建立合理的资本结构是企业财务管理追求的目标之一，传统的资本结构理论认为企业所得税与公司资本结构密切相关。文章以2004-2012年中国A股上市公司为样本，从所得税最佳衡量变量、新旧税法和企业规模3个角度检验了企业所得税对上市公司资本结构的影响。实证结果表明，拟合的边际税率是测度中国企业所得税税负的最佳变量，所得税与公司资本结构显著正相关，但2008年新税法使其相关性减小。同时，由于小公司的外部融资约束更强，所得税对小公司资本结构的影响比大公司小。%To establish a feasible capital structure is one of the goals of corporate financial management. The traditional capital structure theory believes that corporate income tax is closely related to the company’s capital structure. Using China's A-share listed firms from 2004-2012 as samples, the impact of corporate income tax on listed company's capital structure is examined. The empirical results show that the simulated marginal tax rates is the best variable to measure the company’s income tax rates and the income tax is significantly and positively correlated with the capital structure. However, the new tax law implemented in 2008 has reduced their correlation. And the impact of income tax on small firms' capital structure is smaller than that on big companies, as the former is faced with financial constraints.
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