税收监管、经营性关联交易与负债资本成本  

Tax Regulation,Operation Related-party Transactions and Cost of Debt

作　　者：孙红[1] 孙刚[2] 

机构地区：[1]华东政法大学商学院,上海201620 [2]浙江财经大学会计学院,浙江杭州310018

出　　处：《山西财经大学学报》2016年第6期114-124,共11页Journal of Shanxi University of Finance and Economics

基　　金：浙江省哲学社会科学规划课题(14NDJC095YB);杭州市科技情报调研项目(20151334M14)

摘　　要：以2009年《特别纳税调整实施办法(试行)》的颁布和实施为契机,以上市公司的关联购销数据为基础,考察了税收监管如何影响经营性关联交易与负债资本成本之间的关系。研究发现:经营性关联交易越多,负债资本成本越高;《特别纳税调整实施办法》出台后,经营性关联交易与负债资本成本之间的正相关关系被削弱。结果表明,税收监管能够通过抑制以掏空为目的的经营性关联交易发挥公司治理的作用,降低了公司的负债资本成本。The policy of hnplementation Regulations for Special Tax Adjustments （Trial） in 2009 provides a great opportunity for us to investigate how tax enforcement influence the relation between the operation related-party transactions （ RPTs ） and the cost of debt based on the data of related-party purchases and sales of the listed companies in Shanghai and Shenzhen. The results show that the cost of debt is positively associated with the amount of operation RPTs. Additionally, the positive relation between the operation RPTs and the cost of debt decreased after the announcement of Trail, which means the tax regulation can reduce the RPTs as the tunneling tool to play the role of corporate governance and finally decrease the cost of debt.

关 键 词：税收监管 经营性关联交易 负债资本成本 《特别纳税调整实施办法(试行)》 

分 类 号：F230[经济管理—会计学]