山东理工大学硕士学位论文
摘要
摘要
已有研究表明适度的避税有助于减少企业负担、促进企业价值的提升，但避
税也可能有损企业的声誉和形象，严重损害国家利益，因此，探究企业避税背后
的动机日益受到理论界的关注。企业风险承担体现的是企业对投资性项目的选择
倾向，企业对投资性项目的选择主要取决于其风险承担的大小，风险承担越大的
企业越可能对高风险项目进行投资。高风险承担有助于促进企业和社会经济的发
展，所以目前多数文献关注的是风险承担的影响因素，对于风险承担经济后果的
研究虽有涉及但尚未引起足够重视。当企业风险承担增大时，一方面企业不仅更
倾向投资高风险项目，而且更可能充分利用投资机会扩大投资，这都需要企业保
持较高的资金流动性，另一方面，高风险项目导致企业业绩不稳定可能会影响企
业的贷款数量，增加企业的融资压力，致使企业筹措资金变得异常困难，而避税
能够帮助企业缩小资金从内部的流出，节约成本，降低企业对外部资金的依赖性，
所以风险承担可能通过影响企业现金流动性和企业信贷行为进而加剧企业避税
程度，因此，探究风险承担与公司避税的关系，是本文研究的主要问题。
本文对风险承担与公司避税二者之间的关系进行考察。首先，从理论逻辑上
阐述了风险承担对公司避税的影响，以及产权性质与内部控制两个调节变量在二
者关系中充当的调节作用，同时还进一步分析融资约束在风险承担影响公司避税
中具有的中介作用。接着，本文样本选择 2008-2018年沪深A股上市公司的数据，
研究发现，风险承担增加了公司避税程度，并且在国有企业和内控控制质量较低
的企业这种现象更为显著，进一步检验表明，高风险承担企业对资金依赖程度较
高，获取资金较为困难，导致较高的融资约束，进而导致避税程度增强。最后，
稳健性测试阶段，用滞后一期的自变量风险承担、自变量风险承担和因变量公司
避税的替换变量等方法重新对主假设进行检验，其得到的回归结果基本符合原回
归结果。针对研究结论，本文分别从企业和税收监管部门两个角度提出了建议，
这对于企业和国家的稳定发展发挥着一定的重要作用。
关键词：风险承担；内部控制；公司避税；融资约束；产权性质
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山东理工大学硕士学位论文
Abstract
Abstract
Existing studies have shown that moderate tax avoidance can help reduce the
burden on enterprisesand promote the improvementof enterprisevalue, but tax
avoidance may also damage the reputationand image of enterprises, and seriously
damage nationalinterests.focus on.Enterpriserisk-takingreflectsthe company's
tendency to choose investmentprojects.The choiceof an enterprise'sinvestment
project mainly depends on the size of its risk-taking. The greater the risk-taking, the
more likely it is to invest in high-risk projects. It helps to promote the development of
enterprises and social economy,so most of the literature currentlyfocuses on the
influencingfactorsofrisk-taking.Althoughtheresearchontheeconomic
consequencesof risk-takinghasbeeninvolved,it hasnotreceivedenough
attention.When the enterprise's risk-taking increases, on the one hand, the enterprise
is more likely to increase capital investment in high-risk projects, and more likely to
adopt a diversified investment strategy,which will increase the enterprise'sdemand
for funds.Puttingtoomuch capitalintohigh-riskprojectswill leadto large
fluctuations in the performance of enterprises, which may affect the number of loans
of enterprises,increase the financing pressure of enterprises, and make it extremely
difficult for enterprisesto raise funds. Tax avoidance can help enterprises reduce
funds from Internal outflow saves costs and reduces the company's dependenceon
external funds.Therefore, risk-takingmay aggravatethe degree of corporatetax
avoidanceby affectingcorporatecash liquidityandcorporatecreditbehavior.
Therefore, exploring the relationship between risk-taking and corporate tax avoidance
is the study of this paper main problem.
This paper examinesthe relationshipbetween risk takingand corporatetax
avoidance.First ofall, it expoundsthe impactof risk-takingon corporatetax
avoidance from a theoreticallogic, and the moderating role of the two moderating
variables of property rights and internal control in the relationship between the two.
At the same time, it further analyzes the role of financing constraints in the impact of
risk-taking on corporatetax avoidance.mediation. Then, the sample of this paper
selects the data of A-share listed companies in Shanghai and Shenzhen from 2008 to
2018. The study finds that risk-taking increases the degree of corporate tax avoidance,
and this phenomenon is more significant in state-owned enterprises and enterprises
with lowinternal controlquality.Further testingIt shows thathigh-risk-taking
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山东理工大学硕士学位论文
Abstract
enterprises are highly dependent on capital and have difficultyin obtaining capital,
which leads to higherfinancing constraints,which in turn leadsto an increased
degree of tax avoidance.Finally, in the robustness test phase, the main hypothesis is
re-testedbyusingtheindependentvariablerisk-taking,independentvariable
risk-taking and dependent variable company tax avoidance substitution variables, etc.,
andthe regressionresultsobtainedare basicallyconsistentwiththeoriginal
regression results. In response to the researchconclusions, this paper puts forward
suggestions from the perspectives of enterprises and taxation supervision departments,
which play an important role in the stable development of enterprises and countries.
Keywords:Risk-taking;InternalControl;Corporate tax avoidance;Financing
constraints;Propertyrights
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