中国上市公司债务政策的实证研究

Abstract

国内外有关债务水平影响因素的实证研究十分活跃,但有关如何客观评价公司债务政策的文献却很匮乏。应用资本结构政策理论所构建的债务政策模型,可以对我国上市公司债务政策进行有效的量化评价。分析结果表明,我国上市公司整体上债务税盾拐点极高,债务政策极为保守,而且盈利能力越强的上市公司债务政策越趋保守。上市公司债务税收受益价值约占公司价值的4.82%,上市公司未利用的债务税收受益价值约为公司价值的6.36%。

Positivistic studies of variables affecting debt levels abound both at home and abroad,but literature on how to objectively evaluate debt policies is scarce.This paper argues that a debt policy model based on the theory of capital structure policy can effectively generate quantitative evaluations of the debt policies of Chinese listed companies.Analyses of these evaluations show that the kink in debt tax benefit function for most listed companies in China is extremely high,that their debt policies are too conservative,and that the more the listed companies are able to profit the more conservative their debt policies tend to be.Their tax benefit of debt accounts for about 4.82% of the company value when they could add 6.36% to the company value by levering up to the kink.