不确定条件下公司负债的利息抵税效应分析

中国管理科学 ›› 2003, Vol. ›› Issue (5): 8-11.

不确定条件下公司负债的利息抵税效应分析

敬志勇, 欧阳令南

上海交通大学现代金融研究中心上海 200030

收稿日期:2002-08-12 修回日期:2003-08-01 出版日期:2003-10-28 发布日期:2012-03-06

An Analysis of Firm’s Tax Shields on Uncertainty Condition

JING Zhi-yong, OUYANG Ling-nan

Institute of Contemporary Finance, Shanghai Jiaotong University, Shanghai 200030, China

Received:2002-08-12 Revised:2003-08-01 Online:2003-10-28 Published:2012-03-06

摘要/Abstract

摘要： 在不确定条件下,以公司息前税前收益服从均匀分布为假设,基于静态权衡理论,不考虑除利息抵税效应以及破产成本之外的其他因素对融资决策的影响,我们建立了负债抵税价值期望值模型和破产成本期望值模型,然后在统一的负债区间内分析负债的利息抵税净收益,以确定存在利息抵税净效应最高时的最优负债数额和最优资本结构。

关键词: 静态权衡理论, 负债的利息抵税效应, 破产成本, 均匀分布

Abstract: On the assumption that EBIT(earnings before interest and tax)is a stochastic variable,whose probability density submits to even distribution,based on the theory of static trade-off,we built models on the relationships among debt and tax shields and the cost of bankruptcy.Finally,in a same debt scope we synthesized tax shields and the cost of bankruptcy into models and analyzed net tax shields and drew a conclusion that there existed optimal debt and thus optimal capital structure,given a group of firm’s parameters.

Key words: theory of static trade-off, tax shields, the cost of bankruptcy, even distribution

中图分类号:

F830.9

敬志勇, 欧阳令南. 不确定条件下公司负债的利息抵税效应分析[J]. 中国管理科学, 2003, (5): 8-11.

JING Zhi-yong, OUYANG Ling-nan. An Analysis of Firm’s Tax Shields on Uncertainty Condition[J]. Chinese Journal of Management Science, 2003, (5): 8-11.

[1]	李沿海,赵玲. 供应商融资中买方的最优担保策略[J]. 中国管理科学, 2023, 31(10): 12-19.
[2]	彭程, 杨红, 黄荣. 基于税收利益与破产成本的企业投融资决策互动关系研究[J]. 中国管理科学, 2011, 19(3): 46-54.