發(fā)布時(shí)間：2018-05-26 01:56

  本文選題：賣空機(jī)制 + 企業(yè)避稅��； 參考：《中南財(cái)經(jīng)政法大學(xué)》2017年碩士論文

【摘要】：中國(guó)證監(jiān)會(huì)2010年啟動(dòng)的融資融券試點(diǎn),為中國(guó)金融市場(chǎng)引入了賣空機(jī)制。作為金融創(chuàng)新的重要環(huán)節(jié),賣空機(jī)制已被證明不僅能使得市場(chǎng)有效性有所提升,還會(huì)影響微觀企業(yè)決策,約束經(jīng)理人的自利行為。然而,在面臨2015年中國(guó)股市的暴跌以及媒體和廣大投資者的“叫停”壓力下,證監(jiān)會(huì)開始公開譴責(zé)賣空行為,甚至采取了一系列的限制賣空的政策。證監(jiān)會(huì)對(duì)賣空者的態(tài)度,反映了其對(duì)融資融券試點(diǎn)的政策效果的低估。這一評(píng)估忽略了宏觀經(jīng)濟(jì)金融政策與微觀企業(yè)行為的互動(dòng),忽略了賣空機(jī)制對(duì)微觀企業(yè)行為的影響。本文首次在賣空限制放開這一情境下,探究微觀企業(yè)賦稅行為的調(diào)整,進(jìn)而為融資融券試點(diǎn)這一金融政策有效性的討論提供進(jìn)一步的證據(jù)。將證監(jiān)會(huì)2010年啟動(dòng)的融資融券交易試點(diǎn)視為準(zhǔn)自然實(shí)驗(yàn),本文利用2006-2015年A股上市公司數(shù)據(jù),運(yùn)用多時(shí)點(diǎn)雙重差分法考察了市場(chǎng)賣空機(jī)制對(duì)微觀企業(yè)避稅行為的影響。經(jīng)驗(yàn)結(jié)果表明,融資融券試點(diǎn)實(shí)施后,相對(duì)于非標(biāo)的公司而言,可賣空標(biāo)的公司的避稅顯著減少,且賣空勢(shì)力越強(qiáng),對(duì)企業(yè)避稅的抑制作用就越明顯。這表明賣空機(jī)制的引入約束了經(jīng)理人的自利行為,抑制了企業(yè)避稅。進(jìn)一步,本文發(fā)現(xiàn)在金融市場(chǎng)發(fā)育程度低和法律環(huán)境不完善的地區(qū),賣空機(jī)制對(duì)企業(yè)避稅的約束作用更加明顯,表明賣空交易已然成為公司外部治理缺失的一種替代機(jī)制。本文的結(jié)果還有可能會(huì)受到逆向因果和選擇偏誤等內(nèi)生性的影響,比如,交稅表現(xiàn)好的公司更有可能被選為融資融券標(biāo)的,這些公司在選入標(biāo)的前避稅就相對(duì)較少,因此賣空后避稅的減少可能主要來(lái)源于兩組樣本本身避稅的差異。運(yùn)用基于融資融券試點(diǎn)的PSM-DID方法以及使用ETF基金持股作為IV的2SLS方法,本文進(jìn)一步緩解了內(nèi)生性的顧慮,再次驗(yàn)證了賣空機(jī)制與企業(yè)避稅之間的因果關(guān)系。最后,本文探究了賣空機(jī)制影響企業(yè)避稅的主要途徑,發(fā)現(xiàn)賣空交易主要通過(guò)降低信息不對(duì)稱來(lái)影響企業(yè)避稅。具體地,不透明的信息環(huán)境為企業(yè)避稅提供了便利,而賣空限制的放開,增加了企業(yè)的信息透明度,顯著減少了兩者的正向相關(guān)。因此,以金融創(chuàng)新為主的金融體制改革是促進(jìn)中國(guó)企業(yè)健康增長(zhǎng)的關(guān)鍵。
[Abstract]:As an important part of the financial innovation, the short selling mechanism has been proved not only to improve the market efficiency, but also to influence the decision of the micro enterprise and restrain the self profit of the managers. However, it is confronted with the violence in China's stock market in 2015. Under the pressure of the media and the "stop" of the majority of investors, the CSRC began to publicly condemn short selling and even adopted a series of policies to limit short selling. The attitude of the SFC to the short sellers reflects the underestimation of the policy effect on the pilot of the margin financing. The impact of short selling mechanism on the behavior of microenterprises is ignored. This paper, for the first time, explores the adjustment of tax behavior in micro enterprises under the situation of short selling restriction, and further provides evidence for the discussion of the effectiveness of the financial policy. For the quasi natural experiment, this paper uses the data of 2006-2015 years A shares listed companies and the multi time point double difference method to investigate the effect of the market short selling mechanism on the tax avoidance behavior of microenterprises. The empirical results show that the tax avoidance of the companies selling empty targets is significantly reduced and the short selling power is more than the non standard companies. The stronger, the more obvious the inhibitory effect on enterprise tax avoidance. This shows that the introduction of short selling mechanism constrains the self profit behavior of managers and restrains tax avoidance. Further, this paper finds that the short selling mechanism has more obvious restraining effect on tax avoidance in the areas where the financial market is low and the legal environment is not perfect. As an alternative mechanism for the lack of corporate governance, the results of this article may also be affected by the endogenous effects of adverse causal and selective errors, such as those with good tax performance, which are more likely to be selected as financing margin targets, and these companies are relatively less tax evasion before the entry of the standard, thus reducing the possibility of tax avoidance after short selling. It is derived from the differences in tax avoidance between the two groups of samples. Using the PSM-DID method based on the financing margin pilot and the use of the ETF fund holding as the 2SLS method of IV, this paper further alleviates the endogenous concerns and again verifies the causal relationship between the short selling mechanism and the enterprise tax avoidance. The main way of tax is to find that short selling mainly affects enterprise tax avoidance by reducing information asymmetry. Specifically, the opaque information environment provides convenience for enterprises to avoid tax avoidance, and the opening of short selling limits has increased the transparency of the enterprise information and significantly reduced the positive correlation between the two. Therefore, the financial system based on financial innovation is changed. Leather is the key to promote the healthy growth of Chinese enterprises.
【學(xué)位授予單位】：中南財(cái)經(jīng)政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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