Enterprise Tax Avoidence Effect On The Efficency Of Investment

Corporate tax avoidance has been a hot focus of research in the academic circles abroad and domestic. Early research on corporate tax avoidance mainly focuses on the degree of tax evasion and factors,Since then literature have put corporate tax avoidance into the principal-agent framework of research,Thinking that the main motivation of corporate tax avoidance is enterprise management to seek private interests.The economic consequences' research of corporate tax avoidance mainly focus on the stakeholders?accounting information quality and enterprise value,etc.Now the research on domestic about the influence of corporate tax avoidance to investment efficiency is less. Investment as a driving force for the long-term development of enterprises, its efficiency affects the value of the enterprise, Research enterprise tax's influence on investment efficiency, enriching the concept of tax agent and improve the investment efficiency of enterprises,reduce the efficiency of investment has important theoretical and practical significance.Based on 2008-2014 A-share listed companies as research samples,we research the influence of corporate tax avoidance to investment efficiency, And on this basis,from the Angle of internal and external supervision mechanism, we join the strength of tax collection and administration and institutional investors in order to explore corporate tax avoidance and investment efficiency of the enterprise the influence of the relationship between them.The research findings:(1) Enterprises tax avoidance is positive relation to investment efficiency.That is to say, the more enterprises tax avoidance the lower investment efficiency.(2) Areas of greater intensity on tax collection and Administration.The negative relationship between corporate tax avoidance and investment efficiency is weak. Improving the strength of regional tax collection and administration, strengthening the external supervision of enterprises tax avoidance activities can weaken the agency conflict and asymmetric information of the enterprise, so as to improve the investment efficiency of enterprises.(3) The higher the institutional investors holding, The negative relationship between corporate tax avoidance and investment efficiency is weak. This is mainly because on the one hand,perfect corporate governance mechanism can weaken enterprise agency conflict and asymmetric information. Through positive signals to the capital market,reducing the enterprise financing constraints and the condition of inadequate investment companyeffectively. On the other hand, perfect corporate governance mechanism can control agent behavior of management and prevent management from self-interest motivation for excessive investment. Besides, using different measures of tax avoidance degree of robustness test results are consistentTherefore, the relevant tax regulators should pay more attention to tax collection and administration work,improving the efficiency of tax collection and administration,target strengthening tax collection and administration law enforcement. At the same time, the listed companies also need to improve their internal governance mechanism and investment efficiency of enterprises.