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InternationalReviewofFinancialAnalysis20(2011)103–112

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InternationalReviewofFinancialAnalysis

Cancorporatetaxshieldsexplainthelong-termborrowingbehaviourofChineselisted rms?

Chin-BunTsea, ,TimothyRodgersb

ab

DepartmentofAccountingandFinance,BusinessSchool,UniversityofBedfordshire,VicarageStreet,LutonLU13JU,UKDepartmentofEconomics,FinanceandAccounting,BusinessSchool,CoventryUniversity,EnglandCV15FB,UK

articleinfoabstract

Thispapertestswhetherornotthewell-documentedcorporatetaxshieldsexplanationofcapitalstructureisapplicableto rmslistedontheShanghaiStockExchangeovertheperiod2002–2007.ATobitregressionmodelisappliedtoexaminethisissuefromadebt-capacityperspective.Thisisapplied, rst,inrelationtoallmarketsectorsandthensecondly,inrelationtothemanufacturingsector.ItisfoundthatChinese rms'managersmakecommerciallyrationaldecisionsinthattheyonlyborrowwhenthecostsofborrowingaresigni cantlylowerthanthereturnsgenerated.However,contrarytotheoreticalexpectations,noevidenceisfoundtoindicatethatlisted rmsinChinamakeef cientuseoftaxshields.Thetaxshields,equivalenttoseveralhundredbillionUSdollarsperyear,areoutthere,sowhydon'tChinese rmstakeadvantageofthem?Thispapertentativelysuggeststhatculturalattitudestowardsborrowingandalsohighlevelsofgovernmentshareholdingscanbeconsideredaspossibleexplanations.Itisidenti edhoweverthatfurtherresearchwouldberequiredinordertocon rmthis.

©2011ElsevierInc.Allrightsreserved.

Articlehistory:

Received25March2010

Receivedinrevisedform17February2011Accepted17February2011JELclassi cation:G32

Keywords:

CapitalstructureTaxshields

ChineselistedcompaniesManufacturing rms

1.Introductionandbackgroundliterature

Ithasbeenwelldocumentedintheliteratureby,amongstothers,Miller(1998)thathigherlevelsofdebt nancecanincreasethetotalmarketvalueofa rmthroughtaxshieldeffects;this,providedthattheadditionalfundsgenerateincomegreaterthanthecostsofborrowing.Althoughtheexistenceofhigherbankruptcyriskandagencycostsmayreducetaxshieldbene ts,thesecostsarerarelyhighenoughtoeliminatetaxbene ts.ItwouldappeartothepresentauthorsthatMiller'swordsareparticularlyrelevantinrelationtoChinainthecontextofitsdouble-digiteconomicgrowth.Duringeconomic-boomtimesbankruptcyriskisusuallysigni cantlyreducedandtaxablepro tstendtoincreaserapidly.Insuchcircumstancesthe nancialbene tsassociatedwithincreasingborrowingtotakeadvantageofataxshieldarelikelytoconsiderablyoutweighanyadditionalcosts.

TheliteratureexploringtheimpactofrapideconomicgrowthonChinese rms'capitalstructuresisrelativelylimited.Inparticular,wecan ndlittlecredibleresearchthatattemptstoexamineindustry-relateddifferences.ThisissueisofparticularinterestheregiventhatmuchofChina'seconomicgrowthhasbeendominatedbythemanufacturingsector(whichisasectorgenerallyacknowledgedtohaveahighdebtcapacity).

ItisalsonotclearfromthecurrentliteraturewhetherornotthecapitalstructuretheoriesdevelopedfromaWesterneconomicperspectivecanbeappliedtopresent-dayChina.Recentevidenceappearstosuggestthatthecapitalstructureparadigmhasstrongexplanatorypowerinwidelydifferenttypesofeconomicenvironment.DeloofandOverfelt(2008),forexample,citeevidencetotheeffectthatthesamecapitalstructuremodelcanbeappliedto rmsinBelgiuminboththepresent-dayandthepreWorldWarIeconomicenvironments.Thiswouldappeartoindicatetherobustnatureofcapitalstructuretheories.However,aretheyapplicableacrossdifferentculturesaswellasacrosstime?WeareparticularlyinterestedinexaminingtheapplicabilityoftaxshieldtheorytoexplainChinese rms'capitalstructuredecisions.Inexploringthisissue,thispaperaddressesthequestions:

1.Canthegearing(orleverage)levelsofChinese rmsovertheperiod2002–2006beexplained,atleastpartly,bytaxshieldeffects?

2.Giventhatmanufacturingindustrynormallyhashigherdebtcapacity,1isthereevidencethatgreateruseismadeoftaxshieldsinthissector?

3.Aspersonaltaxcouldconstrainthesizeofthecorporatetaxshield,do rmsquotedsolelyontheShanghai‘A’index(availabletolocal

Thisisbecause,ingeneral,manufacturing rmshavemoretangibleassetsthatcanbeeasilyresoldthando rmsfromotherindustries.Inaddition,thehigher-than-averagegrowthpotentialofthissectorinChinashouldmakeiteasierforthemtoobtainborrowingasperceivedrisksofdefaultarelower.ThedebtcapacityofChinesemanufacturing rmswas0.8513(estimatedas:FA/(Equity+LTD)asatNovember25th2008.ItcanbenotedthatalargenumberofChinesecompaniesare nancedtoasigni cantdegreethroughshorttermbank

loans).

1

Correspondingauthor.

E-mailaddresses:Chin-Bun.Tse@beds.ac.uk(C.-B.Tse),T.Rodgers@coventry.ac.uk(T.Rodgers).

1057-5219/$–seefrontmatter©2011ElsevierInc.Allrightsreserved.doi:

10.1016/j.irfa.2011.02.011

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