Research On The Relationship Between Tax Avoidance And Bank Credit Financing Of High Tech Enterprises

Tax evasion can reduce the corporate tax burden,increase cash,is a common behavior of enterprises.But this kind of behavior will be distributed to the government’s profits retained,increase the cash flow after tax,but also brought a variety of explicit or implicit tax costs and non tax costs.Based on the framework of principal-agent,the article finds that the high tax avoidance of enterprises will produce various negative effects.So what is the negative effect of high tax avoidance? What kind of economic consequences will be caused by such negative effects? What is the mechanism? This paper will focus on these issues.In this paper,we choose the high-tech enterprises in 2008-2014 as the sample,and analyze the relationship between corporate tax avoidance and bank credit financing.This paper summarizes the related theories,and reviews the existing literature;secondly,based on theoretical literature on the research of enterprises tax avoidance behavior,focusing on enterprise tax avoidance will decrease the quality of accounting information and cause the high rise of internal agency costs,and whether it will affect bank credit financing through the two paths.And through the introduction of the actual controller directly collects data by way of holding,useing the new alternative instead of the quality of accounting information and agency cost,discuss the specific mechanism of enterprise tax avoidance high curbing bank lending;at the same time taking into account the economic policy uncertainty factors,to explore the policy frequent changes in the uncertainty will cause what the impact on behavior the enterprise tax avoidance and bank credit financingThe research results show that:(1)the tax avoidance degree is high,will decrease the quality of accounting information and cause a rise of the internal agency costs,and lead enterprises to obtain bank loans to increase the difficulty of the problem,it can be seen that the quality of accounting information and the internal agent cost of enterprises tax avoidance affect the transmission mechanism of bank credit financing;(2)the actual control of direct holdings have governance function on the quality of accounting information and internal agency costs,the actual control of direct ownership can increasethe quality of accounting information and decreaseinternal agency costs,thereby reducing the enterprise tax on bank credit financing negative effect,reflects the quality of accounting information and the internal agent cost is the tax avoidance mechanism of bank specific effects credit;(3)economic policy uncertainty will increase the level of tax avoidance of enterprises,and thus the bank The negative effect of credit produced stronger;and this negative effect will be more obvious when the quality of accounting information is low,and the internal agency costs is high,further confirmed the quality of accounting information and the internal agency costs is an important channel for tax avoidance affect bank credit.This is the first time to the enterprise tax avoidance,the quality of accounting information(internal agency costs)and bank loans three variables into a theoretical framework,it contributes to a better understanding to the intermediary transmission mechanism of the impact of corporate tax avoidance value,extend previous research,and deepen us the influence factors of the knowledge of the economic consequences of corporate tax avoidance and credit financing,has the important enlightenment to the enterprise financial decision,but also provides a reference for the future ownership structure of listed companies and capital market regulation,which has important theoretical and practical significance.