基金公司股债双持与企业税务筹划  

The Fund Companies with Dual Holding of Stocks and Bonds and Enterprise Tax Planning

作　　者：王垒 程晓婷 沙一凡 Wang Lei;Cheng Xiaoting;Sha Yifan(School of Economics,Ocean University of China,Qingdao 266100,China)

机构地区：[1]中国海洋大学经济学院,山东青岛266100

出　　处：《中国海洋大学学报(社会科学版)》2025年第2期66-83,共18页Journal of Ocean University of China(Social Sciences)

基　　金：国家社会科学基金一般项目“机构共同持股下的上市公司ESG‘漂绿’治理效应及机制研究”(23BGL108);泰山学者工程专项经费资助(tsqn202306089);山东省自然科学基金面上项目“ESG评级分歧与公司债券市场反应:信息效应、影响机制与功能治理”(ZR2023MG013)。

摘　　要：利用2015—2022年中国沪深A股上市公司数据,基于企业股东与债权人之间的代理冲突视角,探究基金公司股债双持这一新型治理模式对企业税务筹划的影响。研究发现,同时持有股权和债权的基金公司会修正企业的税务筹划活动,提升企业纳税信用评级。该结论在采用倾向得分匹配和双重差分法等方法进行稳健性检验后依然成立。进一步分析结果表明,股债双持的基金公司能够内部化股东与债权人之间的代理冲突,其治理作用在股权质押更为严重和债务违约风险较高的企业中更为明显。路径分析显示,提升企业研发创新活动效率和实地调研次数,是股债双持的基金公司修正企业税务筹划行为的主要渠道。此外,在税收管控程度较低和市场竞争程度较高的地区中,基金公司股债双持更能发挥对企业税务筹划行为的修正作用。本文丰富了基金等机构投资者公司治理角色的相关研究,并为相关部门完善税收监管制度、助力税收现代化建设提供参考。Based on the data of Shanghai and Shenzhen A-share listed companies from 2015 to 2022,this paper explores the impact of the new governance model of fund companies with dual holding of stocks and bonds on corporate tax planning from the perspective of agency conflict between shareholders and creditors.It is found that fund companies that hold both equity and creditor′s rights will revise the tax planning of enterprises and improve the tax credit rating of enterprises.This conclusion is still valid after the robustness test using propensity score matching and difference-in-differences method.The results of further analysis show that the agency conflicts between shareholders and creditors can be internalized by the fund companies with dual holdings of stocks and bonds,and its governance function is more obvious in the enterprises with more serious equity pledge and higher debt default risk.The path analysis shows that improving the efficiency of R&D and innovation activities and the number of field investigations are the main channels for fund companies to revise their tax planning behavior.In addition,in areas with low tax control and high market competition,the fund companies can better play a role in revising the tax planning behavior of enterprises.This paper not only enriches the relevant research on the corporate governance role of institutional investors like funds,but also provides reference for relevant departments to improve the tax supervision system and help the tax modernization construction.

关 键 词：基金公司股债双持 企业税务筹划 企业纳税信用评级 代理冲突 

分 类 号：F832[经济管理—金融学] F275.4