过去25年企业避税对债务成本影响的变化

IF 2.1 Q2 BUSINESS, FINANCE
Sungsil Lee
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引用次数: 0

摘要

本研究旨在考察1993-2017年期间企业避税对债务成本的影响是如何变化的。虽然众所周知,在此期间避税行为显著增加(Dyreng等人,2017),但几乎没有证据表明这种变化如何改变避税对债务成本的影响。本研究探讨了避税的变化如何改变避税与债务成本之间的关系。通过使用1993-2017年期间向美国上市公司发放的15825笔贷款的综合样本,本研究测试了避税与债务成本之间关系的时间序列变化。研究发现:在过去的25年里,避税和债务成本之间的正相关关系已经减弱。因此,避税一般不再增加国内生产活动制定扣除后的贷款利差。然而,避税的风险端确实增加了贷款息差。原创性/价值本研究聚焦于企业避税对债务成本影响的时间序列变化,显示贷款人对企业避税的看法如何随着企业税收实践的变化而变化。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Changes in the effect of corporate tax avoidance on the cost of debt over the past 25 years

Purpose

This study aims to examine how the effect of corporate tax avoidance on the cost of debt has changed in the period 1993–2017. Although it is known that tax avoidance has significantly increased during this period (Dyreng et al., 2017), little evidence exists on how this change alters the effect of tax avoidance on the cost of debt. This study investigates how changes in tax avoidance modify the association between tax avoidance and the cost of debt.

Design/methodology/approach

By using a comprehensive sample of 15,825 loan facilities issued to US public firms in the period 1993–2017, this study tests the time-series changes in the association between tax avoidance and the cost of debt.

Findings

This study finds that a positive association between tax avoidance and the cost of debt has been declined over the past 25 years. Accordingly, tax avoidance in general no longer increases the loan spread after the enactment of domestic production activities deduction. However, the risker end of tax avoidance does still increase the loan spread.

Originality/value

This study spotlights the time-series changes in the effect of corporate tax avoidance on the cost of debt, showing how lenders perception on corporate tax avoidance has altered in accordance with changes in corporate tax practice.

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来源期刊
Pacific Accounting Review
Pacific Accounting Review BUSINESS, FINANCE-
CiteScore
3.80
自引率
9.50%
发文量
36
期刊介绍: Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.
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