税收规避同伴效应能提升企业投资效率吗?——来自A股非金融上市公司的经验证据  

Can the Peer Effect of Tax Avoidance Improve Corporate Investment Efficiency? Empirical Evidence from A-share Non-financial Listed Companies

作　　者：洪金明 王梦凯 马德芳[2] Hong Jinming;Wang Mengkai;Ma Defang(Chinese Academy of Fiscal Sciences,Beijing 100142,China;School of Management,Capital Normal University,Beijing 100089,China)

机构地区：[1]中国财政科学研究院,北京100142 [2]首都师范大学管理学院,北京100089

出　　处：《外国经济与管理》2022年第2期52-68,共17页Foreign Economics & Management

基　　金：国家社会科学基金项目(13CJY108)。

摘　　要：税收规避作为一项重要的财务策略,现有文献主要从代理问题和信息不对称视角进行考察,较少关注企业间的影响及其经济后果。本文以2008—2019年我国A股非金融上市公司为研究样本,基于同伴效应视角,分别从行业和地区层面考察了税收规避对企业投资效率的影响。研究发现:(1)我国上市公司税收规避存在同伴效应,并且地区同伴效应要优于行业同伴效应。(2)税收规避同伴效应能够提升企业投资效率,地区同伴效应能减少投资过度,行业同伴效应能缓解投资不足。(3)税收规避同伴效应能够通过降低现金持有水平、减少代理成本以及提高企业信息透明度发挥其治理效应,补偿自身税收规避造成的投资效率下降,从而显著提升企业投资效率。进一步研究发现,在企业治理水平越高、同伴企业市场地位越高的情境下,税收规避同伴效应对投资效率的提升作用越显著。本文不仅提供了税收规避影响因素方面新的经验证据,丰富了同伴效应及其经济后果的研究成果,还对企业和税收征管部门在不同情境下制定合理的财务决策和征管政策有重要的现实意义。Tax avoidance is an important financial strategy. Existing studies address that tax avoidance can reduce investment efficiency by exacerbating information asymmetry and causing agency problems, and pay less attention to the impact of behavioral interactions among companies and its economic consequences. Learning from the tax avoidance behaviors of peer companies can not only optimize their evaluation results from external investors, strengthen supervision of management, and alleviate agency problems, but also improve corporate information transparency and reduce information asymmetry of the outside. Therefore, can the peer effect of tax avoidance play a governance role at the views of “agent” and “information” to compensate for the decline in investment efficiency caused by tax avoidance, thereby improving investment efficiency?Based on the perspective of peer effect, the data of China’s A-share non-financial listed companies from 2008 to 2019 are used to study the impact of tax avoidance on investment efficiency from the industry and regional levels. The results show that:(1) There exists a peer effect in the tax avoidance of listed companies in China, and the regional peer effect is stronger than the industry peer effect.(2) The peer effect of tax avoidance can improve corporate investment efficiency. The regional peer effect can reduce overinvestment, while the industry peer effect can alleviate underinvestment.(3) The peer effect of tax avoidance has a governance effect by reducing cash holdings, reducing agency costs, and improving corporate information transparency, and compensates for the decline in investment efficiency caused by tax avoidance. Additionally, the higher the level of corporate governance and the higher the market position of peer companies, the more significant the peer effect of tax avoidance on the improvement of investment efficiency. Moreover, based on the robustness test, the research results are still reliable after changing the investment efficiency measurement method, chan

关 键 词：税收规避 同伴效应 投资效率 现金持有水平 代理成本 信息透明度 

分 类 号：F270[经济管理—企业管理]