企业避税的战略效应——基于避税对企业产品市场绩效的影响研究

Journal of Financial Research

2018, Vol. 457

Issue (7): 158-173 DOI:

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Strategic Effect of Tax Avoidance: The Causal Impact of Tax Avoidance on Firms' Product Market Performance

LIU Hang, LV Changjiang

School of Accountancy, Dongbei University of Finance and Economics;
School of Management, Fudan University

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Abstract There are significant differences among the review of literature on the tax since the tax was taken into corporate governance framework. This paper tries to study the roles of tax from its impacts on corporate product market performance. Based on samples of Chinese A-share listed firms, we find increasing tax avoidance will improve corporate competitive power significantly, one standard deviation increase in corporate income tax avoidance in relation to rivals leads to a 1.9% gain in future market share. In addition, such an impact is concentrated in firms facing tighter financing constraints, while such an impact does not affected by information asymmetry, agency conflict and ownership structure. Finally, the impact of tax avoidance on product market performance can persist. Conclusions of this paper extend current literature and have policy implications.

Key words： Tax Avoidance Product Market Competition Market Share Financing Constraints

Received: 23 August 2017 Published: 01 November 2018

JEL分类号:	G32
	H25
	H26
	L11

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Cite this article:

LIU Hang,LV Changjiang. Strategic Effect of Tax Avoidance: The Causal Impact of Tax Avoidance on Firms' Product Market Performance[J]. Journal of Financial Research, 2018, 457(7): 158-173.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2018/V457/I7/158

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