企业避税行为与多元化经营

Tax Avoidance Behavior And Diversification Operation of Enterprises

避税和多元化经营都是企业的策略选择。基于2003—2018年非金融类上市公司的数据,考察了避税行为对企业多元化经营策略的影响,并且在多个方面进行了拓展性分析。研究发现:(1)避税行为会显著抑制企业的多元化经营,经过内生性检验和稳健性检验后该结论依旧成立;(2)避税行为对企业多元化经营的抑制作用存在时间上的持续性;(3)异质性分析发现,在非国有企业、小企业、信息透明度低以及公司治理较差的企业中,这种抑制作用表现得更加明显;(4)进一步研究表明,避税行为通过增加企业的融资约束进而不利于企业多元化经营,具体地,避税增加了企业的银行贷款利率和成本,相对于长期贷款利率,主要是增加了银行短期贷款利率。研究结果拓展了企业避税行为经济后果的研究范围,同时对企业多元化经营策略的选择具有一定的现实意义。

Tax avoidance and diversification are the strategic choices of enterprises.Based on the data of non-financial listed companies from 2003 to 2018,this paper examines the impact of tax avoidance on the diversification strategy of enterprises,and makes an expansion analysis in many aspects.The are following findings:(1)Tax avoidance can significantly inhibit the diversification of enterprises,and this conclusion is still valid after endogenous test and robustness test;(2)The inhibition of tax avoidance on the diversification of enterprises lasts for a long time;(3)Heterogeneity analysis shows that the inhibition effect is more obvious in non-state-owned enterprises,small enterprises,enterprises with low information transparency and poor corporate governance;(4)Further research shows that tax avoidance is not conducive to the diversification of enterprises by increasing the financing constraints of enterprises.Specifically,tax avoidance increases the bank loan interest rate and cost of enterprises,and mainly increases the bank short-term loan interest rate compared with the long-term loan interest rate.The research results of this paper expand the research scope of the economic consequences of enterprise tax avoidance,and also have a certain practical significance for the choice of enterprise diversification strategies.