股票发行上市与税务筹划激进度——基于中国银行业的证据  

Initial Public Offering and Tax Aggressiveness:Evidence from Chinese Banking Industry

作　　者：何慧华 方军雄 HE Huihua;FANG Junxiong(School of Management,Fudan University,Shanghai,200433,China;School of Accounting,Zhejiang University of Finance&Economics,Hangzhou,Zhejiang,310018,China)

机构地区：[1]复旦大学管理学院 [2]浙江财经大学会计学院

出　　处：《中国经济问题》2021年第5期53-72,共20页China Economic Studies

基　　金：国家自然科学基金“制度变迁、股价崩盘经济后果与修复策略研究”(71872048)的资助。

摘　　要：本文利用我国银行业的数据,考察了股票公开发行上市对银行税务筹划行为的影响。公开发行上市改变了企业面临的内外部环境,使得公司管理层需要重新权衡税务筹划的收益和成本,进而影响公司的税务筹划激进程度。本文基于中国2001-2018年银行业数据研究发现:银行上市后税务筹划激进程度显著提高;分组检验结果表明公开上市对税务筹划的影响在大型内资银行和加杠杆周期中更明显。进一步研究表明,银行上市后更高的税务筹划程度是由于管理层专注于改善公司整体经营业绩、缓解盈利压力的结果。This article uses the unique data of China’s banking industry to examine the impact of IPO on the tax planning behavior of banks.IPO have changed the internal and external environment faced by the enterprises.After companies go public,managers need to re-balance the tax planning benefits and costs,which in turn affects the degree of tax aggressiveness.Based on China’s banking industry data from 2001 to 2018,the study finds that the degree of tax aggressiveness significantly increases after the banks’IPO,and this is more pronounced among large domestic banks and during the high-leverage period.By further studying,we find that the after-IPO tax aggressiveness is caused by managers’focus on improving the companies’overall operating performance.

关 键 词：银行 税务筹划 首次公开上市 业绩压力 

分 类 号：F832.51[经济管理—金融学] F812.42