企业的避税活动一定会引致非效率投资吗?——基于公司治理的视角  

Will the Enterprise Tax Avoidance Lead to Inefficient Investment ?——Based on the Perspective of Corporate Governance

作　　者：牛草林[1] 刘严伟 付沙[1] 

机构地区：[1]内蒙古大学经济管理学院,内蒙古呼和浩特010021

出　　处：《财经理论研究》2015年第5期92-104,共13页Journal of Finance and Economics Theory

摘　　要：虽然自2008年起我国实施了一系列的税收改革,但总体税负的不平衡激发了企业避税的动力,也可能加重企业的代理问题,从而导致企业的非效率投资。本文以2008-2013年所有A股上市公司为样本,并通过合成九个方面公司治理的主成分,将所有样本细分为公司治理较好组和公司治理较差组。研究发现:避税行为与非效率投资呈现正相关;在加入公司治理变量进行分组回归后发现,在公司治理较好的企业,企业避税行为与非效率投资呈显著负相关关系,而在公司治理较差的企业,企业避税行为与非效率投资呈显著正相关关系。The government has taken a series of tax reform since 2008,but the imbalance of the overall tax burden has provided the motivation of tax avoidance,and it may have increased the agency problems of the enterprise,which leads to the inefficiency of enterprise investmentat as the same time. Using a simple of China`s all A- share listed companies from 2008 to 2013,we explore the relationship between the tax avoidance and the inefficiency of enterprise investmentat and find a significant positive relationship. In addition,we choice 9 factors in the field of corporate governance,grouping all simples into a set of better corporate governance and a set of worse ones. Our results suggest the relationship is positive in the set of worse corporate governance while negative in the set of better ones.

关 键 词：公司治理 避税行为 投资效率 

分 类 号：F275[经济管理—企业管理]