税收规避、公司治理质量与现金持有

Tax Dodging,Corporate Governance Quality and Cash Holdings

本文以我国2010—2015年沪深A股上市公司为研究样本,考察税收规避对企业现金持有的影响以及公司治理质量在税收规避影响现金持有中的调节作用。研究结果表明:(1)现金是一种极易被转移的可替代性资产,税收规避允许管理层不被察觉地转移公司的资源,在一定程度上加快了企业现金的消耗,因而税收规避与企业现金持有水平负相关;(2)税收规避破坏了企业的信息环境,加剧了管理层和股东之间的利益冲突,给企业现金持有价值带来了负面效应,因此税收规避与企业现金持有价值负相关;(3)公司治理机制的完善能降低企业的信息不对称,制约管理者的自利行为,有效地缓解代理冲突,同时向市场传递高质量信息,因而公司治理质量在税收规避影响企业现金持有中具有正向调节作用。

The paper studies the impact of tax dodging on the cash holdings of corporate as well as the role of corporate governance quality in this issue by selecting A -share listed companies in Shanghai and Shenzhen Stock Exchange from 2010 to 2015 as samples. The results show that ： （ 1 ） Cash is a kind of fungible asset that can be easily transferred. Tax dodging allows managers to transfer the company＇s resources invisibly and it leads to a quicker dissipation of firm＇ s cash holdings to certain extent. We find a negative correlation between tax dodging and firm＇ s cash holding level. （2） Tax dodging has destroyed the information environment of the firm and intensified shareholders, this conflict has had negative effect on the dodging is negatively related to the firm＇s cash holdings the interest conflict between management and value of firm＇s cash holdings. As a result, tax value ; （3） The improvement of corporate gov- ernance mechanism could reduce the information asymmetry of the firms, regulate the self - interest behavior of managers, effectively alleviate the agency conflict, and pass on high quality information to the market at the same time, hence corporate governance quality has had positive effect in regulating tax dod- ging and cash holdings.