外汇衍生品监管能抑制中国海外企业的避税行为吗?  

Can Foreign Exchange Derivatives Regulation Restrain Tax Avoidance of Chinese Overseas Enterprises?

作　　者：赵峰[1] 郭宇萱 马光明[3] ZHAO Feng;GUO Yuxuan;MA Guangming

机构地区：[1]北京工商大学国际经管学院 [2]北京工商大学经济学院 [3]中央财经大学国际经济与贸易学院

出　　处：《世界经济研究》2022年第12期57-72,133,共17页World Economy Studies

基　　金：国家社会科学基金项目“中国外汇衍生品监管指数构建、监管效果及监管优化研究”(项目批准号:20BJY260)的阶段性研究成果。

摘　　要：外汇衍生品所具有的复杂性和隐蔽性特征使其成为企业避税的重要手段,那么加强外汇衍生品监管能否抑制企业的避税行为?文章整理100余部监管法规并使用熵权法构建了中国企业层面的外汇衍生品监管指数(FFDRI),选取2007~2019年中国海外投资企业为样本,研究了外汇衍生品监管与企业避税行为的关系。研究发现:外汇衍生品监管有效减少了中国企业的衍生品避税行为,且这种抑制作用对民营企业更大;外汇衍生品监管通过提高信息透明度来抑制企业避税,即信息透明度在衍生品监管与企业避税之间产生了中介效应。异质性分析发现:外汇衍生品监管对于企业避税的抑制作用在股权集中度高的企业中更为显著;CEO特质方面,相比于CEO无金融背景、无海外经历、学历不高的企业,外汇衍生品监管对CEO有金融背景、有海外经历以及高学历的企业的避税抑制作用更大。进一步研究发现:《关于深化国有企业改革的指导意见》有效促进了外汇衍生品监管对国有企业避税的抑制作用;两次国际金融危机的爆发强化了外汇衍生品监管对企业避税的抑制作用。文章利用“法与金融学”思想搭建了外汇衍生品监管与企业避税的联系桥梁,丰富了企业避税的相关影响因素研究,对于政府完善衍生品监管法规和增加国家财政收入有重要的实践意义。Foreign exchange derivatives are common tools for enterprises to control exchange rate risk, but their complexity and concealment also make them an important means for enterprises to avoid tax. Can strengthening the supervision of foreign exchange derivatives curb the tax avoidance behavior of enterprises? By manually sorting out more than100regulatory regulations and combining the entropy weight method, this paper has independently constructed Chinese firm level foreign exchange derivatives regulatory index(FFDRI), and selected Chinese overseas investment enterprises from2007to2019as samples to study the relationship between foreign exchange derivatives regulation and corporate derivatives tax avoidance.It is found that the regulation of foreign exchange derivatives effectively reduces the tax avoidance behavior of Chinese enterprises, and this inhibition is greater for private enterprises. The regulation of foreign exchange derivatives suppresses corporate tax avoidance by improving information transparency, that is, information transparency has an intermediary effect between derivatives regulation and corporate tax avoidance. The heterogeneity analysis shows that: compared with the enterprises with low equity concentration, the inhibition of foreign exchange derivatives regulation on corporate tax avoidance is more significant in the enterprises with high equity concentration. In terms of CEO characteristics, compared with the enterprises whose CEOs have no financial background, overseas experience and low academic qualifications, the supervision of foreign exchange derivatives has a greater tax avoidance inhibition effect on the enterprises whose CEOs have financial background, overseas experience and high academic qualifications. Further study found that the policy of " The guiding opinions on deepening the reform of state-owned enterprises" effectively promoted the inhibitory effect of foreign exchange derivatives regulation on tax avoidance of state-owned enterprises. And the outbreak of the two internatio

关 键 词：外汇衍生品监管 企业避税 海外投资 法与金融学 信息透明度 

分 类 号：F832.6[经济管理—金融学] F812.42F279.2F125