机构交叉持股能抑制企业避税吗?  

Can Institutional Cross Blockholding Inhibit Corporate Tax Avoidance?

作　　者：邢斐[1] 周泰云 李根丽 XING Fei;ZHOU Tai-yun;LI Gen-li(School of Economics,Huazhong University of Science and Technology,Wuhan,Hubei,430074,China)

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《经济管理》2021年第5期125-141,共17页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目“企业集团、产业政策与企业技术创新”(71874061)。

摘　　要：伴随着资本市场的飞速发展,越来越多的上市公司通过机构投资者产生股权关联,这种机构股权关联如何影响企业行为是学术界近年来关注的热点话题。本文利用2008—2018年中国A股上市公司的19954个有效样本,探究了机构交叉持股对企业避税的影响及其作用机制。研究发现:机构交叉持股能够显著降低企业的避税程度,原因在于机构交叉持股这一外部治理机制,通过提升公司治理水平和缓解融资约束,进而抑制了企业的避税动机。进一步研究显示,相比于其他企业,交叉持股的机构投资者对避税行为的抑制作用在信息透明度低的企业中更为显著;此外,机构交叉持股企业的避税活动会损害企业价值。本文的研究不仅丰富了机构交叉持股经济后果和企业避税影响因素的相关文献,而且印证了交叉持股机构投资者作为外部治理机制的有效性,对企业的长远发展和资本市场的有序运行具有重要的现实意义。With the rapid development of the capital market, more and more listed companies have established equity linkages through institutional investors.In the past several decades, the fraction of U.S.public firms held by cross-blockholders has increased from about 10% in 1980 to 70% in 2014.In China, the institutional trend of investors is also getting more obvious.Since then, the impact of institutional equity linkages on corporate behavior has attracted the attention of many scholars.Previous studies on institutional cross-blockholding examines how such cross-ownership affects firms’ operating activities such as product market coordination, corporate innovation, corporate acquisitions, and corporate governance.In this paper, we differ from prior studies by examining how institutional cross-blockholding affects the firm’s behavior to affect corporate tax avoidance.Drawing on data analysis of Chinese A-share listed companies between 2008 and 2018,this paper examines how institutional cross-blockholding affect corporate tax avoidance.The results indicate that institutional cross-blockholding reduces the degree of corporate tax avoidance.Our findings are robust to alternative specifications of institutional cross-blockholding and corporate tax avoidance, alternative estimation methods, and after accounting for endogeneity.The reason is that institutional cross-blockholding alleviates corporate financial constraints, and impedes corporate tax avoidance to reduce the financial pressure.Further studies show that institutional cross-blockholding reduces the degree of information asymmetry, which may reduce financial constraints.And it also can increase their monitoring incentives, which may improve corporate governance, Compared with other companies, institutional cross-blockholding plays a more significant role in decreasing the level of tax avoidance with higher information transparent.In addition, tax avoidance in companies with institutional cross-blockholding can damage firm value.Our paper makes two main contribut

关 键 词：机构交叉持股 企业避税 公司治理 融资约束 

分 类 号：F275[经济管理—企业管理]