企业声誉与税收规避:抑制还是促进

Corporate Reputation and Tax Avoidance:Inhibition or Promotion?

本文利用2008-2017年A股上市公司年报数据,探讨了企业声誉这一非正式制度的经济后果、对企业税收规避的影响及作用机制等。研究发现,企业声誉与税收规避显著负相关,即企业声誉越高,税收规避程度越低,企业声誉起到了抑制税收规避的作用。研究还通过中介效应模型检验发现,企业声誉可以通过缓解融资约束和降低经营风险来减弱公司的避税动机,进而使得公司税收规避行为减少。基于公司内外部治理机制的进一步分析还发现,企业声誉对税收规避的抑制作用在非国有企业和市场化程度较高的企业中更为明显。本文不仅补充和拓展了当前关于公司避税的影响因素以及企业声誉经济后果方面的文献,也对税务部门的相关税收征管工作有一定的启示。

Based on the annual reports of A-share listed companies from 2008 to 2017,this paper discusses the economic consequences of the informal institution ’corporate reputation’, its impact on corporate tax avoidance and its functionary mechanism.Research findings:Firstly,corporate reputation is negatively correlated with tax avoidance,and corporate reputation plays a role in inhibiting tax avoidance.Secondly,through the intermediary effect model test,it is found that corporate reputation can reduce corporate’s tax avoidance motivation by easing financing constraints and reducing operational risks,thus reducing the company’s tax avoidance behavior.Thirdly,based on the further analysis of internal and external corporate governance mechanisms,it is also found that corporate reputation has a more obvious inhibitory effect on tax avoidance in non-state-owned enterprises and enterprises with higher degree of marketization.This paper not only supplements and expands the current literature on the impact factors of corporate tax avoidance and the economic consequences of corporate reputation,but also enlightens the tax authorities in tax collection and management.