摘要
本文采用固定效应回归研究方法,利用2002-2017年中国A股非金融类IPO企业为样本,研究IPO企业的避税问题。结果发现:相比IPO前,企业IPO后避税程度显著降低,且主要表现在非国有企业和创业板上市企业中。保荐制度的实施在一定程度上抑制了企业IPO前的避税行为,甚至使IPO前后的避税差异出现逆转。从避税路径看,IPO企业会动态调整避税策略,即在IPO前主要采用账税差异避税,在IPO后更多采用账税一致避税。从经济后果看,企业IPO前的避税行为有助于上市后获得较好的短期股票市场表现,但部分证据表明IPO前的避税行为会对企业长期会计业绩产生负面影响,导致企业上市后业绩下滑。本文为理解企业IPO过程中的避税行为提供新视角,也为深化IPO监管和税收征管制度改革提供政策启示。
This paper examines whether there are differences in the degree of corporate tax avoidance before and after an initial public offering(IPO).The results of the study comparatively reveal that the degree of corporate tax avoidance following an IPO is significantly reduced and that this phenomenon manifests itself in non-state-owned enterprises(non-SOEs)and enterprises listed in the growth enterprise market(GEM).To some extent,the implementation of the sponsorship system restricts corporate tax avoidance behaviour before the IPO and even reverses the difference in avoidance before and after it is done.In terms of tax avoidance pathways,enterprises that conduct an IPO dynamically adjust tax avoidance strategies;that is,they mainly adopt a non-conforming strategy before the IPO and tend to adopt a conforming one after the IPO.From the perspective of economic consequences,tax avoidance before an IPO is conducive to achieving a better short-term stock market performance after listing,but some evidence indicates that such tax avoidance has a negative impact on corporate long-term accounting performance,which even leads to an adverse change in performance after the IPO.In conclusion,this paper provides a new perspective for understanding tax avoidance within the IPO process,along with information about the policies to be followed when it comes to deepening the system reform of IPO regulation,tax collection and administration.
作者
李青原
陈世来
Li Qingyuan;Chen Shilai
出处
《世界经济》
CSSCI
北大核心
2021年第11期169-193,共25页
The Journal of World Economy
基金
国家社会科学基金重大项目“政府职能转变的制度红利研究”(18ZDA113)的阶段性研究成果。
关键词
企业上市
税收规避
避税收益
避税成本
IPO监管制度
corporate listings
tax avoidance
benefits of tax avoidance
costs of tax avoidance
IPO regulation system
