The first can be described as micro-level factors, such as non-debt tax shield, growth rate and equity structure, etc. The other can be concluded as economic development, income tax, inflation, and so forth.
归纳起来，首先是微观因素，包括公司的非债务税盾、成长性和股权结构等；其次是宏观因素，包括经济发展水平、所得税和通货膨胀等。
参考来源 - 我国农业上市公司资本结构研究·2,447,543篇论文数据，部分数据来源于NoteExpress
Their results are similar to ours in that they conclude that these tax benefits act as a non-debt tax shield and affect leverage.
他们得出了这些税务优惠可以充当非债税务屏障和杠杆的结论，这个结果和我们的相似。
Theory suggests that firms with tax benefits from the exercise of stock options should carry less debt since tax benefits are a non-debt tax shield.
这个理论建议公司运用股票期权带来的税收利益从而减少负债，因为税收利益可充当债务的挡箭牌。
This paper also points out that growth opportunities, firm scale, non-debt tax shield, profitability are all the significant factors which have great impacts on the capital structure in China.
研究还表明公司的成长性、规模、非负债税盾以及盈利性也是影响我国上市公司资本结构的重要因素。
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