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An Evaluation of the Debt Policies of Listed Companies in China
Author(s): 
Pages: 18-25
Year: Issue:  4
Journal: JOURNAL OF XIAMEN UNIVERSITY (ARTS & SOCIAL SCIENCES)

Keyword:  债务政策量化评价税收受益;
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%.
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