产品市场竞争、税收规避与资本投资——基于资金压力和代理成本视角的实证考察

发布时间：2018-05-17 23:29

本文选题：产品市场竞争 + 税收规避　；参考：《经济评论》2017年01期

【摘要】：基于避税行为影响企业价值的理论阐释,本文考察了在面临不同资金需求程度时企业实施避税对资本投资效率的影响以及在此过程中产品市场竞争的调节作用。实证结果发现:避税对企业资本投资效率的影响具有两面性,一方面会因融资压力缓解而减少投资不足,另一方面却因代理问题恶化而加剧投资过度。进一步分析显示:产品市场竞争在避税行为影响资本配置过程中能起到一定的调节作用,即在抑制税收规避代理成本效应的同时能强化其融资效应,并最终优化企业的资本投资。上述研究结论有助于我们理解税收规避影响微观企业行为的传导机制。
[Abstract]:Based on the theoretical explanation of the influence of tax avoidance behavior on the value of enterprises, this paper examines the impact of tax avoidance on the efficiency of capital investment in the face of different degrees of capital demand and the regulatory role of product market competition in the process. The empirical results show that tax avoidance has a dual impact on the efficiency of capital investment. On the one hand, it will reduce the underinvestment because of the relief of financing pressure, on the other hand, it will aggravate the excessive investment because of the aggravation of agency problem. Further analysis shows that product market competition can play a regulating role in the process of tax avoidance behavior affecting capital allocation, that is, it can restrain tax evasion agency cost effect while strengthening its financing effect. And finally optimize the capital investment of enterprises. These conclusions help us to understand the transmission mechanism of tax evasion affecting micro-enterprise behavior.
【作者单位】：重庆大学经济与工商管理学院;重庆邮电大学经济管理学院;
【基金】：国家自然科学基金项目“准则弹性、盈余质量与资源配置”(项目编号:71372138)的资助
【分类号】：F275

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