CEO-CFO校友关系与公司避税行为——基于税收征管强度视角的研究  

CEO-CFO School Ties and Corporate Tax Avoidance——Based on the Perspective of Tax Enforcement Strength

作　　者：闫焕民[1] 廖佳[2] YAN Huan-min;LIAO Jia(School of Economics ＆ Management,Nanchang University,Nanchang 330031,China;School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]南昌大学经济管理学院,江西南昌330031 [2]江西财经大学会计学院,江西南昌330013

出　　处：《现代财经（天津财经大学学报）》2018年第9期77-91,共15页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(71662021)

摘　　要：以2007-2015年我国A股上市公司为样本,探讨CEO-CFO校友关系对公司避税行为的影响。研究表明:CEOCFO校友关系对公司避税行为存在显著的促进效应,该效应在税收征管强度较高地区更明显;进一步地,CEO-CFO校友关系的避税效应会显著降低公司价值,这在税收征管强度较高地区尤甚;拓展研究发现公司外部融资约束加剧了CEO-CFO校友关系的避税效应。本文在校友关系的视角丰富了人际关系作为非正式制度影响公司财务决策的研究,为投资者及监管者完善非正式制度的约束机制提供了理论参考。Using the sample of listed companies in Chinese A-share market from 2007 to 2015, this paper studies the impact of CEO-CFO school ties on corporate tax avoidance. The results show that CEO-CFO school ties have a significant promotion effect on corporate tax avoidance, and this effect is more pronounced in stronger supervision area. Further analyses show that the tax avoid-ance effect of CEO-CFO school ties can significantly reduce firm value, especially in stronger super-vision area. Additional analyses shows that corporate external financial constraints exacerbates the positive effect of CEO-CFO school ties on corporate tax avoidance. From the perspective of school ties, this paper not only helps contribute to the literature on the role of ＂Human Relations＂ as an informal system in corporate financial decisions, but also provides a theoretical reference to inves-tors and regulators to improve the constraint mechanism of informal system.

关 键 词：校友关系 避税行为 税收征管强度 公司价值 融资约束 

分 类 号：F810.42[经济管理—财政学]