私利侵占抑或生存所迫:税收规避对现金持有价值的净效应

Appropriation of Private Interests or Forced by Existence:The Net Effects of Tax Avoidance on the Value of Cash Holdings

基于发达市场的研究表明公司税收规避节省现金主要是出于高管的私利侵占动机。然而,在中国特定制度环境导致公司综合税负相对较高的背景下,公司税收规避节省现金很可能是出于公司生存和发展的需要。文章使用市场导向的方法考察公司税收规避对现金持有价值的净效应。研究结果表明,税收规避节省的现金给股东带来的收益大于其可能带来的成本,即存在显著为正的净效应。进一步研究表明,税收规避对现金持有价值正向的净效应主要来自于现金流不确定性较高的公司以及价格成本边际(price-cost margin)较高的公司。对于中国这一新兴市场而言,公司实际承担的税收负担仍然过重,降低公司综合税负仍然是目前政策制定者的首要目标。

The research based on developed capital markets shows that companies are mainly motivated by the appropriation of private interests of executives to carry out tax avoidance to save cash. However, under the backdrop of relatively high comprehensive tax burden on companies resulting from specific institutional environment in China, corporate tax avoidance to save cash is likely to the satisfaction of corporate survival and development. This paper examines the net effect of tax avoidance on the value of cash holdings by market-oriented methods. The empirical results indicate that returns brought from cash saved by tax avoidance are bigger than costs possibly brought, namely there is a significantly positive net effect. Further study shows that positive net effect of tax avoidance on the value of cash holdings mainly comes from companies with cash flow uncertainty at higher level or higher price-cost margin. As for China as an emerging market, actual tax burden on companies is still heavy, and the reduction in comprehensive corporate tax burden is still the primary objective of policy makers at present.