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股权质押、控制权转移风险与税收规避
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TitleControlling Shareholder’s Equity Pledge and Tax Avoidance of Listed Companies  
作者王雄元 欧阳才越 史震阳  
AuthorWang Xiongyuan,OuYang Caiyue and Shi Zhengyang  
作者单位中南财经政法大学 
OrganizationZhongnan University of Economics and Law, Accounting School 
作者Emailwangxiongyuan72@163.com;1075190421@qq.com;zhenyangshi@foxmail.com 
中文关键词股权质押 控制权转移风险 税收规避 
Key WordsEquity Pledge; the Risk of Transfer of Control Right; Tax Avoidance 
内容提要税收规避可以改善业绩,也是抑制控制权转移风险的一种可能方式。本文研究发现:(1)控股股东进行股权质押的上市公司会进行更多的税收规避。(2)控股股东为非国有企业、地处东部、持股比例较低以及股价下跌趋势明显时,控制权转移风险较大,公司更可能规避税收。(3)股权质押对税收规避的正向效应只存在于低掏空组、低融资约束组以及向上真实盈余管理组。(4)股权质押对税收规避的正向效应只存在于董事会规模较小组、独立董事比例较低组、管理费用率较低组、高资产周转率组以及其他应收款较低组。这些结论说明,控股股东确有动机利用税收规避抑制控制权转移风险。本文研究有助于丰富股权质押以及税收规避文献,对税收征管也具有一定参考价值。 
AbstractWe illustrate that tax avoidance can improve performance and it is also a potential way to reduce the risk of transfer of control right in equity pledge. Our empirical results demonstrate: We find the results as following: (1) companies with controlling shareholders pledging their equity, engage more in tax avoidance activities. (2) It is more likely that controlling shareholders face higher risk of transfer of control right and companies engage in tax avoidance activities in firms with non-SOE controlling shareholders, located in the eastern part of China and with lower controlling shareholder’s equity ratio. (3) The positive relationship between equity pledge and tax avoidance only exists in the lower tunneling group, lower financing constraints group and upward real earrings management group. (4) Only in the companies with smaller board size, lower proportion of independent directors, lower ratio of management expense, higher asset turnover ratio and lower other receivables, the effects of equity pledge on tax avoidance is positive Our study illustrates a new setting on the literature of tax avoidance and equity pledge and provides insight into tax authority. 
文章编号WP1158 
登载时间2017-02-24 
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