货币政策影响公司税收筹划吗?---来自中国上市公司的经验证据
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| Title | Does Monetary Policy Affect Company’s Tax Planning?——Empirical Evidence from Chinese Listed Companies
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| 作者 | 陈冬 范蕊 唐建新 |
| Author | Chen Dong,Fan Rui and Tang Jianxin |
| 作者单位 | 武汉大学经济与管理学院 |
| Organization | Economics and Management School of Wuhan University |
| 作者Email | chendongwinter@126.com |
| 中文关键词 | 货币政策 税收筹划 融资约束 投资效率 经营不确定性 |
| Key Words | Monetary Policy; Tax Planning; Financing Constraints; Under-investment; Operating Uncertainty |
| 内容提要 | 税收是影响企业行为的重要力量。本文研究货币政策对企业税收筹划的影响及其经济后果。以2003-2012年A股上市公司为研究对象进行实证分析的具体发现是：货币政策越紧缩，企业激进税收筹划程度越大，在非税收优惠公司、民企以及经营不确定性大的公司中，企业税收筹划程度受紧缩货币政策的影响更明显；紧缩货币政策下，非税收优惠公司和民企通过税收筹划节约的现金流出显著降低融资约束，拥有好的投资机会时，民企还可通过税收筹划缓解投资不足；紧缩货币政策下，经营不确定性大的企业通过税收筹划节约现金流，降低陷入财务困境的风险。研究发现有助于发掘企业在货币政策紧缩时期获得现金供给的实现机制，增进企业应对货币政策调整的理解，拓展非正规机制与企业发展、经济增长的研究。 |
| Abstract | Tax is a strong power influencing corporate behavior. Monetary policy affects the accounting and financial behavior of enterprise. This paper study the impact of monetary policy on Chinese listed tax planning and its economic consequences, to reveal how the listed companies deal with the adjustment of monetary policy. Based on 2003-2012 A-share listed companies, we found: under tightening monetary policy, enterprises use more aggressive tax planning level. In private companies, non-preferential tax companies and the companies with high operating uncertainties, the degree of tax planning is influenced by tightening monetary policy more obviously. Aggressive tax planning saves cash flows and help to ease the financing constraints for private companies and non-preferential tax companies. Aggressive tax planning also help to ease under-investment for private companies with good investment opportunities under tight monetary policy. Aggressive tax planning helps to reduce financial distress risk for companies with high operating uncertainty. These findings not only expand research on cash supply mechanism under tight monetary policy, promote our understanding on enterprises’ coping strategy, but also enrich research on effect of informal financing mechanism on enterprise development and economic growth. |
| 文章编号 | WP668 |
| 登载时间 | 2014-08-26 |
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