证券市场导报Issue(12)：45-55,11.
避税天堂直接投资与企业权益资本成本
摘要
Abstract
Using the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2003 to 2020 as the research sample,we investigate the impact of direct investment in tax havens on the cost of equity capital and its underlying mechanisms.The results show that direct investment in tax havens significantly increases enterprises'financial and tax risks,reduces information transparency,thereby raising the cost of equity capital of enterprises.Further analysis reveals that the effect of direct investment in tax havens on increasing the cost of equity capital is more pronounced for state-owned enterprises.Additionally,the impact of direct investment in tax havens on the cost of equity capital of enterprises is persistent over time.However,strong internal controls and proactive dividend payout policies can effectively mitigate the impact of direct investment in tax havens on the cost of equity capital.This paper not only enriches the research on the factors influencing the cost of equity capital and the economic consequences of direct investment in tax havens but also provides insights for the government to regulate direct investment in tax havens and for enterprises to make investment decisions.关键词
避税天堂/财务风险/税务风险/信息透明度/权益资本成本Key words
tax havens/financial risk/tax risk/information transparency/the cost of equity capital分类
管理科学引用本文复制引用
魏志华,梁方志,曾爱民,刘伟坤..避税天堂直接投资与企业权益资本成本[J].证券市场导报,2024,(12):45-55,11.基金项目
国家自然科学基金项目"中国上市公司避税天堂投资:动机、经济后果与治理机制"(71972163)、国家自然科学基金项目"中国上市公司使用劳务外包的动因、经济后果与优化路径研究:基于资源配置效率视角"(72472131)、福建省社会科学基金项目"数字化转型推进现代化产业体系构建的机制、效果与政策研究"(FJ2024B017)、厦门大学中国式现代化专项"数字化转型、产业资源配置与现代化产业体系构建"(20720231051) （71972163）
