摘要
地区信任作为企业外部非正式制度环境,其是否会对企业内部治理产生影响。本文选取2007-2020年中国上市公司为研究样本,分析地区信任如何影响企业避税行为。研究发现地区信任能显著抑制企业的避税行为。该结论在替换避税度量指标、替换地区信任指标、两阶段工具变量法、考虑其他控制变量等稳健性检验后依然成立。本文重点分析地区信任影响企业避税的具体机制:基于融资约束视角检验,发现地区信任可以通过降低债务融资成本和缓解融资约束来发挥企业避税的抑制作用;基于道德约束视角检验,发现地区信任能基于声誉机制和道德约束,通过降低企业的财务重述和关联交易来发挥企业避税的抑制作用。同时,结合企业所处地区的区域一体化政策,研究发现地区信任作为一种软文化的非正式制度与区域一体化的正式制度相辅相成。地区信任程度越低时,政府推动实践下的区域一体化政策能够很好地发挥弥补作用,共同实现避税效应的抑制作用。本文基于避税视角首次系统性地提出并验证地区信任发挥积极公司治理作用的途径和渠道,同时将区域一体化政策融入地区信任的研究框架,拓展了地区信任和区域一体化的研究视角。
As the external informal institutional environment of enterprises, whether regional trust will have an impact on the internal governance of enterprises. Starting from enterprise tax avoidance, this paper uses the A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as the research sample to explore the impact of regional trust environment on enterprise tax avoidance. The study found that regional trust can significantly inhibit the tax avoidance behavior of enterprises. The conclusion is still valid after replacing tax avoidance measurement indicators, replacing regional trust indicators, two-stage instrumental variable method and considering other control variables. This paper focuses on the specific mechanism of regional trust affecting enterprise tax avoidance: Based on the test from the perspective of financing constraints, this paper finds that regional trust can reduce the risk return under the internal and external information asymmetry, that is, it can play the inhibitory role of enterprise tax avoidance by reducing debt financing costs and alleviating financing constraints;Based on the perspective of moral constraints, this paper finds that regional trust can inhibit corporate tax avoidance by reducing corporate financial restatement and related party transactions based on reputation mechanism and moral constraints. At the same time, combined with the regional integration policy of the region where enterprises are located, it is found that regional trust, as an informal system of soft culture, complements the formal system of regional integration. When the degree of regional trust is lower, the regional integration policy promoted by the government can play a good role in making up for and jointly realize the inhibition of tax avoidance effect. Based on the perspective of tax avoidance, this paper systematically puts forward and verifies the ways and channels for regional trust to play an active role in corporate governance for the first time. At the same time, it integrates the regional i
作者
陈富永
周兵
CHEN Fuyong;ZHOU Bing(Chongqing Technology and Business University,Chengdu-chongqing Area Twin Cities Economic Circle Coordinated Development Center,Chongqing 400067,China;Research Center for Economy of Upper Reaches of the Yangtze River/School of accounting/Center for Coordinated development of Chengdu and Chongqing Chongqing Technology and Business University,Chongqing 400067,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2021年第9期85-94,共10页
China Soft Science
基金
重庆市社科联项目“企业金融化活动对企业创新的影响研究”(2019WT42)
重庆市人民政府发展研究中心项目、重庆市重大决策咨询研究课题“重庆自贸试验区物流金融问题研究”(2019WT02)。
关键词
地区信任
企业避税
道德约束
融资约束
区域一体化
regional trust
corporate tax avoidance
moral restraint
financing constraints
regional integration
