际税收领域的广泛关注。

鉴于目前我国缺乏从理论层面探讨有关资本弱化法规与企业资本结构之间关

系的文献，因此本文旨在利用相关的理论模型对其进行理论分析。首先，本文采

用理论研究和实证研究相结合的方法，在对国内外有关资本弱化的文献进行深入

分析和研究的基础上，利用国内外相关领域的研究成果，并结合我国的资本弱化

法规和企业实践，以企业资本结构为研究对象，通过构建模型，分析了我国资本

弱化法规对企业资本结构的影响。其次，采用实证分析的方法，用中国上市公司

的具体实例来进行说明，并通过对最新数据的实证分析可以看出，我国资本弱化

法规的实施对企业资本结构的影响确实很大。本文研究的重点是，就我国资本弱

化法规对企业资本结构的影响进行理论和实证分析。

本文的第一章为绪论，主要包括研究背景、文献综述、研究思路以及创新点，

本章主要是对资本弱化的研究现状进行介绍，从而提出本文研究的必要性；第二

章主要介绍资本弱化的一般模型以及模型的应用；第三章主要是在第二章研究的

基础上，加入我国资本弱化法规从而得到新的模型，来分析我国资本弱化法规对

企业资本结构的影响；第四章是用中国一家上市公司的具体实例来说明我国资本

弱化法规对企业资本结构的影响。通过理论和实证两方面的分析，我们可以得出

结论，中国资本弱化法规及相关税收制度对企业的资本结构影响确实很大。

本文的创新之处在于，建立资本弱化一般模型并分析其对企业资本结构的影

响，并结合我国立法现状和企业自身实践分析我国资本弱化法规对企业资本结构

的影响。

关键词：资本弱化；债权融资；股权融资；安全港

硕士学位论文

III

ABSTRACT

In recent years, with the mobility of goods, capital and labor around the world and

the development of the Internet, international tax avoidance has obtained more

extensive space and received more attention. With the international capital market more

and more thriving, thin capitalization has caused widespread concern in the domain of

international taxation. Thin capitalization is commonly denoted as an approach of

international tax avoidance where a corporation’s debt to equity ratio exceeds certain

limits, using an excessive proportion of debt capital financing in order to avoid income

tax payable.

Given the current relation of thin capitalization and entrepreneurial capital

structure decision has not been discussed at the theoretical level, this paper seeks to use

the model to analyze theoretically. Firstly, by using the analysis of the theoretical and

empirical research, on the base of further study documents on domestic and foreign thin

capitalization and study of literature, based on the use of relevant results of domestic

and international research field, combined with our thin capitalization rules and

business practice and with the entrepreneurial capital structure as the research object, by

constructing thin capitalization model, theoretically analyze the effect of China’s thin

capitalization rules on entrepreneurial capital structure. Secondly, empirically analyze

this effect with the specific example of Chinese listed companies, and through empirical

analysis of recent data, we can see that the implementation of the thin capitalization

rules has high influence on the entrepreneurial capital structure decision. My paper

focuses on theoretically analyzing the effect of China’s thin capitalization on the

entrepreneurial capital structure and empirically conducting research.

In the first chapter is an introduction, including background, literature review,

research ideas and innovation, this chapter is aimed to set forth on the research status of

capital, which is necessary for this study; the second chapter introduces the general thin

capitalization theoretical model and is modified to be the model for the analysis of thin

capitalization rules in different countries; The third chapter is the use of the second

chapter of the general theoretical model, then we add the thin capitalization rules in

China to the general model to get a new model which is suitable to elaborate the

硕士学位论文

situation in China. Furthermore, we can analyze the thin capitalization rules on the

impact of capital structure in the model; The fourth chapter is to illustrate thin

capitalization rules on corporate capital structure in a specific example of a listed

corporation in China. Through both theoretical and empirical analysis, we can conclude

that the thin capitalization rules and China's tax system are relevant to the

entrepreneurial capital structure greatly.

The innovation of this paper is the introduction of general capital model for

analysis and research, and with the thin capitalization rules in China added to the model

for a new model in order to illustrate the situation in China, then, to analyze the effect of

the thin capitalization rules on entrepreneurial capital structure with the model.

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Keywords: Thin Capitalization; Debt Financing; Equity Financing; Safe Harbor

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摘要：

硕士学位论文I摘要近年来，随着商品、资本和劳动力在国际间流动的加快及互联网的发展，国际避税行为也获得更广阔的活动空间，手法日益翻新。利用各国间对权益资本和债务资本这两种资金来源所支付的利息和股息在会计和税务上的不同处理而使用的“资本弱化”避税方式，随着国际资本市场的兴旺繁荣而日益泛滥，引起了国际税收领域的广泛关注。鉴于目前我国缺乏从理论层面探讨有关资本弱化法规与企业资本结构之间关系的文献，因此本文旨在利用相关的理论模型对其进行理论分析。首先，本文采用理论研究和实证研究相结合的方法，在对国内外有关资本弱化的文献进行深入分析和研究的基础上，利用国内外相关领域的研究成果，并结合我国的资本弱化法规和企...

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