中文摘要：

基于中国计税工资限额扣除标准提高的外生性事件,本文从工资薪金提供的＂非债务税盾＂角度,探索性地研究工资税盾与资本结构的关系。结果表明,计税工资限额扣除标准提高后,与未接近＂税收耗损状态＂公司相比,接近＂税收耗损状态＂公司更为显著地降低了债务水平,该发现符合＂非债务税盾＂与资本结构之间存在＂替代效应＂的理论预期,也验证了＂税收耗损状态＂假说。进一步研究表明：未接近和接近＂税收耗损状态＂两类公司的差异主要反映在长期债务上,而在短期债务上并不明显;与国有企业相比,两类公司的差异在非国有企业中更为明显;另外,与税收征管力度较弱地区相比,征管力度较强地区两类公司间的差异更为明显。本文的研究成果不仅提供了＂非债务税盾＂形式的新证据,还发现产权性质和税收征管环境等也是影响非债务税盾与资本结构之间关系的重要因素。

英文摘要：

Based on external change of the standard of quota taxation wage, this paper extends the range of ＂Non - Debt - Related Tax Shields＂ and explores the relationship between ＂Wage - Related Tax Shields＂ and capital structure. The empirical results suggest that when the standard of quota taxation wages increases, compared with firms not nearly tax exhaustion status, firms nearly tax exhaustion status reduce interest - bearing debt significantly, supporting both the ＂Substitution Effect＂ and ＂Tax Exhaustion＂ hypothesis. Further results suggest that the difference in the change of debt between firms not nearly and nearly tax exhaustion status is mainly reflected on long - term debt rather than short - term debt, and the difference is more pronounced in non - state - owned firms than state - owned firms. In addition, compared with firms located in districts with lower tax enforcement level, the difference is more significant in firms located in districts with higher tax enforcement level. Our results not only provide new evidence on the non - debt - related tax shields, but also find that both the ownership nature and tax enforcement level affects the relationship between non - debt - related tax shields and capital structure.