经济政策不确定性、分析师关注与公司避税

Economic Policy Uncertainty,Analyst Coverage and Corporate Tax Avoidance

利用Baker等开发的中国经济政策不确定性指数和上市公司2008—2018年数据,基于分析师外部治理视角,考察了中国经济政策不确定性对公司避税决策的影响。研究发现,经济政策不确定性越高,公司避税程度越高,且经济政策不确定性对公司避税的影响在高分析师关注的企业中更显著,支持了“市场压力观”。进一步分析发现,经济政策不确定性和公司避税的正相关关系主要发生在高成长性和高外部融资需求的企业。

Based on the Chinese Economic Policy Uncertainty(EPU)Index and data of Chinese listed companies from 2008 to 2018,this paper studies the impact of EPU on corporate tax avoidance from the perspective of analysts’external governance.The research results show that there is a significant positive correlation between EPU and corporate tax avoidance,this positive relevance is more pronounced in the samples of high analyst following,which supports the market pressure perspective.Besides,the higher growth and the greater external financing needs the firm is,the more sensitive the relationship between EPU and corporate tax avoidance will be.This paper,to some extent,enriches the mechanism of the impact of economic policy uncertainty on corporate tax avoidance.Furthermore,it can help government departments precisely provide differentiated and oriented policy support for different types of enterprises,which can promote high-quality and sustainable development of enterprises.