股权税盾能降低杠杆率吗?奥地利案例

IF 2.2 3区 经济学 Q2 BUSINESS, FINANCE
M. Frühwirth, M. Kobialka
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引用次数: 6

摘要

本文的目的是分析2000年至2004年奥地利允许的股权税盾对奥地利公司资本结构的影响,包括账面价值和市场价值。我们发现杠杆率的选择决定了是否可以发现股权税盾对企业资本结构的影响。准确地说,股权税盾降低了长期资产负债率和长期资本负债率,但对总资产负债率没有影响。尽管奥地利税制只提供了相当小剂量的股权税盾牌,但我们发现税收制度实现了降低杠杆(忽略短期负债)的目标。有趣的是,尽管是账面价值资本结构决定了股权税盾的大小,但这种影响对市值资本结构的影响略强于账面价值资本结构。我们发现政府可以通过改变允许的股权利率水平来影响资本结构。我们观察到,与大公司相比,小公司更多地减少了资本结构,以应对股权税盾。同样,我们发现被纳入奥地利交易指数(ATX)的公司对股权税盾没有反应。相比之下,未纳入ATX的公司对股权税盾反应强烈。此外,我们发现金融公司对股权税盾没有反应,而非金融公司至少表现出一些反应。此外,通过这种股权税盾制度,我们发现了反对De Angelo/Masulis(1980)债务替代假说的有力证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do Equity Tax Shields Reduce Leverage? The Austrian Case
The goal of this article is to analyze the impact of equity tax shields, that were allowed in Austria from 2000 to 2004, on the capital structure of Austrian firms, both at book values and at market values. We see that the choice of the leverage ratio determines whether or not one can find an impact of equity tax shields on the capital structure of firms. Precisely, equity tax shields reduce the long-term liabilities to assets ratio and on the long-term liabilities to long-term capital ratio, but have no impact on the total liabilities to assets ratio. Although the Austrian system granted only a rather small dose of equity tax shields, we find that the tax regime achieved its goal to reduce the leverage (ignoring short-term liabilities). Interestingly, even though it is the book value capital structure that determines the size of equity tax shields, this effect was slightly stronger and more significant for the capital structure at market values than for the book value capital structure. We find that the government could influence the capital structure by changing the level of the equity interest rate allowed. We observe that small firms reduced their capital structure more in response to equity tax shields than big firms. Similarly, we find that firms that were included in the Austrian Traded Index (ATX) did not react to equity tax shields. By contrast, firms that were not included in the ATX strongly reacted to the equity tax shields. Moreover, we find that financial firms did not react to the equity tax shields whereas non-financial firms showed at least some reaction. In addition, with this equity tax shield regime we find strong evidence against the debt substitution hypothesis of De Angelo/Masulis (1980).
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来源期刊
European Journal of Finance
European Journal of Finance BUSINESS, FINANCE-
CiteScore
5.40
自引率
8.00%
发文量
72
期刊介绍: The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.
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