行业成长性是否降低了公司税负——来自中国上市公司的证据.docVIP

行业成长性是否降低了公司税负——来自中国上市公司的证据 曹越 赵婷 湖南大学工商管理学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 行业的成长性是一种可持续发展能力, 对公司税负具有重要影响。本文以2009-2015年沪深A股上市公司为样本, 检验了行业成长性对公司税负的影响及其渠道机制。结果表明:行业成长性越高, 公司税负越低。区分内部治理 (产权性质、公司规模和机构投资者持股) 与外部治理 (法律环境和产品市场竞争程度) 的进一步研究发现:行业成长性使得非国有公司、大规模公司和机构投资者持股低的公司税负显著降低, 同时使得法律环境较差地区和产品市场竞争激烈环境中的公司税负显著降低。拓展性分析结果显示, 增加研发支出、加剧融资约束和实施向下的盈余管理活动是行业成长性影响公司税负的重要渠道机制。本文拓展了公司税负的影响因素研究。 关键词： 行业成长性; 公司税负; 渠道机制; 作者简介：曹越 (1981-) , 男, 湖南常宁人, 湖南大学工商管理学院副教授, 博士后, 财政部全国会计领军 (后备) 人才; 作者简介：赵婷 (1993—) , 女, 山西忻州人, 湖南大学工商管理学院博士生。 收稿日期：2017-09-17 基金：国家社会科学基金重点项目“‘营改增’对企业的财务效应与应对策略研究” (17AGL011) Whether Industry Growth Reduces Corporate Tax Burden: Evidence from Chinese Listed Companies CAO Yue ZHAO Ting School of Business, Hunan University; Abstract： The growth of industry is a kind of sustainable development ability and has important influence on corporate tax burden. This paper examines the influence of industry growth on corporate tax burden and its channel mechanism, taking the A-share listed companies from 2009 to 2015 in Shanghai and Shenzhen Stock exchanges as samples. Empirical results show that: the higher industry growth, the lower corporate tax burden. Further research on the distinction between internal governance (property rights, corporate size and institutional investors) and external governance (legal environment and product market competition) found that industry growth makes non-state-owned, large-scale corporations and low shareholding proportion of institutional investors corporations hold low corporate tax burden significantly, while reducing corporate tax burden significantly when corporations are in the environment of poor legal environment and fierce product market competition. Robust analysis find that the increasing of the RD investment, intensifying the financing constraints and implementing the downward earnings management activities are important channel mechanisms for the growth of industry affects