关联交易与公司避税——来自中国上市公司的经验数据

Related-party Transactions and Corporate Tax Avoidance:Evidence from Listed Companies in China

本文选取2008~2015年度沪深两市上市公司为研究样本,实证检验了关联交易与公司避税的关系,发现关联交易规模越大,公司避税越激进。进一步将关联交易区分为异常关联交易和正常关联交易后,研究发现,异常关联交易规模与公司避税显著正相关,正常关联交易与公司避税之间无显著相关关系。在控制住可能的内生性问题以及进行敏感性测试后,上述结论保持不变。异常关联交易是控股股东和上市公司掏空国家税收的重要途径,是公司避税的诱因和降低税负的重要手段。

Using A-shares companies listed on the Shanghai and Shenzhen main board from 2008 to 2015 as samples, this paper tests the relationship between related-party transactions and corporate tax avoidance. This paper finds the larger the size of related-party transactions, the more aggressive the corporate tax avoidance. Further, after the related-party transactions was further divided into abnormal related-party transaction and normal related-party transactions, we find abnormal related-party transactions significantly positively correlate with corporate tax avoidance, and there is no significant correlation between normal related-party transactions and corporate tax avoidance. The above conclusions keep tmchanged after controlling for the possible endogenous problem and the sensitivity tests. These results indicate the abnormal related-party transactions is an important way which controlling shareholders and the listed company tunnel the national tax revenue, so as to achieve the purpose of avoiding tax and reducing the corporate tax burden.