避税与企业创新:基于价值观和代理观视角  

Tax Avoidance and Corporate Innovation:From the Perspectives of Values View and Agency View

作　　者：张欣[1] 董竹[1,2] ZHANG Xin;DONG Zhu(Business and Management School,Jilin University,Changchun 130012,China;Center for Quantitative Economics,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学商学与管理学院,长春130012 [2]吉林大学数量经济研究中心,长春130012

出　　处：《管理科学》2022年第2期32-46,共15页Journal of Management Science

基　　金：教育部哲学社会科学研究项目(17JZD016);吉林省社会科学基金(2021A19)。

摘　　要：推动技术创新是中国实现高质量发展、构建新发展格局的必经之路,在此背景下,探讨企业创新的影响因素具有重要的理论意义和现实意义。避税是企业一项重要的税收规划策略,一方面,基于价值观,避税可以节约企业内部现金流,从而缓解融资约束,提升企业价值;另一方面,基于代理观,由于现代企业中所有权与控制权分离,避税可能加剧管理层攫取私利的行为,对企业产生不利影响。然而,目前鲜有研究关注避税如何作用于企业的技术创新行为。以2009年至2018年沪深两市A股上市企业为样本,实证检验避税对企业创新的影响,并进一步探讨其中的作用机制,检验避税与企业创新之间的关系在不同内外部监督力量和不同所有权性质企业之间的差异。采用更换估计方法、变换关键变量的测量方法、考虑行业年份交互效应、剔除特殊行业以及使用自变量拆解法和安慰剂检验控制内生性影响等一系列稳健性检验。研究结果表明,企业避税与企业创新之间并不是简单的线性关系,随着避税程度的增加,企业创新呈现先升后降的倒U形变化;对作用机制的检验结果表明,企业避税对融资约束和环境不确定性产生U形影响,进而作用于企业创新;并且,企业避税与企业创新之间的倒U形关系仅存在于内外部监督力量较强的企业中,在内外部监督力量较弱的企业,企业的避税行为越激进,其创新水平越低。结合所有权性质的研究发现,在国有企业中,避税对创新产出存在倒U形影响;在非国有企业中,避税显著抑制企业创新。研究结果不仅拓展了企业创新影响因素和避税对微观企业行为影响等的研究,对全面认识避税在企业发展中扮演的角色以及在实践中如何监管企业避税、促进企业创新也具有一定的启示意义。Promoting technological innovation is the necessary way for China to achieve high-quality development and build a new development pattern. In this context, exploring the influencing factors of corporate innovation has important theoretical and practical significance.Tax avoidance is an important tax planning strategy for firms. On the one hand, “values view” believes that tax avoidance can save internal cash flow of firms, so as to alleviate financing constraints and enhance corporate value;On the other hand, “agency view” believes that due to the separation of ownership and control in modern firms, tax avoidance may aggravate the behavior of management to grab private interests and have an adverse impact on firms. However,there is little literature on how tax avoidance affects the technological innovation behavior of firms.Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2018 as samples, this study empirically tests the impact of tax avoidance on corporate innovation, and uses a series of robustness tests, such as changing the estimation method, changing the measurement method of key variables, considering the interaction effect of industry and year, excluding special industries, and using independent variable disassembly method and placebo test to control the endogenous impact. On this basis, it further discusses the action mechanism, and tests the differences of the above relationship in firms with different internal and external supervision forces and ownership.The results show that there is not a simple linear relationship between corporate tax avoidance and corporate innovation.With the increase of the degree of tax avoidance, corporate innovation presents an inverted U-curve change from rising to falling;The test results of the mechanism show that corporate tax avoidance affects financing constraints and environmental uncertainty through the U-curve, and then affects corporate innovation;Moreover, the inverted U-curve relationship between tax avoidance and inn

关 键 词：企业避税 企业创新 融资约束 环境不确定性 内外部监督 

分 类 号：F272[经济管理—企业管理]