云锋,曾林,陶云清

• 1:广东外语外贸大学国际经济贸易研究院
• 2:暨南大学经济学院
• 3:北京大学国家发展研究院数字金融研究中心

摘要(Abstract)：

本文基于2018年国地税合并的准自然实验，将税收征管的研究边界扩展至资本市场领域，在评估国地税合并对我国税务机关征管现状改善效果的同时，从股价崩盘风险的角度，考察国地税合并这一税收征管模式变革对我国金融市场稳定性的影响。研究结果显示，国地税合并后，企业的股价崩盘风险显著降低。异质性分析表明，国地税合并对企业股价崩盘风险的抑制作用在内部治理水平较差、外部监督水平较低和地区法治环境较差的企业中更为显著。机制检验结果表明，国地税合并提升了企业的信息透明度，促使企业更加及时地确认与披露企业相关的负面信息，最终使得股票价格不易受到坏消息集中释放造成的负面冲击，有效平滑了企业的股价崩盘风险。本文研究为理解税收征管活动对金融市场稳定的影响提供了来自微观企业层面的证据，也对现阶段的税收征管体制改革具有重要意义。

关键词(KeyWords)： 国税地税合并;股价崩盘;公司治理

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 云锋,曾林,陶云清

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• (1)主流的会计研究文献多从实际税负角度来衡量企业的避税程度(Chen et al.,2010;李增福等,2016;李青原和陈世来,2021)。而企业的避税程度与企业面临的税收征管强度高度相关,当企业面临较强的税收征管时,其避税行为则会明显减少,因而其实际税负也就较高。因此,既有文献也以实际税负水平来衡量企业面临的税收征管强度(田彬彬和范子英,2016;Chen,2017;李广众和贾凡胜,2020;刘贯春等,2021)。由此,本文以实际税负作为税收征管强度的衡量指标考察了国地税合并对税收征管强度的影响。