上市公司税收规避对资本结构的影响研究
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摘要
选取2007—2016年沪深两市A股上市公司作为研究样本,基于资本结构权衡理论,探究上市公司税收规避对其资本结构的影响。结论显示:上市公司税收规避与其资产负债率之间呈显著的负相关关系,"替代效应假说"得以证实;税收规避程度及其对资产负债率的影响存在显著的行业差异;与国有企业相比,非国有企业的税收规避程度及其对资本结构的影响程度更大。进一步,上市公司税收规避程度与动态资产负债率调整量之间也存在负相关关系;考虑2008年税改因素的影响,研究结论也未受到影响,证实税收规避对债务税盾存在显著的替代作用。
Based on A-share data from Shanghai and Shenzhen stock exchange from 2007 to 2016 as study sample,this paper utilizes the theories of capital structure trade-off,and studies the impact of tax avoidance on their capital structure in China listed companies. The results in this study suggest that there is a significant negative correlation between tax avoidance and the debt ratio of listed companies and the substitution effect hypothesis is confirmed. The results also show that the degree of tax avoidance and its impact on the asset-liability ratio vary significantly from industry to industry. What's more,compared with state-owned enterprises,private enterprises' tax avoidance degree and its impact on the capital structure are greater.Further research shows that there is also a negative correlation between the degree of tax avoidance of listed companies and the amount of dynamic asset-liability ratio adjustment. Considering the influence of tax reform factors in 2008,the research conclusion is not affected,which further verifies that tax avoidance has a significant substitution effect on debt tax shield.
Based on A-share data from Shanghai and Shenzhen stock exchange from 2007 to 2016 as study sample,this paper utilizes the theories of capital structure trade-off,and studies the impact of tax avoidance on their capital structure in China listed companies. The results in this study suggest that there is a significant negative correlation between tax avoidance and the debt ratio of listed companies and the substitution effect hypothesis is confirmed. The results also show that the degree of tax avoidance and its impact on the asset-liability ratio vary significantly from industry to industry. What's more,compared with state-owned enterprises,private enterprises' tax avoidance degree and its impact on the capital structure are greater.Further research shows that there is also a negative correlation between the degree of tax avoidance of listed companies and the amount of dynamic asset-liability ratio adjustment. Considering the influence of tax reform factors in 2008,the research conclusion is not affected,which further verifies that tax avoidance has a significant substitution effect on debt tax shield.
引文
侯欣昊.2017.税收政策、盈利水平与制造业企业实际税负差异[J].国际商务财会(5):44-49.
彭韶兵,王伟.2011.上市公司“出身”与税收规避[J].宏观经济研究(1):41-49.
宋献中.2001.资本结构与税收的相关性分析[J].暨南学报(哲学社会科学版)(3):71-77.
孙刚.2013.税务稽查、公司避税与债务融资成本[J].山西财经大学学报(3):78-89.
童锦治,黄克珑,林迪珊.2015.企业避税、融资成本与资金配置效率:基于我国上市公司数据的检验[J].中南财经政法大学学报(6):74-81.
王素荣.2005.资本结构与税收相关性分析[J].税务研究(10):18-20.
王育宝,吕嘉郁.2013.中国油气企业税费负担的国际比较[J].经济问题探索(7):45-51.
王跃堂,王亮亮,彭洋.2010.产权性质、债务税盾与资本结构[J].经济研究(9):122-136.
武羿.2011.企业非负债税盾与资本结构选择:于中国上市公司的实证分析[J].中央财经大学学报(8):91-96.
张婷婷.2012.资本弱化的税法规制研究[D].长春:吉林大学.
张兆国,郑宝红,李明.2015.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(1):15-24.
ARMSTRONG C S,BLOUIN J L,JAGOLINZER A D,et al.2015.Corporate governance,incentives,and tax avoidance[J].Journal of Accounting and Economics,60(1):1-17.
BAYAR O,HUSEYNOV F,SARDARLI S.2018.Corporate governance,tax avoidance,and financial constraints[J].Financial Management,47(3):651-677.
BLAYLOCK B,GAERTNER F B,SHEVLIN T.2017.Book-tax conformity and capital structure[J].Review of Accounting Study,22(2):903-932.
BRENNAN M J,SCHWARTZ E S.1984.Optimal financial policy and firm valuation[J].The Journal of Finance,39(3):593-607.
CHAUDHRY N.2016.Effect of tax avoidance activities on firm-specific risk[C/OL].Australasian Finance and Banking Conference,https://ssrn.com/abstract=2721152 or http://dx.doi.org/10.2139/ssrn.2721152.
CLEMENTE-ALMENDROS J A,SOGORB-MIRA F.2018.Costs of debt,tax benefits and a new measure of non-debt tax shields:examining debt conservatism in Spanish listed firms[J].Spanish Accounting Review,21(2):162-175.
CROCKER K J,SLEMROD J.2005.Corporate tax evasion with agency costs[J].Journal of Public Economics,89(9/10):1593-1610.
DEANGELO H,MASULIS R W.1980.Leverage and dividend irrelevancy under corporate and personal taxation[J].The Journal of Finance,35(2):453-464.
DESAI M A,DYCK A,ZINGALES L.2017.Theft and taxes[J].Journal of Financial Economics,84(3):591-623.
DIERKES S,SCHFER U.2017.Corporate taxes,capital structure,and valuation:combining modigliani/miller and miles/ezzell[J].Review of Quantitative Finance and Accounting,48(2):363-383.
DYRENG S D,HANLON M,MAYDEW E L.2008.Long-run corporate tax avoidance[J].The Accounting Review,83(1):61-82.
FACCIO M,XU J.2018.Taxes,capital structure choices,and equity value[J].Journal of Financial and Quantitative Analysis,53(3):967-995.
FRANK M M,LYNCH L J,REGO S O.2009.Tax reporting aggressiveness and its relation to aggressive financial reporting[J].Accounting Review,84(2):467-496.
GIVOLY D,HAYN C,OFER A R,et al.1992.Taxes and capital structure:evidence from firms'response to the tax reform act of 1986[J].Review of Financial Studies,5(2):331-355.
GRAHAM J R.2000.How big are the tax benefits of debt[J].The Journal of Finance,55(5):1901-1941.
GRAHAM J R,TUCKER A L.2006.Tax shelters and corporate debt policy[J].Journal of Financial Economics,81(3):563-594.
GUENTHER D A,MATSUNAGA S R,WILLIAMS B M.2016.Is tax avoidance related to firm risk[J].Social Science Electronic Publishing,92(1):115-136.
HANLON M,HEITZMAN S.2010.A review of tax research[J].Journal of Accounting&Economics,50(2/3):127-178.
HASAN I,HOI C K,WU Q,et al.2014.Beauty is in the eye of the beholder:the effect of corporate tax avoidance on the cost of bank loans[J].Journal of Financial Economics,113(1):109-130.
JENSEN M C,MECKLING W H.1976.Theory of the firm:managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,3(4):305-360.
KANE A,MARCUS A J,MCDONALD R L.1984.How big is the tax advantage to debt[J].The Journal of Finance,39(3):841-853.
MARQUES M T,NAKAO S H,DE SOUZA COSTA P.2017.Book-tax differences and capital structure[J].Revista de Administra92o Mackenzie,18(6):177-200.
MODIGLIANI F,MILLER M H.1963.Corporate income taxes and the cost of capital:a correction[J].American Economic Review,53(3):433-443.
MYERS S C.1984.The capital structure puzzle[J].The Journal of Finance,39(3):575-592.
SHEIKH A N,QURESHI M A.2014.Crowding-out or shying-away:impact of corporate income tax on capital structure choice of firms in Pakistan[J].Applied Financial Economics,24(19):1249-1260.
SHEVLIN T J,URCAN O,VASVARI F P.2013.Corporate tax avoidance and public debt costs[R].University of California,Irvine,CA,Working Paper.
彭韶兵,王伟.2011.上市公司“出身”与税收规避[J].宏观经济研究(1):41-49.
宋献中.2001.资本结构与税收的相关性分析[J].暨南学报(哲学社会科学版)(3):71-77.
孙刚.2013.税务稽查、公司避税与债务融资成本[J].山西财经大学学报(3):78-89.
童锦治,黄克珑,林迪珊.2015.企业避税、融资成本与资金配置效率:基于我国上市公司数据的检验[J].中南财经政法大学学报(6):74-81.
王素荣.2005.资本结构与税收相关性分析[J].税务研究(10):18-20.
王育宝,吕嘉郁.2013.中国油气企业税费负担的国际比较[J].经济问题探索(7):45-51.
王跃堂,王亮亮,彭洋.2010.产权性质、债务税盾与资本结构[J].经济研究(9):122-136.
武羿.2011.企业非负债税盾与资本结构选择:于中国上市公司的实证分析[J].中央财经大学学报(8):91-96.
张婷婷.2012.资本弱化的税法规制研究[D].长春:吉林大学.
张兆国,郑宝红,李明.2015.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(1):15-24.
ARMSTRONG C S,BLOUIN J L,JAGOLINZER A D,et al.2015.Corporate governance,incentives,and tax avoidance[J].Journal of Accounting and Economics,60(1):1-17.
BAYAR O,HUSEYNOV F,SARDARLI S.2018.Corporate governance,tax avoidance,and financial constraints[J].Financial Management,47(3):651-677.
BLAYLOCK B,GAERTNER F B,SHEVLIN T.2017.Book-tax conformity and capital structure[J].Review of Accounting Study,22(2):903-932.
BRENNAN M J,SCHWARTZ E S.1984.Optimal financial policy and firm valuation[J].The Journal of Finance,39(3):593-607.
CHAUDHRY N.2016.Effect of tax avoidance activities on firm-specific risk[C/OL].Australasian Finance and Banking Conference,https://ssrn.com/abstract=2721152 or http://dx.doi.org/10.2139/ssrn.2721152.
CLEMENTE-ALMENDROS J A,SOGORB-MIRA F.2018.Costs of debt,tax benefits and a new measure of non-debt tax shields:examining debt conservatism in Spanish listed firms[J].Spanish Accounting Review,21(2):162-175.
CROCKER K J,SLEMROD J.2005.Corporate tax evasion with agency costs[J].Journal of Public Economics,89(9/10):1593-1610.
DEANGELO H,MASULIS R W.1980.Leverage and dividend irrelevancy under corporate and personal taxation[J].The Journal of Finance,35(2):453-464.
DESAI M A,DYCK A,ZINGALES L.2017.Theft and taxes[J].Journal of Financial Economics,84(3):591-623.
DIERKES S,SCHFER U.2017.Corporate taxes,capital structure,and valuation:combining modigliani/miller and miles/ezzell[J].Review of Quantitative Finance and Accounting,48(2):363-383.
DYRENG S D,HANLON M,MAYDEW E L.2008.Long-run corporate tax avoidance[J].The Accounting Review,83(1):61-82.
FACCIO M,XU J.2018.Taxes,capital structure choices,and equity value[J].Journal of Financial and Quantitative Analysis,53(3):967-995.
FRANK M M,LYNCH L J,REGO S O.2009.Tax reporting aggressiveness and its relation to aggressive financial reporting[J].Accounting Review,84(2):467-496.
GIVOLY D,HAYN C,OFER A R,et al.1992.Taxes and capital structure:evidence from firms'response to the tax reform act of 1986[J].Review of Financial Studies,5(2):331-355.
GRAHAM J R.2000.How big are the tax benefits of debt[J].The Journal of Finance,55(5):1901-1941.
GRAHAM J R,TUCKER A L.2006.Tax shelters and corporate debt policy[J].Journal of Financial Economics,81(3):563-594.
GUENTHER D A,MATSUNAGA S R,WILLIAMS B M.2016.Is tax avoidance related to firm risk[J].Social Science Electronic Publishing,92(1):115-136.
HANLON M,HEITZMAN S.2010.A review of tax research[J].Journal of Accounting&Economics,50(2/3):127-178.
HASAN I,HOI C K,WU Q,et al.2014.Beauty is in the eye of the beholder:the effect of corporate tax avoidance on the cost of bank loans[J].Journal of Financial Economics,113(1):109-130.
JENSEN M C,MECKLING W H.1976.Theory of the firm:managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,3(4):305-360.
KANE A,MARCUS A J,MCDONALD R L.1984.How big is the tax advantage to debt[J].The Journal of Finance,39(3):841-853.
MARQUES M T,NAKAO S H,DE SOUZA COSTA P.2017.Book-tax differences and capital structure[J].Revista de Administra92o Mackenzie,18(6):177-200.
MODIGLIANI F,MILLER M H.1963.Corporate income taxes and the cost of capital:a correction[J].American Economic Review,53(3):433-443.
MYERS S C.1984.The capital structure puzzle[J].The Journal of Finance,39(3):575-592.
SHEIKH A N,QURESHI M A.2014.Crowding-out or shying-away:impact of corporate income tax on capital structure choice of firms in Pakistan[J].Applied Financial Economics,24(19):1249-1260.
SHEVLIN T J,URCAN O,VASVARI F P.2013.Corporate tax avoidance and public debt costs[R].University of California,Irvine,CA,Working Paper.