摘要
反垄断是保证市场发挥资源配置作用的重要举措。文章尝试从企业税收规避的角度理解反垄断的潜在影响。理论上,反垄断对垄断企业避税有两种可能的作用。一方面,反垄断会增加垄断企业的经营风险,提高垄断企业的避税意愿;另一方面,反垄断会强化市场竞争的治理作用,抑制垄断企业的税收规避。借助《反垄断法》实施的准自然实验,研究发现《反垄断法》实施后,垄断企业的避税程度显著上升。机制检验表明,《反垄断法》降低了垄断企业的盈利能力、提高了垄断企业的经营风险,进而影响其税收规避程度。进一步分析表明,《反垄断法》对垄断企业避税的影响在政府干预更弱的地区、内外部融资能力更差的企业以及非国有企业中更显著。最后,《反垄断法》提高了垄断企业的现金持有水平和债务融资成本,削弱了垄断企业获得的商业信用。研究结论有助于全面评估《反垄断法》的实施效果。
Anti-monopoly is an important measure to ensure that the market plays a role in resource allocation.This paper attempts to understand the potential impact of anti-monopoly from the perspective of corporate tax avoidance.In theory,anti-monopoly has two possible effects on corporate tax avoidance.On the one hand,anti-monopoly will increase the operational risks of monopolistic enterprises and enhance their willingness to avoid taxes;on the other hand,antimonopoly will strengthen the governance role of market competition and suppress tax avoidance by enterprises.With the help of a quasi-natural experiment based on the Anti-monopoly Law,this paper finds that after the implementation of the Anti-monopoly Law,the degree of the tax avoidance of monopolistic enterprises significantly increases.Mechanism testing shows that the Anti-monopoly Law reduces the profitability of monopolistic enterprises,exacerbates their operational risks,and thus affects their degree of tax avoidance.Further analysis shows that the impact of the Anti-monopoly Law on corporate tax avoidance is more significant in regions with weaker government intervention,enterprises with poorer internal and external financing capabilities,and non-state-owned enterprises.Finally,the Anti-monopoly Law has increased the cash holding level and debt financing costs of enterprises,and weakened the commercial credit obtained by enterprises.This paper may have the following contributions:First,by utilizing the exogenous impact of the implementation of the Anti-monopoly Law to analyze the impact of market competition strengthening on the tax avoidance behavior of monopolistic enterprises,this paper avoids the endogeneity problem of using the Herfindahl index to characterize the degree of competition among enterprises in previous studies.Second,unlike existing literature that focuses on the impact of anti-monopoly governance on corporate investment and financing behavior,this paper examines it from an interesting and important perspective of tax avoidance,which helps t
作者
牛煜皓
张文婷
Niu Yuhao;Zhang Wenting(International Business School,Beijing Foreign Studies University,Beijing 100089,China;School of Accountancy,Central University of Finance and Economics,Beijing 100081,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2023年第3期64-77,共14页
Journal of Shanghai University of Finance and Economics
基金
国家社会科学基金一般项目“企业创新战略对公司财务决策的影响机理研究”(19BJY019)
中央高校基本科研业务费专项基金项目(2022QD021、2023JJ014)。
关键词
反垄断法
税收规避
市场竞争
融资约束
Anti-monopoly Law
tax avoidance
market competition
financing constraints
