战略联盟与公司税负  

Strategic Alliances and Corporate Tax Burden

作　　者：陈文瑞 叶建明[1] 曹越[2] 孙丽 Chen Wenrui

机构地区：[1]厦门大学管理学院,361005 [2]湖南大学工商管理学院,410082

出　　处：《会计研究》2021年第3期72-86,共15页Accounting Research

基　　金：国家社会科学基金项目(20BGL071)的阶段性成果。

摘　　要：在全球迅速兴起的战略联盟是公司获取竞争优势的重要途径之一。本文以2009-2018年沪深A股上市公司为研究样本,检验了公司参与战略联盟对其税收负担的影响。研究结果表明:参与战略联盟的公司,其整体税收负担显著低于未参与战略联盟的公司,且股权式联盟和契约式联盟均可降低公司税收负担。区分联盟伙伴及公司异质性特征的进一步研究发现:只有当联盟伙伴为民营公司时,参与战略联盟才能显著降低公司税负;当公司大股东存在关联关系、公司位于法律环境较差地区及公司的避税动机更强时,战略联盟对公司税负的降低效应更大。拓展性分析结果显示,关联交易(资本支出)是股权式联盟(契约式联盟)影响公司税负的主要渠道。本文丰富了战略联盟的经济后果和公司税负的影响因素研究,并为改善战略联盟的监管提供了政策参考。The strategic alliance is one of the important ways for companies to gain competitive advantage.Using a sample of Chinese listed firms during the period of 2009-2018,we examine how companies participate in strategic alliances affect their tax burden.The key finding is that the overall tax burden of companies participating in strategic alliances is significantly lower than that of companies not participating in strategic alliances,and that both joint ventures and contract alliances can reduce corporate tax burden.Moreover,we find that only when the alliance partners are private companies,can they significantly reduce corporate tax burden when participating in strategic alliances.When the company is located in a region with a poor legal environment can the strategic alliance significantly reduce the corporate TaxBurden,the reduction in corporate tax burden is greater.Also,we find that the motivation of tax avoidance may aggravate the negative relationship between strategic alliances and corporate tax burden.In addition,our finding also reveals that connected transactions(capital expenditures)are the main channels through which joint ventures(contractual alliances)affect corporate tax burden.And our findings are robust to using a variety of sensitivity tests and endogeneity test.Our evidence adds to knowledge about the economic consequences of strategic alliances and the influencing factors of corporate tax burden.

关 键 词：战略联盟 公司税负 关联交易 资本支出 

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