分类号密级
U D C 编号
硕士学位论文
股市开放对企业避税的作用机制研究
——基于沪深港通的经验证据
研究生姓名：周颖
指导教师姓名、职称：王雄元教授
申请者类别：非专项计划
学科门类：管理学
专业名称：财务管理
研究方向：公司财务
入学时间：二〇一九年九月
二〇二二年五月二十六日
Research on the Mechanism of Stock Market
Liberalization to Corporate Tax Avoidance
——Evidence from Shanghai-Hong Kong Stock Connect and
Shenzhen-Hong Kong Stock Connect
By Ying Zhou
May 26th,2022
股市开放对企业避税的作用机制研究——基于沪深港通的经验证据
摘要
随着我国资本市场的逐步开放，沪港通和深港通分别于2014年11月和2016年
12月正式实施。作为股市开放进程中的重要举措，沪深港通加强了内地与香港资本
市场的联系，提高了资本市场的效率。在我国，企业所得税流失问题严重，而造成企
业逃税、漏税的重要原因包括委托代理问题和融资困难。股市开放能够优化企业的投
资者结构，缓解委托代理问题，提高信息透明度，有利于企业降低外部融资成本，也
有助于企业获得境外资金。因此，本文将利用沪港通、深港通的实施这一准自然实验，
关注股市开放是否能够影响企业避税，并重点研究股市开放影响企业避税的作用机制。
本文基于委托代理理论、信息不对称理论以及税收筹划理论，利用2010-2019年
中国A 股上市公司的数据，以是否进入沪港通、深港通标的名单为依据划分处理组
和对照组，检验了股市开放通过何种渠道对企业避税产生影响。研究发现，股市开放
后，相比于未进入沪港通、深港通标的名单的企业，进入沪港通、深港通标的名单的
企业避税程度降低。股市开放可通过两个渠道对企业避税产生影响，一方面，股市开
放引入了香港投资者，改善了境内上市公司的持股结构，有助于减少管理层基于自利
动机采取的避税行为；另一方面，股市开放带来了境外资金，同时提高了股票的流动
性，有助于抑制企业因融资约束而产生的避税行为。在稳健性检验中，本文采用平行
趋势检验、倾向得分匹配法、替换企业避税的衡量方式、改变样本范围等方法重新进
行回归，回归结果均与主回归保持一致。进一步研究发现：（1）当企业存在两职合一
的治理结构时，香港投资者持股的中介效应更显著；（2）当企业的机构投资者持股比
例较低时，香港投资者持股的中介效应更显著；（3）相比于国有企业，非国有企业中
融资约束的中介效应更显著；（4）相比于位于金融化程度较高地区的企业，位于金融
化程度较低地区的企业通过缓解融资约束来抑制企业避税的作用更显著。
本文的研究贡献在于：（1）考虑股市开放的长期影响。本文以2014年至2019年
所有批次进入沪港通、深港通标的股票名单的上市公司为研究对象，拓宽了股市开放
实施效果的研究范围。（2）验证境外投资者的渠道作用。本文将香港投资者的持股比
例纳入中介效应模型，能够为沪深港通是通过引入境外投资者来抑制企业避税提供证
据。
关键词：沪深港通；企业避税；香港投资者；融资约束
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股市开放对企业避税的作用机制研究——基于沪深港通的经验证据
Abstract
With the gradual opening up of China's capital market,the Shanghai-Hong Kong Stock
Connect and Shenzhen-Hong Kong Stock Connect were formally implemented in November
2014and December 2016respectively.As an important measure in the process of stock
market opening,the Shanghai-Hong Kong Stock Connect Program and Shenzhen-Hong
Kong Stock Connect Program have strengthened the connection between the mainland and
Hong Kong capital market and improved the efficiency of the capital market.In China,the
loss of corporate income tax is a serious problem,and the main reasons for tax evasion
include principal-agent problems and financing difficulties.The opening of the stock market
can optimize the investor structure of enterprises,alleviate principal-agent problems,
improve information transparency,help enterprises reduce external financing costs,and help
enterprises obtain overseas capital.Therefore,based on the quasi-natural experiment of
shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect,this thesis
focuses on whether stock market opening can affect corporate tax avoidance,and focuses on
the mechanism of stock market opening to corporate tax avoidance.
Based on principal-agent theory,information asymmetry theory and tax planning theory,
this thesis uses the data of Chinese A-share listed companies from 2010to 2019and divides
them into treatment group and control group based on whether they have entered the target
list of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.This
thesis examines the influence of the opening of the stock market on corporate tax avoidance
through what channels.The research finds that,after the stock market opening,compared
with the enterprises that are not included in the list of shanghai-Hong Kong stock Connect
and Shenzhen-Hong Kong Stock Connect,the degree of tax avoidance of enterprises listed
in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect has
been reduced.The opening of the stock market can influence corporate tax avoidance
through two channels.On the one hand,the opening of the stock market introduces Hong
Kong investors,improves the shareholding structure of domestically listed companies,and
helps reduce corporate tax avoidance behavior under management's self-interest motive.On
the other hand,the opening of the stock market has brought in foreign capital,and at the
same time improved the liquidity of stocks,which helps restrain the tax avoidance behavior
caused by financing constraints of enterprises.In the robustness test,this thesis uses parallel
trend test,propensity score matching method,replaces the measurement method of corporate
tax avoidance,changes the sample range and other methods to conduct regression again,and
the regression results are consistent with the main regression.Further research find that:(1)
For companies with CEO duality,the mediating effect of Hong Kong investors'shareholding
is more significant;(2)When the shareholding ratio of institutional investors is low,the
mediating effect of Hong Kong investors'shareholding is more significant;(3)Compared
I
Abstract
with state-owned enterprises,the mediating effect of financing constraints is more
significant in non-state-owned enterprises;(4)Compared to those located in the region with
a higher degree of financialization,enterprises with lower regional financialization play a
more significant role in restraining corporate tax avoidance through easing financing
constraints.
The research contribution of this thesis lies in:(1)Consider the long-term impact of the
opening of the stock market.This thesis takes all batches of listed companies that entered
the listed stocks of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock
Connect from 2014to 2019as research objects,expanding the research scope of the
implementation effect of stock market liberalization.(2)Verify the channel role of foreign
investors.In this thesis,the proportion of shares held by Hong Kong investors is incorporated
into the intermediary effect model,which can provide evidence that the Shanghai-Hong
Kong Stock Connect Program and Shenzhen-Hong Kong Stock Connect Program restrain
corporate tax avoidance by introducing foreign investors.
Key Words:Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock
Connect;Corporate tax avoidance;Hong Kong Investor;Financing constraints
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