关联财务公司与公司税收筹划  

Related Finance Company and Corporate Tax Planning

作　　者：刘继红 汪泓[2] Liu Jihong;Wang Hong(School of Accounting,Zhongnan University of Economics and Law;School of Accounting,Zhejiang Gongshang University)

机构地区：[1]中南财经政法大学会计学院 [2]浙江工商大学财务与会计学院

出　　处：《南开管理评论》2019年第6期114-126,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71202178、71702190);教育部人文社会科学研究项目(11YJC790106)资助

摘　　要：传统观点认为财务公司是一种金融机构,然而它在税收筹划方面的作用却很少被发现并证实。本文从减少内部信息不对称和提供专业税收服务两条路径,揭示了财务公司在税收筹划中的作用。具体通过建立双重差分模型检验"上市公司与同一集团内的财务公司首次关联"前后税负水平的变化,以验证财务公司对同一集团内上市公司税收筹划的影响。研究结果表明,财务公司能协助同一集团内的上市公司进行税收筹划,这种效应在降低税负动机强和能力弱的民营企业、小规模公司和管理层持股的公司中更为突出,在外部治理较弱的公司(机构持股比例低、非国际五大审计)也更加明显。财务公司能够发挥税收筹划作用的机制在于:财务公司减少了企业集团及其成员之间的内部信息不对称,能提供专业的税务筹划服务,通过促进兄弟公司之间的关联交易实现节税。本文首次研究了财务公司在公司税收筹划中的作用,填补了金融中介税收筹划功能实证研究的空白,对深入理解我国产融结合与经济发展有重要意义,也是检验供给侧结构改革成果的重要手段。Traditional theory views finance company as a type of financial institution, but its function in corporate tax planning has rarely been explored or evidenced. This paper uncovers the tax planning function of finance companies and reveals that finance companies affect corporate tax planning through two channels: reducing information asymmetry within groups and providing exper tise in tax ser vices. Specif ically, we constr uct a difference-in-difference model and examine the tax burden changes of listed firms before and after they initially become related to finance companies. Results demonstrate that finance companies can assist the tax planning of listed firms in their group, and that this effect is more significant when listed firms are non-state-owned enterprises that have stronger incentives but weaker capabilities to reduce tax burden, when listed firms are small in size and when management hold shares of listed firms. The effect is also more prominent in listed firms with weaker external governance characterized by lower institutional shareholdings and non-big 5 auditors. The paper also finds two mechanisms through which finance companies realize their tax planning functions. First, finance companies centralize the fund management of groups, and therefore reduce the information asymmetry between group members and the headquarters, which is conducive to the capital coordination and synergies in tax planning within groups. Second, finance companies have specialized knowledge and background in tax planning, which may provide professional tax planning advices to group members and facilitate related party transactions between them to achieve tax reduction. This paper investigates the tax planning function of finance companies for the first time, which makes up for the lack of empirical study on the tax planning function of financial intermediaries proposed by Hanlon and Heitzman(2010). The findings of this paper also contribute significantly to the understanding of the industry-finance integration and economic d

关 键 词：财务公司 企业集团 内部资本市场 税收负担 税收筹划 

分 类 号：F27[经济管理—企业管理]