How to avoid the economic double taxation among the corporation income tax and individual income tax and develop the whole function of tax system is an important topic in the research of tax system in many countries and area 消除或缓解公司所得税和个人所得税之间的经济性重复课税，实现两者的协调，发挥整个税收制度的总体功能，是当今各国或地区税制研究的重要课题。
Francomodigliani and mertonmiller ( 1958 ) put forward mm theory called by modern financial theory that capital structure bears no relation to the enterprises ’ market value in the condition of no corporate income tax and other assumptions 莫迪格利安尼和米勒( francomodiglianiandmertonmiller , 1958 )提出了现代财务理论所称的mm理论:在无公司所得税等假设条件下,企业的资本结构与企业的市场价值无关。
Firstly , i probe into the nature of the corporate dividend policy . then , how the corporate income taxes , personal income tax and capital gains tax affect the corporate dividend policy are considered interactively in the study . a general equilibrium model about tax effect on the corporate dividend policy is constructed at the end of this section 首先在深入分析股利政策实质的基础上，界定了股利政策的内涵，接着研究公司所得税、个人所得税和资本利得税对公司股利政策的影响，最后建立了公司股利决策税收效应的一般均衡模型。
After a summary of mm irrelevant theory , i study how the corporate income taxes , personal income tax and capital gains tax affect the value of the firm . at the end of this section , i formulate a state preference general equilibrium model about tax effect on the corporate capital structure decisions on a basis of the taxation in china 应用现代资本资产定价理论，本章首先回顾了mm的资本结构无关理论，接着讨论公司所得税、个11 k司财务政策的税收效应研究人所得税和资本利得税对公司资本结构的影响。
Then , this paper takes a discussion on the condition of micro tax - burden that heavier tax - fee burden and difference of tax burden are two phenomena in microenvironment . by way of demonstration , the research of income tax level shows that region and industry are significant factor to influence the income tax level of " a " shares listed companies . the fee is much heavier comparing to tax , so that reducing fee is imperative under the situation 接着，本文对我国微观税负状况进行了探讨，税费负担重、税负差别大是企业税负问题中两个明显的现象；借助上市公司所得税税负水平的实证分析，得出地域和行业因素显著影响不同微观企业的税负水平，从微观来看“费重”的问题同样十分突出， “减费、正费”势在必行。
In the condition of perfect capital of firm ' s income tax , future cash flow rate of entering firm will increase for exist of interest tax shield . so liability can increase firm ' s value and increase firm ' s value brow ( value brow is multiply of tax rate and liability brow ) . if liability inprove , value increment will increase with it . in the condition of perfect market of firm income tax and individual income tax 在仅存在公司所得税的完善资本条件下，因为利息税盾的存在，流向企业的未来现金流量增多。因此，负债能增加企业价值，并且增加企业的价值额为税率与负债的乘积，负债越多，价值的增量也越大，既存在公司所得税同时又存在个人所得税的完善市场条件下，当[ ( 1 - t _ 2 ) ( 1 - t _ 1 ) ( 1 - t _ 3 ) ]负债能增加企业价值。
This paper chooses five kinds of listed companies according to region policy , industry policy and other preferential policy , to demonstrate the correlation between income tax preferential policy and prosecution achievement of listed companies . it is be found that present tax preferential policy reacted on some companies , such as high - tech companies and fundamental construction companies . but it had less effect on other kind , which have regional tax preferential policy or other preferential policy issued by local government 同样借助上市公司所得税税负为研究对象，建立相关指标xt和yt + 11 ，对近年来（ 1997 - 2001年）五类受惠上市公司的受惠程度与经营水平进行了实证分析，发现当前的税负优惠政策对产业类上市公司起到了促进作用，而对于区域型受惠上市公司以及享受地方财政“先征后返”的上市公司则没有明显效果，特别是“先征后返”型只是降低了企业税负，达到了地方保护主义的目的。
