避税激励与资本弱化后果:企业集团证据  

Tax Avoidance Incentives and the Consequences of Thin-Capitalization:Evidence from Group Companies

作　　者：冯晨 杨健鹏 池雨乐 赵思琦 Feng Chen;Yang Jianpeng;Chi Yule;Zhao Siqi

机构地区：[1]西安交通大学经济与金融学院 [2]厦门大学经济学院 [3]上海财经大学公共经济与管理学院 [4]复旦大学经济学院

出　　处：《世界经济》2023年第10期196-216,共21页The Journal of World Economy

基　　金：国家自然科学基金青年项目(72303176);中国博士后科学基金面上项目(2023M732821);中央高校基本科研业务费专项资金(SK2023013)的资助。

摘　　要：中国正在积极参与全球税收治理体系建设与反避税行动,其中以资本弱化为代表的企业避税动机不容忽视。本文利用手工构建的中国企业集团股权关联网络,考察了集团子母公司间税率差异下的债务转移活动。研究发现,出于集团统一的税收筹划考虑,随着母公司税率发生上调,其有激励承接来自低税率子公司的债务转移,且这种转移活动主要体现在短期债务方面;从结果来看,集团内的债务转移在样本公司层面导致的年避税规模高达52.3亿元左右,且促使子母公司的债权融资成本和投资行为产生进一步分化。China is actively participating in building a global tax governance system and taking measures against tax avoidance,including the corporate tax avoidance motivation represented by thin capitalisation.This paper examines debt transfer activities in the context of the tax rate difference between subsidiaries and parent companies of corporate groups by using a manually constructed equity association network of Chinese group companies.The study indicates that:(i)due to the group's unified tax planning considerations,as the parent company's tax rate increases,incentives to undertake debt transfers from other subsidiaries that are subject to a low tax rate begin to emerge,this activity mainly being reflected in its short-term debt;and(ii)the mechanism of action demonstrates that the debt transfer process is mainly based on the adjustment of interest expense between subsidiaries and parent companies,and therefore an income transfer channel between them also exists.As a result,the annual scale of tax avoidance caused by intra-group debt transfer in the sample is up to 5.23 billion yuan,which further differentiates the debt financing cost and investment behavior of subsidiaries.

关 键 词：企业集团 债务转移 避税 税基侵蚀 

分 类 号：F275[经济管理—企业管理] F812.42[经济管理—国民经济]