金融危机冲击、融资约束与公司避税

被引：105

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：

020202 ; 020203 ;

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

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