论合理避税对创新的影响——兼论独立董事监督与产品市场竞争的“护城河效应”  

How Does Tax Avoidance Affect Innovation——Considering the “Moat Effect”of the Supervision of Independent Directors and Product Market Competition

作　　者：朱泓璋 李婷婷[1] ZHU Hong-zhang;LI Ting-ting(Business School,Renmin University of China,Beijing 100089,China)

机构地区：[1]中国人民大学商学院,北京100089

出　　处：《技术与创新管理》2018年第4期370-379,共10页Technology and Innovation Management

摘　　要：企业的创新活动由于其高风险和高不确定性等原因常常面临着严重的财务约束,然而,创新已成为企业获得核心竞争力的重要源泉。基于代理理论和超产权理论,文中探索了合理避税与企业创新之间的关系,并在此基础上探讨了独立董事监督和产品市场竞争的"护城河效应"。文中以2008-2016年所有A股上市公司为样本的实证结果显示:合理避税对企业技术创新具有显著的促进作用;独立董事监督越强,产品市场竞争越激烈,合理避税对企业创新的促进作用越显著,因此,独立董事监督和产品市场竞争对合理避税具有"护城河效应"。Innovation of enterprises is often faced with serious financial constraints owing to its high-degree risk and uncertainty.However,innovation has become an indispensable source of core competitiveness for enterprises.Based on agency theory and beyond property right theory,this paper explored the relationship between tax avoidance and enterprise innovation,probed into the role of“moat effect”played by independent director supervision and product market competition.Using panel data of Chinese listed companies from 2008-2016,this paper found that tax avoidance plays a significant role in promoting technological innovation of enterprises;the more intense the supervision of independent directors and product market competition are,the more obvious the strengthening effect of tax avoidance on enterprise innovation.Therefore,independent director supervision and product market competition have a“moat effect”on tax avoidance.

关 键 词：合理避税 技术创新 产品市场竞争 独立董事监督 护城河效应 

分 类 号：F275[经济管理—企业管理] F626[经济管理—国民经济]