独立董事、税收激进与融资约束

在代理理论框架下,研究税收激进对企业融资约束产生的影响,并根据独立董事的双重职能分析独立董事对两者关系的影响。研究结果表明:税收激进整体上与企业融资约束存在正相关关系,即税收激进行为会导致企业融资约束程度提高,但适度的税收筹划有助于降低企业融资约束程度,激进的避税行为则会增加企业的融资约束;独立董事监督和咨询职能的发挥有助于降低企业税收激进程度,并能够通过降低代理冲突和信息不对称程度来减弱税收激进与融资约束之间的正向关系。

Research on Independent Directors,Tax Aggressiveness and Financing Constraints

Under the framework of agency theory, this paper studies the impact of tax aggressiveness on corporate financing constraints, and analyzes the impact of independent directors on their relationship according to directors dual functions. The results show that there is a positive correlation between tax aggressiveness and financing constraints, that is, tax aggressiveness will lead to an increase in financing constraints. Independent directors can help reduce the degree of tax radicalization and weaken the positive relationship between tax radicalization and financing constraints. Independent directors with financial expertise can alleviate the situation more. This study provides theoretical and practical evidence for enterprises to better understand the possible economic consequences of tax aggressiveness, give full play to the advisory and supervisory functions of independent directors in the process of tax avoidance, so as to formulate reasonable tax planning and alleviate the financing constraints of enterprises.