资本市场开放对企业避税的治理效应:基于“陆港通”开通的准自然实验证据  

The Governance Effect of Stock Market Liberalization on Corporate Tax Avoidance:Evidence from A Quasi-experiment of"Mainland-Hong Kong Stock Connection"Scheme

作　　者：王勇[1] 芦雪瑶 Wang Yong;Lu Xueyao

机构地区：[1]海南大学经济学院 [2]海南大学管理学院

出　　处：《世界经济研究》2022年第1期75-89,M0003,M0004,共17页World Economy Studies

基　　金：国家自然科学基金项目“外国证券投资的营商环境变迁研究:全球离岸金融中心的制度性嵌入视角”(项目批准号:72164009);海南省哲学社会科学规划课题“海南自贸港‘两山银行’的运营模式和实现路径研究”(项目批准号:HNSK(YB)21-19)的资助。

摘　　要：资本市场开放是中国加快构建新发展格局,实现经济高质量、可持续发展的重大举措。文章以中国启动"陆港通"交易试点为背景,运用多期双重差分模型实证检验了资本市场开放对企业避税的治理效应。研究发现,引入"陆港通"机制显著抑制了企业避税,其作用机理主要是通过缓解上市公司融资约束,增强外部监督,削弱企业避税的动机和能力,进而发挥资本市场开放的治理作用。进一步研究发现,上述治理作用在税收征管力度较弱及企业内部治理水平较高的样本中更为显著,与企业内部治理存在协同效应,但未能产生对外部税收征管的替代效应。本研究为坚定扩大资本市场对外开放战略、深化金融供给侧改革提供了理论支撑,也为实现税收公平和正义、促进实体经济稳健发展提供了经验证据。The opening up of the stock market is a major measure for China to accelerate the construction of a new development pattern and achieve high-quality and sustainable economic development.Based on the"Mainland-Hong Kong Stock Connection"scheme China have launched(Herinafter,The Scheme),this article uses a multi-period difference-in-difference model to test governance effect of stock market liberalization on corporate tax avoidance.The study explores that the implementation of The Scheme has significantly restrained corporate tax avoidance activities.This implementation eases the financing constraints of listed companies,improves the company′s information environment,strengthens external supervision,and weakens the motivation and ability of corporate tax avoidance.Further,the above-mentioned governance effects are more pronounced in samples with weaker tax collection and management and higher levels of corporate internal governance.There is a synergistic effect with corporate internal governance,but there is no substitution effect with external tax collection and management.This research provides theoretical support for strengthening the financial high-level opening-up strategy and deepening financial supply-side reforms.It also provides empirical evidence for achieving tax fairness and justice and promoting the steady development of the real economy.

关 键 词：资本市场开放 陆港通 企业避税 公司治理 

分 类 号：F832.51[经济管理—金融学] F812.42F275.4