债权人治理与企业避税——基于主贷银行上市的准实验研究Creditor Governance and Tax Avoidance——A Quasi-experiment Study based on the Main Bank's IPO
刘耀淞,李嫣然,张敏
摘要(Abstract)：
债权人能否影响企业的避税行为是一个重要但尚未深入研究的问题。本文运用银行上市行为衡量银行债权治理强度的变化，考察主贷银行上市对其客户企业避税程度的影响。研究发现，主贷银行上市后，其客户企业的避税程度显著下降，这表明银行债权治理机制能够有效约束客户企业的避税行为。机制检验结果显示，主贷银行上市对避税行为的抑制作用主要体现在偿债能力较弱、信息披露质量较差和非国有产权的客户企业中。本文的研究结论表明，银行上市有助于强化银行对客户风险性行为的监督，即银行上市提升了债权治理机制的有效性。这为评价我国银行业改革取得的成效提供了新的证据，也为进一步扩大银行业对外开放、深化金融供给侧结构性改革提供政策参考。
关键词(KeyWords)： 银行上市;债权治理;企业避税
基金项目(Foundation):
作者(Author): 刘耀淞,李嫣然,张敏
参考文献(References)：
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- (1)Hanlon and Heitzman(2010)将所得税规避定义为导致企业所得税税负直接减少的行为,它反映了直接影响企业所得税税负水平的所有交易活动。这一定义意味着学术界并不严格区分企业的避税行为是否合法,而重点关注企业的避税程度是否激进。 (2)企业的债权人包括银行、非银行金融机构、其他法人单位及企业债券持有者。 (3)现有研究主要运用贷款规模来衡量银行债权的治理强度(田利辉,2005;邓莉等,2007),这也为本文基于借款金额界定主贷银行提供了依据。 (4)相关内容可参考如下政策文件:《商业银行不良资产监测和考核暂行办法》《商业银行内部控制评价试行办法》《商业银行操作风险管理指引》《商业银行资本充足率监督检查指引》《关于商业银行资本工具创新的指导意见》《关于银行业风险防控工作的指导意见》《商业银行监管评级办法》等。 (5)在稳健性检验中,我们也采用了基于所得税的指标对企业避税程度进行衡量。 (6)运用五分位数划分同一资产规模区间的做法参考Armstrong et al.(2015)。 (7)对于相继在不同市场交叉上市的银行(例如建设银行),我们根据该银行的首次上市时间进行判断。 (8)在本文中,我们将商业银行、政策性银行和信用社均视为银行机构,将信托机构、融资租赁、金融租赁和财务公司视为非银行金融机构。 (9)根据Debt to EBITDA分组的回归结果也与预期相符,受限于篇幅,不在文中报告。 (10)分析师数据取自国泰安数据库。 (11)根据深圳证券交易所信息披露考评等级分组的回归结果也与预期相符,受限于篇幅,不在文中报告。