税收规避能够提升企业价值吗?——基于货币政策视角的研究  

Does Corporate Tax Avoidance Improve Firm Value?——Evidence from the Perspective of Monetary Policy

作　　者：程小可[1] 李浩举 郑立东[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《审计与经济研究》2016年第3期63-72,共10页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71272055;71572009);中央高校基本科研业务费专项资金资助北京交通大学基本科研业务费研究生创新项目(2016YJS059)

摘　　要：基于我国特殊制度环境,本文考察了不同货币政策下企业税收规避对其价值的影响机理。研究发现:不同的外部经济政策环境会改变企业税收规避影响企业价值的作用途径。具体而言,货币政策宽松时期,投资者将企业税收规避行为视为存在代理问题的信号,由此对企业价值给予较低评价;货币政策紧缩期,合理的税收规避行为可作为一种替代性的内源融资方式缓解企业潜在的融资约束问题,并且投资者将实际税负的降低解读为一种企业价值增加的信号;进一步的分析表明货币政策通过影响企业融资约束程度进而影响企业税收规避和企业价值的关系。This paper investigates the effect of corporate tax avoidance on firm value under different monetary policies based on the Chinese unique institutional context.We find that macroeconomic policies have an impact on the relationship between tax avoidance and firm value.Specifically,when the monetary policy tends to be loose,investors consider tax avoidance activities as the signal of agency problems and discount the valuation of firms.While in the periods of tightening monetary policy,tax avoidance can mitigate the financial constraints facing by firms as one potentially significant source of internal funds available to firms.Investors perceive the decrease of effective tax rate as the signal of higher value.Further investigation suggests that monetary policy affects the relationship between tax avoidance and firm value by influencing the financial constraints of firms.

关 键 词：货币政策 企业税收规避 融资约束 企业价值 外部经济政策环境 融资约束缓解效应 代理成本增加效应 企业税收行为 宏观经济政策 微观企业行为 企业避税 

分 类 号：F235.99[经济管理—会计学]