企业避税活动对权益资本成本影响的渠道效应研究

Research on the Channel Effects of Influence of Corporate Tax Avoidance Activities on the Cost of Equity Capital

上市公司实施的避税活动会导致投资者提高预期资本回报率,并且通过降低投资者对公司未来现金流及经营业绩预期的渠道效应来实现。良好的公司内部治理机制和政府监督均可以有效降低上市公司税收风险,并对避税活动的契约效应产生积极的调节作用。因此,企业应当顺应国家税收政策导向,在审慎权衡避税收益和税务稽查成本、财务报告成本、代理成本等诸多税收或非税成本关系的基础上进行纳税筹划,将企业税务风险控制在合理的范围内。税务部门可以通过对不同程度的避税行为实施有区别的监管政策,引导企业采取合理的税务筹划方式,保持国民经济的健康可持续发展。

Tax avoidance activities implemented by public companies lead to higher expected returns on capital for investors and are achieved through the channeling effect of lowering investors′ expectations of the company′s future cash flows and operating performance. Both good internal corporate governance mechanisms and government supervision can effectively reduce the tax risks of listed companies and positively regulate the contractual effects of tax avoidance activities. Therefore,enterprises should comply with the authority′s tax policy guidance and carry out tax planning on the basis of carefully weighing the relationship between tax avoidance benefits and tax audit costs,financial reporting costs,agency costs and many other tax or non-tax costs,so as to control the enterprise tax risks within a reasonable range. The taxation department can guide enterprises to adopt reasonable tax planning and maintain the healthy and sustainable development of the national economy by implementing differentiated regulatory policies for different degrees of tax avoidance.