企业避税、债务融资能力和债务成本

Tax Avoidance,Financing Ability of Debt and Cost of Debt

目前国内有关企业避税经济后果的研究较少,尤其是从债权人角度的研究更是少之又少。本文从债权人视角出发,以我国沪深A股上市公司2009-2016年的数据为样本,鉴于水平值检验可能存在的遗漏相关变量问题以及为了使研究设计更好地符合本文的理论预期,本文采用变化值模型实证检验了企业避税程度对债务融资能力和债务成本的影响。具体地,本文检验了企业所得税避税程度变化和企业总体避税程度变化对企业融资能力变化和债务成本变化的影响。研究发现,无论是企业所得税避税程度变化还是企业总体避税程度变化,均与债务融资能力变化显著负相关,与债务成本变化显著正相关,即企业避税程度增加得越多,债务融资能力下降得越多,债务成本增加得越多。研究还发现企业避税程度变化对债务融资能力变化和债务成本变化的影响仅存在于公司治理较差或信息透明度较低的企业中,公司治理较好或者信息透明度较高企业中,企业避税程度对债务融资能力和债务成本的负向影响并不显著。

There are quite few studies examining consequences of tax avoidance in China, especially from the perspective of creditors. Therefore, we empirically examine the impact of the change of tax avoidance on the change of firms＇ financing ability of debt and the change of cost of debt, using a sample of Chinese A-share listed firms from 2009-2016. We find that the change of tax avoidance, no matter whether it is income tax avoidance or total tax avoidance, is significantly and negatively related with changes of firms＇ financing ability of debt, and significantly and positively related with changes of firms＇ cost of debt. In addition, we find that these significant relations only exist in firms with worse corporate governance or in firms with lower information asymmetry. For firms with better corporate governance or firms with higher information asymmetry, we don＇ t find significant relations between changes of tax avoidance and changes of firms＇ financing ability of debt and changes of cost of debt.