摘要
传统以固定资产折旧为典型的非债务税盾的重要性逐渐下降,而其他形式的非债务税盾变得愈发重要。本文以广告投入为研究对象,讨论该种形式的非债务税盾与资本结构之间的关系。检验结果表明,广告投入与有息债务水平呈显著的负相关关系,符合"替代效应"的预期;当公司越接近"税收耗损状态"时,广告投入越能显著地降低公司的有息债务水平;相较于长期债务,广告投入更可能影响短期债务,不过,在接近"税收耗损状态"时,也会影响到长期债务;进一步,"税收耗损状态"假说在非国有企业、广告投入未超出抵扣限额的企业、产品市场竞争程度较高以及客户集中度较低的企业中更为显著。本文拓展了非债务税盾的研究范畴,丰富了相关领域的学术文献。
Driven by the global industrial division and the new round of technological revolution,the business model of enterprises presents the characteristics of light assets.Asset-light enterprises have significantly reduced investment in fixed assets,and the traditional non-debt related tax shields,e.g.,depreciation of fixed assets,have gradually declined.In contrast,other forms of non-debt related tax shields have become increasingly important.Brand management is one of the critical strategies for asset-light enterprises to build competitive advantage.For brand management,enterprises need a lot of advertising investment.Then does advertising investment constitute an important non-debt related tax shield for enterprises?This paper focuses on advertising investment and examines the relationship between this form of non-debt related tax shield and capital structure.Moreover,this paper investigates the influence of tax exhaustion status on the above relationship.On this basis,this paper also combines China’s special institutional background,tax deduction policy for advertising,product market competition,and firm’s customer concentration to carry out further research.Based on the 10,393"firm-year"observations of A-share listed companies in China from 2012 to 2017,this paper conducts empirical tests on the research questions.Empirical results suggest:advertising investment is significantly negatively correlated with the interest-bearing debt,supporting the"substitution effect"hypothesis,indicating that the increase in advertising investment would reduce the marginal tax rate of loan interest tax deduction,which in turn reduces the incentive for debt financing;the closer the enterprise is to the tax exhaustion status,the more the advertising investment can significantly reduce the tax rate of loan,thereby reducing the interest-bearing debt,which is conforming to the"tax exhaustion"hypothesis.This result also further verifies the rationality of the interpretation from non-debt related tax shield perspective.To check the re
作者
王亮亮
毛天琴
WANG Liang-liang;MAO Tian-qin(School of Economics and Management,Southeast University,Nanjing,Jiangsu,211189,China)
出处
《经济管理》
CSSCI
北大核心
2021年第1期175-190,共16页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目“税收激励、企业集团内部资本配置及其经济后果——基于中国资本市场‘双重披露制’的研究”(71972036)
江苏高校哲学社会科学研究重大项目“基于高管联结视角的社会网络与公司避税关系研究”(2019SJZDA025)
全国统计科学研究项目“中国资本市场股权资本成本的统计测度、动态变化与影响因素研究”(2019LY07)
关键词
广告投入
非债务税盾
资本结构
税收耗损状态
advertising investment
non-debt related tax shields
capital structure
tax exhaustion
