Financial Management, Issue 27 December 2017

公司治理，避税和财务约束

作者：Onur Bayar（University of Texas）

Fariz Huseynov（North Dakota State University）

Sabuhi Sardarli（KansasState University）

摘要：我们研究公司治理如何影响企业避税与财务约束之间的关系。在公司治理不善的情况下，避税会增加财务约束和财务困境的可能性。然而，在治理水平高的公司中，我们发现避税不会对财务约束产生负面影响。我们的结果表明，当有财务约束的公司面临潜在的代理问题和信息不透明的环境时，避税不是一个好的融资来源。更强有力的治理机制可以帮助企业减轻避税的负面后果。

Corporate Governance, Tax Avoidance, and Financial Constraints

Onur Bayar (University of Texas), Fariz Huseynov (North Dakota State University), Sabuhi Sardarli (KansasState University)

ABSTRACT

We examine how corporate governance affects the relationship between corporate tax avoidance and financial constraints. Conditional on having poor governance, tax avoidance is associated with greater financial constraints and a greater likelihood of financial distress. In firms with strong governance, however, we find that tax avoidance does not have a negative impact on financial constraints. Our results suggest that tax avoidance is a less useful source of financing for constrained firms when they are plagued with potential agency problems and opaque information environments. Stronger governance mechanisms can help firms mitigate the negative consequences of tax avoidance.

原文链接：

https://onlinelibrary.wiley.com/doi/10.1111/fima.12208

翻译：董宇佳