融资约束对企业避税行为的影响研究.pdfVIP

融资约束对企业避税行为的影响研究 摘 要 近年来，我国以往高速发展的社会经济，逐渐趋向高质量的发展方式转变，经济 增速开始放缓，发展压力变大。在这种背景下，企业所面临的外部融资环境较差，特 别是最近两年持续的新冠疫情，使企业的融资环境进一步恶化，不少企业面临融资约 束问题。处于融资约束困局中的公司，一般会更倾向于通过内部融资或者减少现金开 支的方式来保证现金流。企业的避税行为可以减少税金支出，能够作为内部融资的一 种替代方式。所以，融资约束企业相比其他企业，可能会有更强的避税动机和避税倾 向，更可能采取避税行为。 基于2015-2020 年度中国A 股上市公司的财务数据，采用 SA 指数度量融资约 束，会计税收差异BTD 度量企业避税。通过构建多元回归模型，检验融资约束是否 会促进企业避税行为，并对样本按照不同标准进行分组，检验融资约束对企业避税的 影响在不同性质企业中的变化，以及税收征管强度对融资约束与企业避税的调节作 用。研究结果表明：融资约束会导致企业避税，两者呈显著正相关关系；并且此影响 机制较多发生在小规模企业、非国有企业和内部控制质量低的企业；而税收征管强度 能够显著减弱融资约束所导致的企业避税行为。 针对融资约束可能导致的企业避税行为，税务机关不仅要打击企业避税行为，也 要深入源头，采取措施缓解企业融资约束行为。根据得出的研究结论，结合我国经济 发展的社会背景和推行减税降费的政策背景，提出如下建议：一是税务机关根据相关 因素关注潜在避税企业；二是拓宽融资渠道，创造良好融资环境；三是税务机关在刚 性执法的同时应该注意执法的弹性。 关键词: 融资约束；避税；企业特征；税收征管强度 1 融资约束对企业避税行为的影响研究 目 录 第一章 绪论·······························································································1 第一节 研究背景及研究意义·····················································································1 一、研究背景············································································································1 二、研究意义············································································································2 第二节 文献综述············································································································2 一、融资约束文献综述··························································································2 二、企业避税研究综述··························································································5 三、融资约束与企业避税相关研究综述··························································8 四、文献评述···············································································