铁路基础设施建设对企业避税的治理效应

Governance Effect of Railway Infrastructure Construction on Corporate Tax Avoidance

铁路基础设施建设对区域经济发展和企业微观行为具有深刻影响。本文以2009—2020年中国上市公司数据为样本,利用多时点双重差分法实证检验铁路基础设施建设对企业避税的治理效应。研究结果显示:铁路基础设施建设通过改善企业内部治理、强化外部监督和缓解融资约束,削弱当地上市公司避税的能力与动机,进而显著抑制企业的避税行为。结合区域交通特征的进一步研究表明,上市公司所在地若存在机场通航,高铁开通的避税治理效果会有所减弱;相较于仅开通城际铁路,开通非城际铁路和同时开通两类铁路的避税治理效应更为明显。结合企业特征的进一步研究表明,高铁开通的避税治理效应在非国有企业和信息不对称程度较高的样本中更为显著。本文结论为中国铁路基础设施后续规划建设以及税收监管部门优化征管提供了理论依据及政策启示。

The tax system construction needs to pay more attention to social equity in building the new development pattern.The wealth that should belong to the state is kept within the enterprises due to corporate tax avoidance.This will weaken the government’s macro-control ability and hinder the reasonable distribution of public wealth and resources,aggravating financial pressure.Therefore,how to restrain corporate tax avoidance and realize tax fairness becomes critical in improving the fiscal and tax system.High-speed railway is anessential part of China’s transportation infrastructure,which is both time-efficient and economical.Based on the theory of new economic geography,transaction costs caused by geographical distance significantly affect the decision-making of economic entities,and railway infrastructure construction can play a unique role in promoting circulation and influencing corporate behaviors.Based on the data of listed enterprises in China from 2009 to 2020,the paper empirically tests the governance effect of railway infrastructure construction on corporate tax avoidance using the difference-in-differences(DID)method.The results show that railway infrastructure construction can improve enterprises’internal governance,strengthen external supervision,and alleviate financing constraints,reducing their ability and motivation to avoid tax aggressively.Combining regional transportation characteristics,it is found that the governance effect of railway infrastructure construction on corporate tax avoidance is weakened if there are airports in the location of listed enterprises,and the governance effect of high-speed rail opening is more significant in the sample with only non-intercity railways and both intercity and non-intercity railways.Furthermore,combining corporate characteristics,the governance effect of high-speed rail opening is more significant in non-state-owned enterprises and those with higher information asymmetry.Therefore,it is necessary to continue to promote railway infrastructure construction,attach full attention to the improvement of geopolitical relations,and give full play to the governance role of high-speed railway construction on tax avoidance of enterprises in cities along the route.The contributionis reflected in the following aspects.First,this paper explores the impact of high-speed railway opening on corporate tax avoidance and identifies three main mechanisms,enriching the application of new economic geography in micro-enterprises.Second,it puts railway infrastructure construction into the research framework,providing a new perspective for examining the influencing factors of corporate tax avoidance behavior.Third,it deepens the understanding of the factors affecting corporate tax avoidance,providing theoretical and practical inspiration for railway infrastructure construction and tax supervision departments in China.