企业避税会影响企业投融资期限错配吗?  

Does Corporate Tax Avoidance Affect the Maturity Mismatch of Investment and Financing?

作　　者：袁国方[1] 宁一帆 蔺全录[3] YUAN Guofang;NING Yifan;LIN Quanlu(School of Accounting,Shanghai University of International Business and Economics,Shanghai 201620,China;School of International Business,Shanghai University of International Business and Economics,Shanghai 201620,China;School of Economics and Management,Lanzhou University of Technology,Lanzhou 730050,China)

机构地区：[1]上海对外经贸大学会计学院,上海201620 [2]上海对外经贸大学国际经贸学院,上海201620 [3]兰州理工大学经济管理学院,兰州730050

出　　处：《开发研究》2024年第4期132-142,共11页Research On Development

基　　金：国家社会科学基金重大项目“防止资本无序扩张风险研究”(22ZDA053);甘肃省水利厅重点项目“黑山峡河段开发治理工程税收分配研究”(24GSLK077)。

摘　　要：选择2009—2020年沪深两市A股非金融类上市公司的面板数据作为样本数据,通过实证分析得出研究结论,并基于企业避税视角,为缓释企业投融资期限错配提供了新的解决思路和方法,一是政府应加大反避税措施,制定完善的法律法规,遏制企业激进避税行为,也应对税收负担过重的企业适当减轻税负的,将税负征收强度划定合理阈值,保证企业不因税负过重而影响正常的生存和经营,保证企业的可持续发展;二是金融监管机构应加大对债务问题的关注,并加快对金融市场制度的完善,调整信贷结构,提高信贷效率,有效化解融资难、融资贵等问题;银行等金融机构应加大对中小企业的信贷支持,降低信贷成本,加大资金投入力度,防范投融资期限错配的产生;三是企业自身应关注公司内部控制,并提高治理水平。The maturity mismatch of investment and financing refers to the use of the situation where enterprises use short-term loans to support long-term investments,resulting in a maturity mismatch between investment and financing.Does corporate tax avoidance have an impact on the maturity mismatch of investment and financing?This paper selects panel data of non-financial listed A-share companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2020 as sample data,and draws conclusions through empirical analysis.Based on the perspective of corporate tax avoidance,it provides new solutions and methods for mitigating maturity mismatch of investment and financing.Firstly,the government should promote countermeasures against tax avoidance,formulate comprehensive laws and regulations,and curb aggressive behavior of tax avoidance by enterprises and appropriately reduce the tax on those firms with excessive tax burden,set reasonable thresholds for the intensity of taxation,to ensure that enterprises are not affected by excessive tax burden in their normal survival and operation,and further their sustainable development.Secondly,financial regulatory agencies should pay more attention to debt issues,accelerate the improvement of financial market systems,adjust credit structures,improve credit efficiency,and effectively resolve issues such as difficult and costly financing.Banks and other financial institutions should increase credit support for small and medium-sized firms,reduce credit costs,increase capital investment,and prevent the occurrence of maturity mismatch of investment and financing.Thirdly,enterprises should pay attention to internal control and improve their governance level.

关 键 词：企业避税 投融资期限错配 短贷长投 融资约束 

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