银企关系会影响企业税收规避行为吗？

Whether Bank-firm Relationship Influences Corporate Tax Avoidance: Evidence from Chinese Listed Companies

银企关系具有缓解融资约束、降低监督成本和约束债务契约的功能,这对企业税收规避行为具有重要影响。本文以2007-2015年沪深A股非金融类上市公司为样本,检验了银企关系对企业税收规避行为的影响。研究结果表明:银企关系越密切,企业税收规避程度越高。区分产权性质、机构投资者持股水平、金融发展程度和税收征管强度的进一步检验发现,银企关系增加企业税收规避行为这一现象仅在产权性质为非国有、机构投资者持股水平低、金融发展水平低和税收征管强度弱的企业中存在。拓展性分析结果显示,银企关系引发的税收规避行为会降低企业价值。上述证据表明,银企关系是企业税收规避的重要诱因,本文丰富了企业税收规避的影响因素以及银企关系经济后果的文献。

This paper examines the impact of bank-firm relationship on corporate tax avoidance,taking the A-share listed companies from 2007 to 2015 in Shanghai and Shenzhen Stock exchanges as samples. Empirical results show that bank-firm relationship is positively associated with corporate tax avoidance. It is found this phenomenon only exists in nonstate-owned firms. Institutional ownership boosts the positive relationship between bank-firm relationship and corporate tax avoidance,and this effect is stronger and more obvious in conservative-oriented firms. As an effective external governance mechanism,tax enforcement can significantly impede the positive relationship between bank-firm relationship and corporate tax avoidance. The effect that bank-firm relationship increase corporate tax avoidance only exists in firms which are faced with low financial development. Corporate tax avoidance induced by increasing bank-firm relationship will decrease firm value. These findings indicate that bank-firm relationship are important cause of corporate tax avoidance,and this paper enrich the research literature about the influence factors of corporate tax avoidance and the economic consequence of bankfirm relationship.