企业避税的战略效应——基于避税对企业产品市场绩效的影响研究

摘要

自企业避税被纳入公司治理框架以来,已有文献对于企业避税的认识存在明显差异,本文试图从避税对企业产品市场绩效的影响视角,研究避税在企业中的角色.基于我国A股上市公司样本,我们发现,与竞争者相比,企业的所得税避税程度每提高1个标准差,其未来的行业市场份额将增长1.9％.这一结论表明,避税会帮助企业建立竞争优势,从而意味着企业的避税行为具有战略效应.此外,避税的战略效应在融资约束严重的企业更为显著,但避税的战略效应并不受信息透明度、代理冲突与产权性质的影响.最后,避税对产品市场绩效的影响具有一定的持续性.本文从理论与实证上厘清了现有文献的冲突,也有一定的政策性启示.%There are significant differences among the review of literature on the tax since the tax was taken into corporate governance framework.This paper tries to study the roles of tax from its impacts on corporate product market performance.Based on samples of Chinese A-share listed firms,we find increasing tax avoidance will improve corporate competitive power significantly,one standard deviation increase in corporate income tax avoidance in relation to rivals leads to a 1.9％ gain in future market share.In addition,such an impact is concentrated in firms facing tighter financing constraints,while such an impact does not affected by information asymmetry,agency conflict and ownership structure.Finally,the impact of tax avoidance on product market performance can persist.Conclusions of this paper extend current literature and have policy implications.