【摘要】 本文基于债权人视角考察企业避税行为的经济后果。利用2001-2014年我国A股上市公司的数据进行研究发现,企业避税行为伴随着更高的银行贷款成本,以及更短的贷款期限,即使经过一系列稳健性检验后,本文的结论依然成立。这说明,我国商业银行能够识别企业避税行为,相应地提高了避税企业的融资成本。进一步的研究显示,企业避税对银行贷款成本的影响随债权人与最终控制人利益协调性的提高而降低,随公司信息不透明度的提高而增强。因而,企业避税潜在的代理成本是影响银行信贷的重要因素,支持了委托代理框架下企业避税的相关理论。本文的研究结论有助于理解企业避税行为的经济后果,同时也有助于理解商业银行的信贷机制。更多还原

【Abstract】 Based on the 2001-2014 Shanghai and shenzhen A-type share companies we studied whether Banks focus on tax avoidance behavior.By using cost of bank loans,loans and loan term to represent bank credit decisions,with company’s effective tax rate and Book-tax differences to measure company’s tax avoidance behavior.Our conclusion shows that:company’s tax avoidance companied with more short period of loans and are more costly,while long-term loans isn’t related;Corporate tax avoidance behavior lead to the creation of higher borrowing costs,shorter loans time limit.Further analysis shows that compared with private holding company,bank is more tolerant of state-owned enterprises in the credit decisions of tax avoidance behavior;Company improved transparency helps Bank properly evaluating company tax avoidance motive.Even after considering endogenous problems,our conclusion is still robust.Our conclusion has important guiding significance to the enterprise tax management decision and the debt financing decision.We found that the tax avoidance can have an important impact on corporate debt financing,thus when enterprise carries on the tax planning,it should consider the tradeoff between tax cost and capital cost.At the same time,we found that a good corporate governance mechanism can alleviate the negative impact of tax avoidance of debt contract to a certain extent;this shows that the enterprise can through improving governance mechanisms to reduce the negative impact of the tax avoidance.At last,our research also has the following several shortcomings:first,although the measurement of tax avoidance index has been widely used in domestic and foreign enterprises tax avoidance in the literature,some scholars pointed out that this measurement exists some risk in Chinese enterprises tax avoidance behavior.In view of the limitations of the present study,we will pay more attention to the study based on tax evasion in future.更多还原