企业避税行为与债券信用评级关系研究——基于避税风险观的中介效应视角

Corporate Tax Avoidance Behavior and Bond Credit Rating

本文以2008-2015年上市公司发债数据为研究样本,考察企业避税行为对债券信用评级的影响。研究发现企业避税程度越高,债券信用评级越低;企业避税降低债券信用评级的关系在避税程度高以及本土评级机构分组中更为显著。进一步对内在机制的探讨表明,信息风险在避税行为影响债权信用评级的过程中发挥了中介传导作用。本文从债权市场角度研究企业避税的经济后果,丰富了企业避税风险观方面的文献,并可为政府部门制定政策完善资本市场功能,规范企业主体市场行为,增强金融服务实体经济能力提供依据。

This paper analyzes how tax avoidance influences bonds＇ credit rating. Based on listed companies＇ bond issuance data from 2008 to 2015, study shows that the larger tax avoidance, the lower credit rating. Further study shows this relationship is more significant for high-tax avoidance companies and local credit rating agencies, also confirms that information risk is a path of corporate tax avoidance affecting the bond credit rating. Conclusions of this paper efficiently expand companies＇ tax avoidance agency problem from the perspective of bond market, and provide proof for government to make policies so as to improve function of capital market, regulate firm behavior and enhance the capacity of financial services for the real economy.