摘要
资本市场开放是近年来我国实务界和学术界关注的热点问题,陆港通机制为研究我国资本市场开放对企业的微观影响提供了天然的准自然实验。以2008~2019年我国A股非金融类上市公司为研究样本,基于陆港通机制实施这一准自然实验,本文构建渐进双重差分模型,探究以陆港通交易制度为表征的资本市场开放对企业避税活动的影响。结果发现:资本市场开放能有效抑制企业避税活动,且上述关系在代理成本较高及现金持有水平较低的企业中更为显著。进一步研究发现,资本市场开放通过降低企业内外部信息不对称程度和提高信息透明度来抑制企业避税活动,这将有利于提升企业的未来价值和长期发展能力。
Stock market liberalization provides a natural quasi-natural experiment for studying the micro-influence of stock market liberalization on companies.Based on the quasinatural experiment provided by step-by-step implementation of China's Mainland-Hong Kong Stock Connect,this paper construct a generalized difference-in-difference model to examine the impact of stock market liberalization on corporate tax avoidance activities,using the sample of A-share non-financial listed companies in China from 2008 to 2019.The result shows that the stock market liberalization can effectively curb corporate tax avoidance activities.Moreover,the relationship is more significant in the companies with high agency cost and fewer cash holding.Further path analysis shows that the stock market liberalization has a positive information governance effect on the target company by reducing internal and external information asymmetry and improving information transparency,thus inhibiting its agency tax avoidance activities,which will be conducive to improving the future value and long-term development ability of companies.
出处
《会计论坛》
2022年第1期167-183,共17页
Accounting Forum
基金
国家社会科学基金面上项目(20BJY029)
中南财经政法大学研究生科研创新项目(202111106)。
关键词
资本市场
陆港通
避税
治理效应
Stock Market
China's Mainland-Hong Kong Stock Connect
Tax Avoidance
GovernanceEffect
