英文摘要 |
The purpose of the study is mainly to examine whether the implementation of the new integrated income tax system has alleviated the high financial leverages of the companies. This study has adopted the panel data regression model to investigate whether the goal of the new system has been achieved. In addition to control factors that may affect capital structure, this study also uses short-term interest-bearing, long-term interest-bearing and net debt ratios as proxies for capital structure. The empirical results indicate that the adoption of the new system is irrelevant to various debt ratios. As such, corporate capital structure can not be improved. After considering the industry characteristics, the result indicates that the adoption of the new system has resulted in more improvements on the capital structure for the high-tech industry than for other industries. |