经济政策不确定性、流动性预防与企业避税  

Economic Policy Uncertainty,Liquidity Precaution and Corporate Tax Avoidance

作　　者：王菁华 茅宁[2] WANG Jinghua;MAO Ning(Nanjing Audit University,Nanjing,211800;Nanjing University,Nanjing,210093)

机构地区：[1]南京审计大学会计学院 [2]南京大学商学院

出　　处：《中国经济问题》2020年第6期91-106,共16页China Economic Studies

基　　金：国家自然科学基金项目(71372031);国家自然科学基金青年项目(71702070);江苏省普通高校学术学位研究生科研创新计划项目(KYLX16_0024)的资助。

摘　　要：本文章以2007-2016年我国上市企业为研究对象,考察经济政策不确定性背景下的企业税收规避行为。研究发现,当经济政策不确定性上升时,出于流动性的预防动机,企业会进行更多的避税行为。经济政策不确定性对税收规避的影响具有时渐性,在第二年达到峰值。企业融资约束较强或财务冗余度较低时,经济不确定性对企业避税的促进作用更为明显;当外部市场化程度更低、产品市场更为激烈时,经济政策不确定性与企业避税之间的敏感性会增强。本文的成果丰富了经济政策不确定性在微观层面的效应研究,同时也提供了企业避税行为影响因素的新证据。Based on a sample of Chinese listed firms from 2007 to 2016,this paper investigates the association between economic policy uncertainty and corporate tax avoidance.The result shows that economic policy uncertainty is positively related to corporate tax avoidance.With external uncertainty growing,firms would be more tax aggressive due to the precautionary motivation.The promotion effect peaks in the following year.Further analysis shows that the increasing effect of economic policy uncertainty on aggressive tax behavior is more pronounced in firms with more financial constraints and firms with less financial slack.In addition,corporate tax avoidance induced by growing economic policy uncertainty is more obvious with fiercer market competition and lower marketization.These findings not only enrich the literature on micro economic effects of economic policy uncertainty which is of great value to policy makers,but also provide the new empirical evidence on the determinants of corporate tax avoidance.

关 键 词：经济政策不确定性 企业避税 流动性预防动机 

分 类 号：F275[经济管理—企业管理] F120[经济管理—国民经济] F832.51