译文（字数 5037）：

企业所得税税收筹划研究

与旧企业所得税法相对比，新的企业所得税法对企业所得税的税务规划提出了新的任务，同时在许多方面也进行了重新修订，如纳税人、税前扣除税收优惠等方面。在新的企业所得税的背景下，我们将主要讨论研究企业所得税税收筹划的的各个主要阶段，如企业融资、投资、管理、分配阶段。

1.融资阶段的税收筹划      

企业融资阶段的所得税税收筹划的内容主要包括了融资的融资模式和融资渠道。

1.1税收筹划的融资方式      企业的融资方式主要包括股权融资和债务融资，是两种不同的融资模式将产生不同的税收结果。一般来说，在固定的税率水平下，负债融资产生的利息成本的刚性可以在税收前确认。在同一时期，由银行同意监管的相同的利率水平下，帐户盈利税法允许在计算应纳税所得额时，因调整而引起的债务可以在税前扣除利息开支，这就相当于国家财政认为各季度的利息来自于企业本身。股本融资是税收弹性成本，它可以在报税后确认。企业提供奖金、股票和股息，分配给投资者时只有一个项目，那就是税后利润（净利润），它必须税后分配。两种融资模式的之间的节税差异是非常明显的。企业的股权结构，负债权益比例较高，并且税收成本的节能效果更加显着。在投资回报率高于负债成本率，提高负债融资的比例的前提下，会给企业的所有者带来额外的经济利益，最终提高企业价值。但是我们也应该注意到，过度的负债会增加企业的财务风险，会诱发企业的股权结构异常，负债危机将导致企业的财务状况崩溃。因此，在企业融资方式的税收筹划中，必须确保股权结构是处于至关重要的的风险范围之内。

外文原文（字符数 18878）：

 Comparing with the old enterprise income law, the new enterprise income law changed in many aspects such as the taxpayer, the pre-tax deduction, and the tax preference, which put forward new task for the tax planning of the enterprise income tax. Under the background of new enterprise income tax, we  will discuss the tax planning in the main stages such as the enterprise financing,  investment, management and distribution.   

1.Tax planning in the stage of enterprise financing   

The tax planning of the income tax in the stage of enterprise financing mainly includes the contents about the financing mode and the financing channel. 

1.1Tax planning of financing mode   

The financing modes of enterprise mainly include the equity financing and liability financing, and two different financing modes will produce different tax results. Generally speaking, under the fixed tax rate level, the liability financing can produce the interest rigid cost which can be reported before tax. When the account profit is adjusted as the taxable income, the tax law allows that the interest expenditure induced by the liability can be deducted before tax in the same interest rate regulated by the Bank in the same period, which equals that the state finance assumes a quarter of interest cost fro the enterprise. The equity financing is the flexi ble cost of bonus stock which can be reported after tax. The mode that the enterprise provides bonus stock and dividend to the investors is only one item of the distraction of post-tax profit (net profit), and it must be distributed after tax. The tax saving difference between two financing modes is very obvious. In the equity structure of  enterprise, the proportion of the liability equity is higher, and the saving