税务风险、税收规避与企业资本结构调整  

Tax Risk,Tax Evasion and Adjustment of Corporate Capital Structure

作　　者：谭光荣[1] 黄保聪 TAN Guangrong;HUANG Baocong(School of Economics and Trade,Hunan University,Changsha,Hunan 410079,China)

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079

出　　处：《财经理论与实践》2021年第2期82-89,共8页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金后期资助(20FJYB051);湖南省社科基金重点项目(18ZWB23)。

摘　　要：基于上市公司数据构建双重差分策略,研究税务风险对企业资本结构调整的影响。结果显示:企业税务风险的下降会减缓企业资本结构调整,平均而言,处理组企业的资本结构降低了约2%,且这一关系在动态条件下依然存在;在规模较小、市场化程度较高的企业,这种抑制效应越明显;税务风险的降低会影响企业避税,进而减缓资本结构的调整速度。因此,完善企业税务风险管理,有助于“稳杠杆”战略的顺利实施。Tax risk is an important part of corporate risk management,which has a wide-ranging impact on corporate behavior.Based on the data of listed companies,a double differential strategy is constructed to study the impact of tax risk on corporate capital structure adjustment.The study found that the decline in corporate tax risk will slow down the adjustment of corporate capital structure.On average,the capital structure of the processing group has decreased by about 2%,and this relationship still exists under dynamic conditions.Further analysis found that in those industrial enterprises and commercial enterprises with smaller scale and higher degree of marketization,the inhibitory effect is more obvious.The mechanism test found that the reduction of tax risk will affect corporate tax avoidance and slow down the adjustment of capital structure.Research will not only help improve corporate tax risk management,but also help implement the"stabilizing leverage"strategy.

关 键 词：税务风险 企业资本结构调整 税收规避 “去杠杆” 准自然实验 

分 类 号：F275[经济管理—企业管理]