Does corporate tax planning mitigate financial constraints Evidence from China
Does corporate tax planning mitigate financial constraints Evidence from China
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企业税收筹划能否缓解财务约束来自中国的证据
DOI：
10.1002/ijfe.2433
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发表时间：
2021
影响因子：
2.9
通讯作者：
Lovemore Sitsha
中科院分区：
文献类型：
--
作者：
Jie Sun;Lewis Makosa;Jinkun Yang;fangyuan Sun;Lovemore Sitsha
我们假设税收筹划行为减轻了企业的财务约束，并且与同行相比，这种效应在非国有企业和大企业中更为明显。我们使用 2010 年至 2018 年期间中国上市公司的数据来检验基于普通最小二乘模型和固定效应模型的假设。回归结果表明，税收筹划与缓解财务约束呈显着正相关，这表明现金税收节省可能会改善企业的财务松弛状况。这种效应对于非国有企业、大企业、非政企和东部地区的企业更为明显。进一步的分析表明，从长远来看，税收筹划增加了企业的财务约束，支持了斯科尔斯-沃尔夫森的税收筹划观点，即最小化税收并不等于有效的税收筹划。这些结果对于各种测试都是稳健的。总体而言，我们的结果表明，尽量减少税收通常会产生立竿见影的现金流效益，并在短期内缓解财务约束；然而，从长远来看，企业应该采取可持续的融资策略。
We hypothesize that tax planning behaviour mitigates a firm's financial constraints, and this effect is more pronounced in non‐state‐owned enterprises and big firms compared to their counterparts. We use data for Chinese listed firms during the period 2010–2018 to test the hypotheses, based on both ordinary least squares and fixed‐effect models. The regression results show that tax planning is positively and significantly associated with mitigation of financial constraints, suggesting that cash tax savings are likely to improve firms' financial slack. This effect is stronger for non‐state‐owned enterprises, big firms, non‐political firms and firms in the eastern region of China. Further analyses reveal that, in the long run, tax planning increases firms' financial constraints, supporting Scholes‐Wolfson's point of view of tax planning, that minimizing taxes is not the same as effective tax planning. These results are robust to various tests. Overall, our results suggest that minimizing tax generally produces immediate cash flow benefits and mitigates financial constraints in the short run; however, in the long run, firms should adopt sustainable financing strategies.