社保基金持股与企业避税  

Social Security Fund Holdings and Corporate Tax Avoidance

作　　者：郭臣鑫 徐泽宇 Guo Chenxin;Xu Zeyu

机构地区：[1]甘肃政法大学商学院,兰州730070 [2]中泰证券股份有限公司,济南250001

出　　处：《公共财政研究》2024年第5期70-83,共14页Public Finance Research Journal

基　　金：四川省老年学学会研究课题“人口老龄化加剧背景下的养老企业数字化转型情况研究”(24SCLN022)阶段性研究成果。

摘　　要：社保基金参与资本市场发展是当前学术界与实务界关注的热点话题之一。本文以社保基金持股为切入点,利用我国2009—2021年A股非金融上市公司的财务数据,通过多元线性回归模型进行实证分析,研究发现,社保基金持股比例的增加会遏制企业避税行为,该结论通过了一系列稳健性检验;进一步机制检验发现,社保基金通过持股改善企业现金流情况并实施监督治理作用,从而抑制了企业管理层的避税行为程度;并且,随着基金投资者持股比例的减少、“四大”审计事务所的介入以及人口老龄化程度的加剧,社保基金持股与企业避税行为之间的负向关系变得更加明显。本文的研究结论有助于社保基金投资者参与企业治理,对社保基金、监管部门以及其他外部监督机构具有一定的政策启示。The participation of the social security fund in the development of the capital market is a prominent topic in both academic and practical circles.Based on the shareholding of the social security fund,this paper makes an empirical analysis by using the financial data of A-share non-financial listed companies in our country from 2009 to 2021.Through a multiple linear regression model,it finds that an increase in the social security fund's shareholding ratio restrains the tax avoidance behavior of enterprises,and this conclusion has passed a series of robustness tests.The social security fund can improve the cash flow of the enterprise through holding shares and implement the role of supervision and governance,thus restraining the level of tax avoidance behavior of the enterprise management.The negative relationship between fund ownership and corporate tax avoidance has become more pronounced with the reduction of fund investor ownership,the involvement of the “Big Four” audit firms and the intensification of population aging.The conclusion of this paper is helpful for social security fund investors to participate in corporate governance,which has some policy implications for social security fund,supervision department and other external supervision agencies.

关 键 词：社保基金持股 企业避税 现金流情况 人口老龄化 

分 类 号：F832.51[经济管理—金融学] F810