It is because the "tax shield" exists, making leverage the benefits of corporate access to debt financing, thereby increasing enterprise value.

After that, the Trade-off theory and the Agency theory all discussed how to make choices between debt and equity by using the tax shield.

随后，权衡理论，代理理论都直接或间接地利用负债融资税盾价值讨论债务资本与权益资本的选择。

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Findings indicated that the distortion value of interest rate on loan must be bigger than net tax shield value in sample time.

研究结果发现在样本期内，债务的利率扭曲价值要大于净税盾价值。

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Have negative correlation with collateral value of asset and non-debt tax shield;

资产担保价值和非负债税盾与负债比率负相关；

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Debt Tax Shield Model under Revenue Uncertainty& Extension to MM's Tax Shield Model

收益不确定条件下债务税蔽模型&对MM税蔽模型的扩展

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Tax Shield, Bankruptcy Cost and the Optimal Capital Structure

节税收益、破产成本与最优资本结构

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The non-debt tax shield assumes the inverse correlation with three debts.

非债务税盾与三个负债均呈负相关。

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Operating profit theoretical assumed that when enterprise debt ratio increases, the debt tax shield benefits brought about by increased liabilities of just being caused by the cost of equity capital, offset by an increase, the total value of the company remain unchanged.

营业净利理论假设：当企业负债比例增加时，负债带来的税盾效应刚好被负债增加所引起的股权资本成本的上升所抵消，公司总价值不变。

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Through the establishment and solution of equilibrium model, this dissertation gets the conclusion that small countries would be attracted to participate in tax information exchange system by introducing tax revenue sharing mechanism.

通过建立均衡模型及求解，结论证明引入税收收入分享机制能够吸引小国参与税收情报交换体制，结论有助于促进国际税收情报交换制度的建立。

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Heilongjiang Province has fragile local financial, such as "ate meal the finance"," land financial" and "oil financial" problems, so fighting for the tax incentive policies pilot and adjusting by sharing tax sharing ratio is indispensable.

黑龙江省地方财力薄弱，吃饭财政、土地财政、石油财政问题依然存在，因此可争取税收激励政策试点，调增共享税分成比例等。

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In 1994, China implemented the tax reform, tax sharing between national tax and local tax. At that time, double main taxes both income tax and turnover tax was established by the State Administration of Taxation.

1994年中国实行分税制的税收改革，当时国家税务总局确立的是所得税与流转税并重的双主体税种。

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After Nixon took office, the federal government began to implement the new federalism which focus on the federal and state tax revenue sharing and restore the balance of power relations and try hard to establish a new partnership between federal and state.

尼克松上台后，开始推行以联邦和州分享税收为中心的新联邦主义，努力恢复联邦政府和州政府之间的权力平衡关系，力图在二者间建立一种新的伙伴关系。

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Banking, insurance, the administrative department for industry and commerce and other major economic administrative departments shall be the economic information with tax department sharing.

银行、保险、工商行政管理部门和其他主要经济管理部门的经济信息应当与税务部门共享。

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Evaluation and Suggestions of the Tax-sharing Fiscal System

分税制财政体制：评价与建议

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On the Perfecting Legislation of Tax-sharing System in China

论我国分税制体制的立法完善

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Much more worrying is that, since the tax sharing system, the structure of local fiscal expenditure has been a systematic bias, and this bias is not with economic development and system reform and the correct sign, instead continue to maintain a rigid locking state.

更令人担忧的是，分税制以来，地方财政支出结构一直处于系统性的偏向，而且这种偏向并没有随着经济发展和体制改革而出现修正的迹象，相反继续保持着僵化的锁定状态。

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In the countries with ripe market economy, the tax sharing system is generally implemented as part of the finance management system, drawing a clear line between the central management authority of taxation and the local management authority of taxation and has produced good results in reality.

在成熟的市场经济国家，都实行分税制财政管理体制，科学规范的划分中央和地方之间的税收管理权限，在实践中产生了良好的效果。

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Fourth, behind the high frequency of the King of land in 2009, the abuses of the financial system of land under our tax sharing system have been exposed. This is the root of resolving the current land problems.

第四，2009年地王频现的背后，暴露出我国分税制下土地财政制度的弊端，这是解决当前土地问题的根本。

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To be specific, need deepen the tax sharing reform and promote the standard management of the non-tax revenue; make all the related service well and carry out the development strategy about urban and rural harmonious.

具体来说，即是深化分税制改革，推进非税收入管理规范化；做好各种配套服务，实施城乡统筹发展战略。

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As the main part of the financial system, the reform of tax sharing system, in order to ensure the central local two levels of financial resources, play an important role in the establishment of long-term operation mechanism.

作为财政体制的主要内容，分税制财政体制改革为保证中央、地方两级财力，建立长效运作机制发挥了重要作用。

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However, the tax sharing fiscal system without explicit financial system below the provincial level, there are not unified, not standardized, the phenomenon of the imperfect financial system below the provincial level.

然而，分税制财政体制未明确省以下财政体制，省以下财政体制存在不统一、不规范、不完善的现象。

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