货币政策对企业所得税筹划的影响

The Influence of Monetary Policy on Enterprise Income Tax Planning

基于中国上市企业2008~2015年的面板数据,使用双重差分模型,研究货币政策对企业税收筹划的影响.研究发现,在货币紧缩时期,规模较小、抵押担保能力弱、不属于企业集团的上市企业更积极地进行税收筹划活动,以减轻税负,留存现金,和缓解融资约束.结果表明,在中国货币政策由由宽松转为紧缩时,相关监管机构应加大相应监管力度,制约企业超出法律允许范围的税收筹划行为.

Based on the panel data of China＇s listed enterprises from 2008 to 2015,the study used the Difference-in-difference model to study the influence of monetary policy on corporate tax planning.The study founds that in order to reduce tax burden,keep cash,and alleviate financing constraints,the listed companies that are small in scale,weak in mortgage guarantee capability,or not affiliated to enterprise group are more actively engaged in tax planning activities.The results also show that when China＇s monetary policy changes from loose to tight,the relevant regulatory authorities should strengthen corresponding supervision and restrict the tax planning of enterprises beyond the legal scope.