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企业所得税的税盾效应诱发金融机构过度负债,可能导致金融风险的现象引起学者广泛关注。将经典资本结构理论引入金融领域,构建面板数据模型,重点探讨所得税实际税率的变化对上市商业银行资本结构及其调整方式的影响。实证结果表明:所得税实际税率上升时,上市商业银行资产负债率不发生变动;而所得税实际税率下降时,上市商业银行资产负债率显著降低。上市商业银行资本结构调整对所得税实际税率的变动方向的敏感性不同。因此,应从完善结构性减税措施、注重金融业“营改增”与企业所得税政策的衔接两个方面降低税收政策对银行债务融资的扭曲效应,以降低银行财务风险,防范金融危机。
Tax shield effect of enterprise income tax induces financial institutions over-indebted, which may lead to the phenomenon of financial risk aroused widespread concern of scholars. Introduce the classic capital structure theory into the financial field, construct the panel data model, and focus on the effect of the change of the actual tax rate of the income tax on the capital structure of listed commercial banks and the adjustment methods. The empirical results show that when the effective tax rate of income tax rises, the asset-liability ratio of listed commercial banks does not change; while the effective tax rate of income tax declines, the debt-to-asset ratio of listed commercial banks decreases significantly. The sensitivity of listed commercial bank’s capital structure adjustment to the change of effective tax rate of income tax is different. Therefore, we should reduce the distorting effect of tax policy on bank debt financing from the two aspects of improving the structural tax reduction measures, focusing on the convergence between the financial industry, “business reform and increasing taxation” and the enterprise income tax policy so as to reduce the bank’s financial risk and prevent the financial crisis.