机构投资者实地调研能抑制企业税收规避吗?——基于文本分析的证据

Can Institutional Investors’Site Visits Curb Corporate Tax Avoidance?Evidence from Textual Analysis

运用文本分析方法检验机构投资者实地调研对企业避税行为的影响,结果显示:机构投资者实地调研能抑制企业避税行为,但这种效应只有当机构投资者在实地调研中向管理层提问个数较多、提问长度较长、或者提问内容针对企业税务活动时才存在。这说明只有勤勉深入、关注企业税务问题的调研才能抑制税收规避这种隐蔽性较强的行为。进一步研究发现,这种效应仅在非国有企业以及法制环境较差地区的企业中存在。

Textual analysis is used to examine the impact of institutional investors’site visits on the corporate tax avoidance.The results show that investors’site visits can curb the corporation tax avoidance,but this effect only exists when institutional investors ask more questions,when the questions are longer,or the question content is targeted at the tax activities of corporation.The results indicate that only diligent and in-depth institutional investors’site visits can inhibit the hidden behavior of corporate tax avoidance.Further study finds that this effect only exists in non-state-owned corporations and corporations in areas with poor legal environment.