Taxes Do Affect Corporate Financing Decisions: The Case of Belgian ACE
Taxes Do Affect Corporate Financing Decisions: The Case of Belgian ACE
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税收确实会影响企业融资决策：比利时 ACE 案例
DOI：
10.2139/ssrn.1992330
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
Savina Princen
中科院分区：
文献类型：
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作者：
Savina Princen
在本文中，我使用差分回归来衡量债务税盾如何影响公司的资本结构。通过比较处理公司和控制公司在引入股权税盾前后的财务杠杆，我推断了债务和股权之间的税收歧视的影响。估计结果与理论预测一致，表明股权税盾的引入对公司财务杠杆有显著的负向影响。这种影响约为2-7%，这意味着传统的税收制度鼓励公司平均多使用2-7%的债务，而不是债务和股权平等的税收待遇。
In this paper, I use difference-in-differences regressions to measure how the debt tax shield affects the capital structure of a company. By comparing the financial leverage of treatment and control companies before and after the introduction of an equity tax shield, I infer the impact of the tax discrimination between debt and equity. Consistent with the theoretical prediction, the estimated results show that the introduction of an equity tax shield has a significant negative effect on the financial leverage of a company. This effect amounts to approximately 2-7%, meaning that a classical tax system encourages companies to use on average 2-7% more debt than when there is an equal tax treatment of debt and equity.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels