货币政策与民企税收筹划研究

Monetary Policy and Tax Planning

货币政策调整将影响民营企业税收筹划行为。本文以2003—2015年A股上市公司为研究样本,检验结果发现:第一,货币政策变得紧缩时,民企会加大税收筹划程度。第二,货币政策变得紧缩时,选择进行税收筹划的民企更能够降低现金流敏感度,缓解企业融资约束问题。第三,当民企具有好的投资机会时,紧缩货币政策时期的税收筹划有助于提升投资效率。研究结果有助于从宏观经济政策变化的角度来理解民企进行税收筹划的动机和经济后果。

This paper analyzes the relations between monetary policy and Chinese non-state-owned listed companies’tax planning and its economic consequences.Based on 2003-2015 A-share non-state-owned listed companies,we found:(1)non-state-owned enterprises conduct more aggressive tax planning level under tightening monetary policy.(2)Tax planning helps to reduce the sensitivity of cash flow and ease the financing constraints for non-state-owned listed companies.(3)While companies have good investment opportunities under tight monetary policy,tax planning also helps to enhance investment efficiency.These findings enrich our understandings on motivation and economic consequences of tax planning under macroeconomics policy.