税收规避、商业信用融资和企业绩效  

Tax avoidance,Trade Credit Financing and Corporate Performance

作　　者：付佳[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510000

出　　处：《山西财经大学学报》2017年第2期87-98,共12页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71172198)

摘　　要：以中国2005-2014年沪深A股上市公司为样本,分析税收规避与企业商业信用融资的关系、企业商业信用融资和企业绩效的关系,以及不同融资约束企业的税收规避通过商业信用融资对企业绩效作用的差异性。研究结果表明,税收规避与企业商业信用融资显著负相关,商业信用融资与企业绩效显著正相关。进一步研究发现,非国有控股企业的税收规避所引起的商业信用减少会显著降低企业绩效;而国有控股企业的税收规避所引起的商业信用减少对企业绩效的影响较小或不显著。Taking the listed companies in Shanghai and Shenzhen A-share market during 2005 to 2014 as samples, this paper analyzes the effects of tax avoidance on trade credit financing, trade credit financing on corporate performance and the different effect of tax avoidance on corporate performance through trade credit between enterprises of different financing constrains. The results show that tax avoidance and trade credit financing are significantly negatively correlated, trade credit financing and corporate performance are significantly positively related. Further studies find that the reduction of trade credit caused by the tax avoidance of non-state- owned firms will reduce corporate performance; and the the reduction of trade credit caused by the tax avoidance of state-owned com- panies wi]l have less impact on corporate performance or not significant effect.

关 键 词：税收规避 商业信用融资 企业绩效 所有权性质 

分 类 号：F275[经济管理—企业管理]