避税天堂直接投资与企业权益资本成本  

Direct Investment in Tax Havens and the Cost of Equity Capital of Enterprises

作　　者：魏志华[1] 梁方志 曾爱民[2] 刘伟坤 Wei Zhihua;Liang Fangzhi;Zeng Aimin;Liu Weikun

机构地区：[1]厦门大学经济学院,福建厦门361000 [2]浙江工商大学会计学院,浙江杭州310000 [3]赣州市纪委监委,江西赣州341000

出　　处：《证券市场导报》2024年第12期45-55,共11页Securities Market Herald

基　　金：国家自然科学基金项目“中国上市公司避税天堂投资:动机、经济后果与治理机制”(71972163);国家自然科学基金项目“中国上市公司使用劳务外包的动因、经济后果与优化路径研究:基于资源配置效率视角”(72472131);福建省社会科学基金项目“数字化转型推进现代化产业体系构建的机制、效果与政策研究”(FJ2024B017);厦门大学中国式现代化专项“数字化转型、产业资源配置与现代化产业体系构建”(20720231051)。

摘　　要：本文以2003—2020年沪深A股上市公司为研究对象,探究了避税天堂直接投资对权益资本成本的影响及其作用机制。研究发现,避税天堂直接投资提高了企业财务风险和税务风险,降低了企业信息透明度,进而提高了企业权益资本成本。进一步研究表明,在国有企业中,避税天堂直接投资增加企业权益资本成本的效应更明显;避税天堂直接投资对企业权益资本成本的影响具有持续性;公司良好的内部控制和积极的股利支付政策能有效缓解避税天堂直接投资对权益资本成本的影响。本文不仅丰富了权益资本成本影响因素和避税天堂直接投资经济后果方面的研究,也为政府规范避税天堂直接投资和企业投资决策提供了参考。Using the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2003 to 2020 as the research sample,we investigate the impact of direct investment in tax havens on the cost of equity capital and its underlying mechanisms.The results show that direct investment in tax havens significantly increases enterprises’financial and tax risks,reduces information transparency,thereby raising the cost of equity capital of enterprises.Further analysis reveals that the effect of direct investment in tax havens on increasing the cost of equity capital is more pronounced for state-owned enterprises.Additionally,the impact of direct investment in tax havens on the cost of equity capital of enterprises is persistent over time.However,strong internal controls and proactive dividend payout policies can effectively mitigate the impact of direct investment in tax havens on the cost of equity capital.This paper not only enriches the research on the factors influencing the cost of equity capital and the economic consequences of direct investment in tax havens but also provides insights for the government to regulate direct investment in tax havens and for enterprises to make investment decisions.

关 键 词：避税天堂 财务风险 税务风险 信息透明度 权益资本成本 

分 类 号：F810[经济管理—财政学] F275F832