基于连锁董事视角的税收规避行为传染效应研究

发布时间：2018-08-04 17:31

【摘要】：已有企业避税行为影响因素的研究,鲜有涉及对企业社会网络属性的探讨。作为经济的重要组成部分,任何企业都不能独立于其他企业单独存在。连锁董事的出现,在企业间建立了紧密的关系网络,还为企业私有信息传递构建了一条非公开渠道,从而促进相似行为在企业间传染。随着中国企业现代董事会制度的建立,特别是独立董事制度的引入,连锁董事在中国上市公司中成为普遍现象。因此,从连锁董事关系这一社会属性视角研究企业避税行为的传染效应具有重要意义。在构建连锁董事关系的基础上,以2007年至2014年中国A股上市公司8 732条公司年度观测值为样本,将公司有效税率、账税差异和固定效应残差法计算的账税差异作为避税程度的测量指标,采用OLS回归模型对避税行为的传染效应进行实证检验。研究结果表明,通过连锁董事传递的成熟避税经验可以降低目标公司的避税成本和管理者对避税决策不利后果的担忧,导致避税行为在企业网络间传染。在控制内生性问题和替代性解释后,结论依然稳健。进一步研究发现,避税行为在同一地区的连锁公司间更容易传染,即传染服从先内后外律。最后,与CFO相比,当连锁董事为目标公司CEO时更能促进避税行为传染。以连锁董事为视角的研究可以将企业的社会属性纳入到避税行为影响因素的研究中,丰富避税行为影响因素的研究视角。构建了企业针对连锁董事信息传递的成本收益决策框架,完善了连锁董事传染效应的理论研究,对投资者和监管机构有重要的实践意义。
[Abstract]:There are few researches on the influencing factors of corporate tax avoidance behavior, and few on the attributes of corporate social network. As an important part of economy, no enterprise can exist independently from other enterprises. The emergence of chain directors has established a close relationship network among enterprises and a closed channel for the transmission of private information among enterprises, thus promoting the transmission of similar behaviors among enterprises. With the establishment of modern board of directors system in Chinese enterprises, especially the introduction of independent director system, chain directors have become a common phenomenon in Chinese listed companies. Therefore, it is of great significance to study the contagion effect of corporate tax avoidance from the perspective of chain director relationship. Based on the establishment of the interlocking directorship relationship, the effective tax rate of China's A-share listed companies, which is based on the annual observations of 8,732 companies listed in China from 2007 to 2014, is taken as a sample. The difference of account tax and the difference of accounting tax calculated by fixed effect residual method are used as the measure of the degree of tax avoidance. The OLS regression model is used to test the contagion effect of tax avoidance behavior. The results show that the mature tax avoidance experience transmitted by the chain directors can reduce the cost of tax avoidance of the target companies and the managers' worries about the adverse consequences of tax avoidance decisions, leading to the transmission of tax avoidance behavior among enterprises' networks. After controlling for endogenous problems and alternative interpretations, the conclusions remain robust. Further studies show that tax avoidance is more easily transmitted between chain companies in the same region, that is, contagion service from first to outer. Finally, compared with CFO, chain directors are more likely to promote the contagion of tax avoidance when the target company is CEO. The study from the perspective of chain directors can bring the social attributes of enterprises into the study of factors affecting tax avoidance behavior, and enrich the perspective of research on factors affecting tax avoidance behavior. This paper constructs a cost-benefit decision-making framework for information transmission of chain directors, and perfects the theoretical research on the contagion effect of chain directors, which is of great practical significance to investors and regulators.
【作者单位】：西安交通大学管理学院;香港城市大学商学院;
【基金】：国家自然科学基金(71372163,71672141,71302195,71502139,71502134)~~
【分类号】：F275.4;F812.42

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