摘要：
迅猛发展的中国高铁对社会经济发展产生日益显著的影响,但其具体的关系机制和经济效益并未得到完全的解释。基于2008~2018年企业避税数据以及手工收集的高铁数据,利用双重差分法(DID)研究了高铁的开通是否能够减少沿线公司的企业避税程度。研究发现,上市公司所在地开通高铁后,企业避税程度显著降低,并且高铁通车对企业避税的影响作用具有持续性,且开通时间越长作用越明显。随后,进一步考察高铁开通影响企业税收激进的内在机制,发现高铁通车促使机构投资者对沿线上市公司进行了更多的实地调研。异质性分析发现,较于城际高铁,非城际高铁的通车对企业税收激进行为的影响更为明显;在稳健性检验中,验证了平衡趋势假设、控制其它交通基础设施的影响、控制可能遗漏的其他变量、优化了样本结构,结果依然显著。本文从企业税收激进视角,丰富和补充了高铁和微观主体行为决策的相关研究。The rapid development of China’s high-speed rail has an increasingly significant impact on social and economic development, but its specific relationship mechanism and economic benefits have not been fully explained. Based on the corporate tax avoidance data from 2008 to 2018 and the manually collected high-speed rail data, this paper uses the double difference method (DID) to study whether the opening of high-speed rail can reduce the degree of corporate tax avoidance in companies along the line. The study found that after the opening of high-speed rail in the location of the listed company, the degree of corporate tax avoidance was significantly reduced, and the impact of the opening of high-speed rail on corporate tax avoidance was continuous, and the longer the opening time, the more obvious the effect. Afterwards, it further investigated the internal mechanism of the opening of the high-speed railway affecting the tax avoidance of enterprises, and found that the opening of the high-speed railway prompted institutional investors to conduct more on-the-spot research on the listed companies along the line. Heterogeneity analysis found that compared with intercity high-speed rail, the impact of non-intercity high-speed rail on corporate tax avoidance was more obvious;in the robustness test, it verified the assumption of balanced trend, controlling the impact of other transportation infrastructure, and controlling possible omissions of other variables and optimizing the sample structure, the results are still significant. From the perspective of corporate tax activism, this paper enriches and supplements relevant research on high-speed rail and micro-subject behavioral decision-making.
