企业避税行为与投资效率实证研究

Empirical Research on Tax Avoidance Behavior and Investment Efficiency of Enterprises

为了研究企业避税活动与投资效率之间的关系,采用Richardson模型测算投资效率,并进一步构建投资效率、投资不足与投资过度分别与避税活动之间的线性模型。结果表明,(1)企业的避税程度与投资效率呈负相关关系,即企业避税程度越高,投资效率越低;(2)企业的避税活动与过度投资呈正相关关系,且没有明显证据表明避税活动与投资不足之间存在显著的相关关系,即企业避税行为容易产生过度投资。因此,建议企业应合理认识避税行为的经济后果,加强对管理层投资行为的评价分析,以期管理层减少损害企业价值的自利行为,提高投资效率。

In order to study the relationship between corporate tax avoidance activities and investment efficiency,the Richardson model was used to measure investment efficiency;and a linear model between investment efficiency,underinvestment and over-investment and tax avoidance activities was further constructed.The results showed that①the tax avoidance degree of the enterprises is negatively correlated with the investment efficiency.The higher the tax avoidance degree of enterprises,the lower the investment efficiency.②Corporate tax activities are positively related with excessive investment relations.And there is no obvious evidence that the corporate tax avoidance activities have a significant relationship with insufficient investment.That is,corporate tax avoidance is prone to over-investment.Therefore,it is recommended that enterprises should reasonably understand the economic consequences of tax avoidance behaviors and strengthen the evaluation and analysis of management investment behaviors,so that management can reduce self-interested behaviors that damage corporate value and improve investment efficiency.