【摘要】：已有企業(yè)避稅行為影響因素的研究,鮮有涉及對企業(yè)社會網(wǎng)絡屬性的探討。作為經(jīng)濟的重要組成部分,任何企業(yè)都不能獨立于其他企業(yè)單獨存在。連鎖董事的出現(xiàn),在企業(yè)間建立了緊密的關系網(wǎng)絡,還為企業(yè)私有信息傳遞構建了一條非公開渠道,從而促進相似行為在企業(yè)間傳染。隨著中國企業(yè)現(xiàn)代董事會制度的建立,特別是獨立董事制度的引入,連鎖董事在中國上市公司中成為普遍現(xiàn)象。因此,從連鎖董事關系這一社會屬性視角研究企業(yè)避稅行為的傳染效應具有重要意義。在構建連鎖董事關系的基礎上,以2007年至2014年中國A股上市公司8 732條公司年度觀測值為樣本,將公司有效稅率、賬稅差異和固定效應殘差法計算的賬稅差異作為避稅程度的測量指標,采用OLS回歸模型對避稅行為的傳染效應進行實證檢驗。研究結果表明,通過連鎖董事傳遞的成熟避稅經(jīng)驗可以降低目標公司的避稅成本和管理者對避稅決策不利后果的擔憂,導致避稅行為在企業(yè)網(wǎng)絡間傳染。在控制內(nèi)生性問題和替代性解釋后,結論依然穩(wěn)健。進一步研究發(fā)現(xiàn),避稅行為在同一地區(qū)的連鎖公司間更容易傳染,即傳染服從先內(nèi)后外律。最后,與CFO相比,當連鎖董事為目標公司CEO時更能促進避稅行為傳染。以連鎖董事為視角的研究可以將企業(yè)的社會屬性納入到避稅行為影響因素的研究中,豐富避稅行為影響因素的研究視角。構建了企業(yè)針對連鎖董事信息傳遞的成本收益決策框架,完善了連鎖董事傳染效應的理論研究,對投資者和監(jiān)管機構有重要的實踐意義。
[Abstract]:There are few researches on the influencing factors of corporate tax avoidance behavior, and few on the attributes of corporate social network. As an important part of economy, no enterprise can exist independently from other enterprises. The emergence of chain directors has established a close relationship network among enterprises and a closed channel for the transmission of private information among enterprises, thus promoting the transmission of similar behaviors among enterprises. With the establishment of modern board of directors system in Chinese enterprises, especially the introduction of independent director system, chain directors have become a common phenomenon in Chinese listed companies. Therefore, it is of great significance to study the contagion effect of corporate tax avoidance from the perspective of chain director relationship. Based on the establishment of the interlocking directorship relationship, the effective tax rate of China's A-share listed companies, which is based on the annual observations of 8,732 companies listed in China from 2007 to 2014, is taken as a sample. The difference of account tax and the difference of accounting tax calculated by fixed effect residual method are used as the measure of the degree of tax avoidance. The OLS regression model is used to test the contagion effect of tax avoidance behavior. The results show that the mature tax avoidance experience transmitted by the chain directors can reduce the cost of tax avoidance of the target companies and the managers' worries about the adverse consequences of tax avoidance decisions, leading to the transmission of tax avoidance behavior among enterprises' networks. After controlling for endogenous problems and alternative interpretations, the conclusions remain robust. Further studies show that tax avoidance is more easily transmitted between chain companies in the same region, that is, contagion service from first to outer. Finally, compared with CFO, chain directors are more likely to promote the contagion of tax avoidance when the target company is CEO. The study from the perspective of chain directors can bring the social attributes of enterprises into the study of factors affecting tax avoidance behavior, and enrich the perspective of research on factors affecting tax avoidance behavior. This paper constructs a cost-benefit decision-making framework for information transmission of chain directors, and perfects the theoretical research on the contagion effect of chain directors, which is of great practical significance to investors and regulators.
【作者單位】： 西安交通大學管理學院;香港城市大學商學院;
【基金】：國家自然科學基金(71372163,71672141,71302195,71502139,71502134)~~
【分類號】：F275.4;F812.42

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