金融危机冲击、融资约束与公司避税

被引：100

作者：

王亮亮

机构：

[1] 东南大学经济管理学院财务与会计系

来源：

南开管理评论 | 2016年 / 19卷 / 01期

关键词：

金融危机; 公司避税; 融资约束; 金融市场化;

D O I：

暂无

中图分类号：

F831.59 [金融危机]; F811.4 [财政收入和支出];

学科分类号：

摘要：

金融危机对公司行为的影响吸引了理论界和实务界的共同关注。由于企业所得税是公司重要的现金支出,而且公司避税在世界范围内普遍存在,因而从公司避税活动视角探究金融危机的影响显得尤为重要,然而已有文献关注此问题的还不多。鉴于此,本文首先检验金融危机对公司避税的影响,并进一步检验融资约束程度、外部金融市场环境等对二者间关系的调节作用。检验结果表明,金融危机期间,伴随外部融资环境恶化,公司的内源融资需求提高,另外风险转移倾向也会变得更为明显,这些都使得公司的避税程度显著提高;与融资不受约束公司相比,融资约束公司金融危机期间避税程度提高更为明显;伴随公司所处地区金融市场化程度的提高,金融危机对公司避税程度的影响被削弱。本文的研究成果不仅丰富了金融危机微观作用机制方面的学术文献,而且还提供了公司避税程度影响因素方面新的经验证据。

引用

页码：155 / 168

页数：14

共 39 条

[11] Financial Distress, Outside Directors and Corporate Tax Aggressiveness Spanning the Global Financial Crisis: An Empirical Analysis[J] . Grant Richardson,Roman Lanis,Grantley Taylor.Journal of Banking and Finance . 2014
[12] Labor unions and tax aggressiveness
Chyz, James A.
Leung, Winnie Siu Ching
Li, Oliver Zhen
Rui, Oliver Meng
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2013, 108 (03) : 675 - 698
[13] The real effects of financial constraints: Evidence from a financial crisis[J] . Murillo Campello,John R. Graham,Campbell R. Harvey.Journal of Financial Economics . 2010 (3)
[14] Accrual-based and real earnings management activities around seasoned equity offerings
Cohen, Daniel A.
Zarowin, Paul
[J]. JOURNAL OF ACCOUNTING & ECONOMICS, 2010, 50 (01) : 2 - 19
[15] Are family firms more tax aggressive than non-family firms?[J] . Shuping Chen,Xia Chen,Qiang Cheng,Terry Shevlin.Journal of Financial Economics . 2009 (1)
[16] Earnings Management through Effective Tax Rates: The Effects of Tax‐Planning Investment and the Sarbanes‐Oxley Act of 2002 *[J] . Kirsten A. Cook,G. Ryan Huston,Thomas C. Omer.Contemporary Accounting Research . 2008 (2)
[17] Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods
Cohen, Daniel A.
Dey, Aiyesha
Lys, Thomas Z.
[J]. ACCOUNTING REVIEW, 2008, 83 (03) : 757 - 787
[18] Empirical evidence of risk shifting in financially distressed firms
Eisdorfer, Assaf
[J]. JOURNAL OF FINANCE, 2008, 63 (02) : 609 - 637
[19] Corporate financial policy and the value of cash
Faulkender, Michael
Wang, Rong
[J]. JOURNAL OF FINANCE, 2006, 61 (04) : 1957 - 1990
[20] Public policy, political connections, and effective tax rates: Longitudinal evidence from Malaysia[J] . Ajay Adhikari,Chek Derashid,Hao Zhang.Journal of Accounting and Public Policy . 2006 (5)

← 1 2 3 4 →