摘要
已有研究表明税负的高低反映了政府分享企业收益的比例,却很少认识到这体现了政府分担企业风险的程度。由于风险承担水平的差异,企业利用税收与政府进行风险分担的需求不同。高风险承担企业由于面临严峻的资金困境,更需要政府分担风险,减轻税收负担并降低企业实际承受的风险水平,以缓解资金压力。考察企业风险承担对税收规避的影响,以2007年至2019年中国A股制造业上市企业为研究样本,采用OLS回归模型实证检验二者的关系,运用逐步回归与bootstrap相结合的方法考察其内在影响机制,构建交互项检验信息环境和地区金融发展水平的调节效应,并利用分组回归考察企业风险承担水平与税收规避程度的关系在不同企业间的异质性。通过更换变量测量方式、分位数回归、工具变量法、倾向得分匹配等一系列稳健性测试确保研究结果的可靠性。研究结果表明,企业风险承担水平越高,税收规避程度越高。机制检验发现融资约束和会计信息可比性是二者之间的影响机制。企业承担高风险后面临严峻的融资困境,具有动机利用税收规避降低税负,将部分风险转移给政府分担;企业风险承担降低会计信息可比性,增加税收规避的可能性。进一步地,信息环境的改善和地区金融发展水平的提高能够缓解高风险承担企业的避税程度,企业风险承担水平与税收规避程度之间的正相关关系在小规模、非国有和高技术创新水平企业中更强。将风险因素显性纳入税收规避研究中,为企业避税行为提供了新的解释,从税收规避角度拓展了企业风险承担的经济后果研究。研究结论对从结构上优化减税降费政策具有重要启示意义,风险承担水平较高的制造业企业需要政府为其分担风险,倾向于通过税收规避降低税负以缓解资金压力,因此,政府在加强普惠性减税的同时更应充分发挥结构性减税效应,税收政策向这些企业倾斜能够更好地激发制造业企业的发展活力和动能。
Existing studies have shown that the level of tax burden reflects the proportion of government sharing in corporate benefits.However,few have delved into the aspect that tax burden also reflects the government′s role in sharing corporate risk.Firms with varying levels of risk-taking exhibit differing degrees of demand for risk sharing through tax measures.In particular,firms that engage in high levels of risk-taking are more likely to seek risk sharing behaviors from the government as a means to decrease their tax burden,mitigate their actual risk exposure,and alleviate their financial constraints.Taking Chinese A-share manufacturing listed companies from 2007 to 2019 as research sample,this study aims to empirically examine the impact of corporate risk-taking on tax avoidance through the utilization of the OLS regression method.In order to shed light on the underlying mechanisms,a combination of stepwise regression and bootstrap methods is employed.Additionally,an interaction item is constructed to test the moderating effect of information environment and regional financial development level.Furthermore,a grouped regression analysis is employed to explore the cross-sectional differences of the relationship between corporate risk-taking and tax avoidance at the firm level.To enhance the validity and reliability of the findings,this study also uses a series of robustness tests,such as altering variable measurements,quantile regression,implementing instrumental variable and propensity score matching method.Empirical findings reveal that the higher level of risk-taking,greater the degree of tax avoidance.This relationship is primarily driven by two underlying factors:financial constraints and accounting information comparability.When firms engage in high-risk activities,they often face severe financing distress.Consequently,they are inclined to reduce their tax burden through tax avoidance,thereby transferring a portion of the risk to the government.Furthermore,an increase in the level of risktaking tends to reduce accounting information comparability,thereby augmenting the opportunities for tax avoidance.Additionally,our study emphasizes that improvements in the information environment and financial development can mitigate the degree of tax avoidance among highly risk-taking firms.Notably,the positive association between risk-taking and tax avoidance is particularly pronounced in small firms,non-state-owned firms,and high-tech innovation firms.This study explicitly integrates risk factor into tax avoidance research,which offers a fresh explanation for tax avoidance.It also enriches the existing literature on the economic consequences of corporate risk-taking from the perspective of tax avoidance.The findings of this study have important policy implications for optimizing tax reduction and fee reduction policies from a structural standpoint.Manufacturing companies that engage in high levels of risk-taking often require the government′s support in sharing their risks.These firms are more inclined to reduce their tax burden through tax avoidance in order to alleviate financial pressures.As a result,it is crucial for the government to consider implementing effective structural tax reduction measures while also strengthening inclusive tax reduction policies.Providing preferential tax treatment to these manufacturing companies can better stimulate their development vitality and momentum.
作者
官小燕
刘志远
陈晓辉
郭瑾
GUAN Xiaoyan;LIU Zhiyuan;CHEN Xiaohui;GUO Jin(Department of Economics and Management,North China Electric Power University(Baoding),Baoding 071003,China;Business School,Nankai University,Tianjin 300071,China;School of Economics and Management,Beijing University of Chemical Technology,Beijing 100029,China;School of Accounting,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《管理科学》
CSSCI
北大核心
2024年第1期68-87,共20页
Journal of Management Science
基金
中央高校基本科研业务费专项资金(2024MS157)
国家社会科学基金(20AGL011)
国家自然科学基金(72002148)
关键词
企业风险承担
税收规避
融资约束
会计信息可比性
信息环境
地区金融发展水平
corporate risk-taking
tax avoidance
financial constraints
accounting information comparability
information environment
regional financial development level
