税收规避、利率变动与企业投资行为

Tax Evasion,Interest Rates Variation and Corporate Investment

本文以企业投资行为作为切入点研究企业税收规避的经济后果,利用联立方程模型系统探讨了2008-2017年我国上市公司企业税收规避与企业投资行为之间的关系,并基于我国的经济制度背景,分析了利率变动对两者之间关系的作用。研究发现,只有在考虑利率变动因素后,企业税收规避对企业投资行为才有显著影响。具体表现为:当市场利率较高时,避税行为的融资约束缓解作用凸显,此时避税的“投资促进效应”占据主导地位,使得避税行为对企业投资支出表现出正向作用。当利率较低时,避税行为的弊端以及代理成本效应显著,此时避税的“投资抑制效应”占据主导地位,避税行为对企业投资支出表现出负向影响。

This article selected corporate investment as the starting point to study the economic consequences of corporate tax evasion.Dominated by an empirical analysis,this article used simultaneous equations model of listed companies in China in 2008-2017 to research the relationship between tax evasion and corporate investment,and based on the background of Chinese economic system,and explored the effects of interest rates on the relationship.The study found that only after considering the interest rates variation,corporate tax evasion had a significant impact on the investment.Specific performance was:when the market interest rate was high,tax evasion tended to ease the financing constraints.The accelerating effect for investment of tax evasion had a dominant place,and there was a positive relationship between the tax evasion and corporate investment.When the market interest rate was low,the disadvantages of tax evasion and agency costs became notable.The depressor effect for investment of tax evasion had a dominant place,and there was a negative relationship between the tax evasion and corporate investment.For more discussion about the tax evasion and corporate investment,this article made further analysis on the efficiency of investment.