摘要
基于2008-2019年A股上市公司的经验数据,探究控股股东股权质押对企业税收激进度的影响。研究发现:控股股东股权质押提高了企业税收激进度。进一步研究发现,控股股东股权质押对企业税收激进度的正向影响在非国有企业、股权集中度低的企业中更为显著;机制检验发现,控股股东股权质押通过提高融资约束水平,从而提高了企业税收激进度。研究结论丰富了控股股东股权质押的经济后果以及企业避税的影响因素研究,也为规范公司治理,营造良好的资本市场环境提供了实证证据。
Based on the empirical data of A-share listed companies from 2008 to 2019,this paper explores the influence of equity pledge by controlling shareholders on corporate tax activism.The results show that the controlling shareholder’s equity pledge increases the degree of tax radicalism.Further research shows that the positive influence of controlling shareholder’s equity pledge on enterprise tax activism is more significant in non-state-owned enterprises and enterprises with low ownership concentration.The mechanism test shows that controlling shareholder’s equity pledge increases the degree of tax radicalism by increasing the level of financing constraints.The research results enrich the research on the economic consequences of equity pledge by controlling shareholders and the influencing factors of corporate tax avoidance,and at the same time,provide empirical evidence for standardizing corporate governance and creating a good capital market environment.
出处
《投资研究》
CSSCI
北大核心
2022年第8期33-52,共20页
Review of Investment Studies
基金
国家社会科学基金一般项目“重大突发公共事件对企业持续经营能力冲击的评价与应对研究”(21BGL089)
关键词
控股股东
股权质押
企业税收激进度
公司治理
融资约束
Controlling shareholder
Equity pledge
Degree of enterprise tax radicalism
Corporate governance
Financing constraints
作者简介
梁日新,首都经济贸易大学会计学院博士研究生,研究方向为审计与公司治理;通讯作者:李晓艳,首都经济贸易大学会计学院会计学博士研究生,研究方向,公司财务;栾甫贵,博士,教授,首都经济贸易大学会计学院博士生导师,研究方向为会计理论与破产会计
