经济政策不确定性、融资约束与企业税收规避行为

Economic Policy Uncertainty, Financial Constraints and Firm Tax Avoidance

本文选取2009至2017年中国上市公司季度数据,探究经济政策不确定性对企业税收规避行为的影响,进而分析企业融资约束程度对二者关系的调节作用。研究结果表明,在经济政策不确定性加强时,作为企业主要的内部融资渠道,企业税收规避程度会显著提高;鉴于融资约束系经济政策不确定性作用企业税收规避行为的重要桥梁,企业融资约束程度越高,其税收规避行为受经济政策不确定性的影响也越显著。建议政府部门决策在坚持供给侧结构性改革的同时,进一步加强政策程序的透明度、连贯性与有效沟通,提高经济政策规划与执行力,帮助企业准确理解与把握政策调整与改革方向,以助其商业安排。

The paper selects the quarterly data of China s listed companies from 2009 to 2017 to study the impact of economic policy uncertainty on firm tax avoidance,and then analyzes the adjustment degree of financing constraints on their relationship.The results show that when the economic policy uncertainty is strengthened,the degree of tax avoidance of enterprises will be significantly improved.The degree of financing constraints is an important bridge for the economic policy uncertainty to affect tax avoidance of enterprises.The higher the degree of financing constraints are,the more significant influence economic policy uncertainty will have on enterprises behavior.Therefore,on the basis of adhering to the supply-side structural reform,the government should enhance the transparency,coherence and effective communication of policies,plan and implement economic policies better,and help the enterprise managers understand and grasp the direction of policy adjustment and reform,so the enterprise managers can make corresponding business arrangements.