家乡效应与企业避税

Hometown Effect and Corporate Tax Avoidance

中国是一个乡土情怀特别浓厚的国家。家乡情节不可避免地对企业高管的决策和行为产生影响,进而影响到公司的决策和行为。本文以2008-2017年间中国A股上市公司为样本,考察了董事长的家乡效应对企业避税行为的影响机制。研究发现:董事长的家乡效应抑制了企业避税程度,原因在于家乡效应缓解了企业外部融资约束,并提升了企业社会责任。进一步研究表明,董事长家乡效应对公司避税行为的影响因个人特征、公司内部治理和外部环境的不同而存在显著差异。

China is a country with strong hometown feelings,which inevitably affect corporate executives’decisions and behaviors and hence affect the decisions and behaviors of the company.Based on the data of A-share listed companies from 2008 to 2017,this paper investigates the impact of the chairman’s hometown effect on corporates’tax avoidance and its mechanism.The results show that:the Hometown effect of the chairman reduces the degree of corporate tax avoidance,because the hometown effect reduces the external financing constraints and improves corporates’social responsibility.Further research shows that the influence of chairman’s hometown effect on corporates’tax avoidance behavior varies significantly by personal characteristics,corporates’internal governance and external environment.