税收规避、公司治理与债务契约定价

发布时间：2018-03-21 14:42

本文选题：税收规避　切入点：银行债务契约　出处：《经济管理》2017年04期 　论文类型：期刊论文

【摘要】：本文以沪深A股上市公司为样本,从债权人评价角度考察公司税收规避对银行契约制定的影响,并结合信息披露透明度及差异化的税收监管环境对避税债务契约效果问题进行了剖析。研究结果表明,债权银行对公司避税行为整体上予以负面评价,通过索取更高贷款利率及缩短贷款期限的方式将其纳入契约定价之中;良好的信息透明度有助于降低银行评估的避税代理风险,故在一定程度上缓解了税收规避对信贷配给产生的不利影响;在税收征管力度强的地区,信息透明度对税收规避与银行贷款契约之间关系的调节作用表现得不够突出,而随着地方税收监管的弱化,其调节作用更加显著,说明在抑制避税过程中管理者机会行为方面,税收征管与以信息透明度为代表的内部治理机制具有替代性效应。研究结论对认识转轨经济背景下公司避税经济后果提供了新的证据,也对健全我国现阶段公司综合治理体系具有一定的政策启示。
[Abstract]:In this paper, the Shanghai and Shenzhen A shares of listed companies as a sample, from the perspective of company creditors evaluating tax avoidance effects on making bank contract, combined with the transparency of information disclosure and differentiated supervision of environmental tax on tax avoidance of debt contract effect problems are analyzed. The results show that the creditor banks on corporate tax avoidance behavior on the whole to the negative evaluation by for higher loan rate and shorten the duration of the loan way to be included in the contract price; good information transparency helps to reduce the risk of tax avoidance agency assessment of the bank, it alleviates the adverse effects of tax evasion on the credit rationing has to a certain extent; in the tax collection and management strength area, regulating effect of information transparency on tax to avoid the contract relationship between bank loans and the performance was not outstanding, but with the weakening of local tax regulation, the regulation is more Obviously, indicating that managers the opportunity in the process of behavior in the suppression of tax avoidance, tax collection and information transparency as the representative of the internal governance mechanism has a substitution effect. The results of this study provide new evidence for understanding the background of transition economy, the economic consequences of tax avoidance, also has some policy implications for the comprehensive management system the company healthy in our country.

【作者单位】：复旦大学管理学院;上海海事大学经济管理学院;上海交通大学安泰经济与管理学院;
【基金】：国家自然科学基金项目“信息披露非理性失衡、内部风险控制与公司股价崩盘”(71472064);国家自然科学基金项目“XBRL信息环境下会计账簿数据与财务报告数据的整合与实现研究”(71372104)
【分类号】：F271;F275

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