上市公司税收规避对现金持有水平及价值的影响研究
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摘要
以2008—2016年沪深两市A股上市公司为研究对象,根据税收规避和现金持有相关理论,探讨了税收规避对现金持有水平以及现金持有价值的影响。研究发现,税收规避程度较高的公司,其现金持有水平和超额现金水平较低;现金冗余和现金不足的公司,其税收规避程度存在显著差异;进一步检验发现,现金冗余的公司存在因税收规避程度提高带来的信息不透明和监管薄弱,从而诱发管理层机会主义问题,这也为企业利用税收规避寻租提供了证据;此外,由于代理问题的存在和我国税收制度的特殊背景,税收规避不会显著增加现金持有价值,同时股权结构在税收规避影响现金持有价值的过程中发挥了一定的调节作用,从侧面证明了公司治理机制的重要性。
With the listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2008 to 2016 as research object,this article explores the influence of tax avoidance on the cash holdings and the value of cash holdings based on the theory of tax avoidance and cash holdings. The research finds that those companies with higher scores in tax avoidance have relatively lower cash holdings and excess cash. There are significant differences between companies with redundant cash and with insufficient cash. Further test finds that the companies with redundant cash have the problems such as information opacity and weak supervision brought by the increased degree of tax avoidance to induce the opportunism of the management,which also provides evidence for enterprises to use tax to avoid rent-seeking. Due to the existing agent problems and China's special taxation system,tax avoidance cannot increase the value of cash holdings. At the same time,the ownership structure can impose some moderating impacts in this process. This paper proves the importance of corporate governance mechanism.
With the listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2008 to 2016 as research object,this article explores the influence of tax avoidance on the cash holdings and the value of cash holdings based on the theory of tax avoidance and cash holdings. The research finds that those companies with higher scores in tax avoidance have relatively lower cash holdings and excess cash. There are significant differences between companies with redundant cash and with insufficient cash. Further test finds that the companies with redundant cash have the problems such as information opacity and weak supervision brought by the increased degree of tax avoidance to induce the opportunism of the management,which also provides evidence for enterprises to use tax to avoid rent-seeking. Due to the existing agent problems and China's special taxation system,tax avoidance cannot increase the value of cash holdings. At the same time,the ownership structure can impose some moderating impacts in this process. This paper proves the importance of corporate governance mechanism.
引文
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[23]许文鑫,刘心才.公司避税与金字塔结构[J].台大管理论丛,2018(1):1-42.
[24]OPLER T,PINKOWITZ L,STULZ R,et al. Thedeterminants and implications of corporate cash holdings[J].Journal of Financial Economics,1999,52(1):3-46.
[25] GAO H,HARFORD J,LI K. Determinants ofcorporate cash policy:insights from private firms[J]. Journalof Financial Economics,2013,109(3):623-639.
[26]FAULKENDER M,WANG R. Corporate financialpolicy and the value of cash[J]. The Journal of Finance,2006,61(4):1957-1990.
[27]FRANK M M,LYNCH L J,REGO S O. Tax re-porting aggressiveness and its relation to aggressive financialreporting[J]. Accounting Review,2009,84(2):467-496.
[28]FAMA E F,FRENCH K R. Common risk factorsin returns on stocks and bonds[J]. Journal of Financial Eco-nomics,1993,33(1):3-56.
[29]韩立岩,刘博研.公司治理、不确定性与现金价值[J].经济学(季刊),2011(2):523-550.
[2] HASAN M M,AL-HADI A,TAYLOR G,et al.Does a firm's life cycle explain its propensity to engage in cor-porate tax avoidance?[J]. European Accounting Review,2017,26(3):469-501.
[3]GRAHAM J R,HANLON M,SHEVLIN T. Realeffects of accounting rules:evidence from multinational firms'investment location and profit repatriation decisions[J].Journal of Accounting Research,2011,49(1):137-185.
[4] DESAI M A,DHARMAPALA D. Taxes,institu-tions and foreign diversification opportunities[J]. Journal ofPublic Economics,2009,93(5-6):703-714.
[5]KIM J B,LI Y,ZHANG L. Corporate tax avoid-ance and stock price crash risk:firm-level analysis[J]. Jour-nal of Financial Economics,2011,100(3):639-662.
[6]张兆国,郑宝红,李明.公司治理、税收规避和现金持有价值———来自我国上市公司的经验证据[J].南开管理评论,2015(1):15-24.
[7]陈胜蓝,贾思远.私利侵占抑或生存所迫:税收规避对现金持有价值的净效应[J].上海财经大学学报,2016(6):54-65.
[8]郑宝红,曹丹婷.税收规避能影响企业现金持有价值吗?[J].中国软科学,2018(3):120-132.
[9]KURNIAWAN M I,NURYANAH S. The effect ofcorporate tax avoidance on the level of corporate cash hold-ings:evidence from Indonesian public listed companies[J].Australasian Accounting, Business and Finance Journal,2017,11(4):38-52.
[10]REZAEI F,DORBEHANI M. The effect of tax a-voidance on the firms'financial reporting transparency[J].Journal of Business and Economics,2014,1(3):1-20.
[11]CHEN K P,CHU C Y C. Internal control versusexternal manipulation:a model of corporate income tax eva-sion[J]. Rand Journal of Economics,2005,36(1):151-164.
[12]刘行,叶康涛.企业的避税活动会影响投资效率吗?[J].会计研究,2013(6):47-53.
[13] HARFORD J,MANSI S A,MAXWELL W F.Corporate governance and firm cash holdings in the US[J].Journal of Financial Economics,2008,87(3):535-555.
[14]辛宇,徐莉萍.公司治理机制与超额现金持有水平[J].管理世界,2006(5):136-141.
[15] FALEYE O. Cash and corporate control[J].Journal of Finance,2004,59(5):2041-2060.
[16] JOHNSON S, LA PORTA R, LOPEZ-DE-SILANES F,et al. Tunneling[J]. American Economic Re-view,2000,90(2):22-27.
[17]DHALIWAL D S,HUANG S X,MOSER W J,etal. Corporate tax avoidance and the level and valuation offirm cash holdings[Z]. Social Science Electronic PublishingWorking Paper No. 13024,2011.
[18]DESAI M A,DHARMAPALA D. Corporate tax a-voidance and high-powered incentives[J]. Journal of Finan-cial Economics,2006,79(1):145-179.
[19]FOROUGHI D,MOHAMADI S. An investigationinto the relationship between corporate tax avoidance and firmcash holdings and its valuation[J]. Journal of Tax Research,2014,21(20):101-122.
[20]李维安,邱艾超,牛建波,等.公司治理研究的新进展:国际趋势与中国模式[J].南开管理评论,2010(6):13-24.
[21]SHLEIFER A,VISHNY R W. A Survey of corpo-rate governance[J]. Journal of Finance,1997,52(2):737-783.
[22]LA PORTA R,LOPEZ-DE-SILANES F,SHLEIF-ER A,et al. The quality of government[J]. The Journal ofLaw,Economics,and Organization,1999,15(1):222-279.
[23]许文鑫,刘心才.公司避税与金字塔结构[J].台大管理论丛,2018(1):1-42.
[24]OPLER T,PINKOWITZ L,STULZ R,et al. Thedeterminants and implications of corporate cash holdings[J].Journal of Financial Economics,1999,52(1):3-46.
[25] GAO H,HARFORD J,LI K. Determinants ofcorporate cash policy:insights from private firms[J]. Journalof Financial Economics,2013,109(3):623-639.
[26]FAULKENDER M,WANG R. Corporate financialpolicy and the value of cash[J]. The Journal of Finance,2006,61(4):1957-1990.
[27]FRANK M M,LYNCH L J,REGO S O. Tax re-porting aggressiveness and its relation to aggressive financialreporting[J]. Accounting Review,2009,84(2):467-496.
[28]FAMA E F,FRENCH K R. Common risk factorsin returns on stocks and bonds[J]. Journal of Financial Eco-nomics,1993,33(1):3-56.
[29]韩立岩,刘博研.公司治理、不确定性与现金价值[J].经济学(季刊),2011(2):523-550.