企业避税、货币政策与经营业绩

Tax Avoidance, Monetary Policy and Operation Performance

以货币政策为切入点,运用规范分析和回归分析的方法,对企业避税与经营业绩之间的关系进行实证研究。结果表明,企业避税程度越高,则其经营业绩越低;随着货币政策的趋松,企业激进避税导致经营业绩进一步降低。因此,建议股东应当警惕避税引发的内部代理问题,并且充分考虑宏观经济环境对避税决策的影响。

Taking monetary policy as the breakthrough point, this paper makes an empirical study on the relationship between tax avoidance and business performance by using normative analysis and regression analysis. The results show that the higher the degree of tax avoidance, the lower the business performance;with the loosening of monetary policy, the radical tax avoidance leads to the further reduction of business performance. Therefore, it is suggested that shareholders should be alert to the internal agency problems caused by tax avoidance, and fully consider the impact of macroeconomic environment on tax avoidance decision-making.