Empirical Research on Chinaâ€TMs Corporate Income Tax and Corporate Capital Structure
基于2006-2012年中国上市公司数据，研究发现所得税率显著影响资本结构，税率下降时公司通过增加所有者权益而非减少债务来降低财务杠杆。
In 2008, the domestic and foreign corporate income tax systems were unified in China. Based on data of the listed companies in China from 2006 to 2012 and the established model, we find that income tax rates significantly influence the capital structure of listed companies in China, and there is a positive correlation to the asset-liability ratio. When tax rate falls, the listed company will lower financial leverage, and the main method is through increasing its owners equity, rather than to reduce debt.