Tax Sheltering,Financing Constraints And Investment Efficiency

Taxation is the means by which the state participates in the distribution of the national economy.Tax is a mandatory obligation for enterprises,and tax sheltering also occurs in the enterprise frequently.With the rapid growth of economy,there are various kinds of tax sheltering method,however,the boundary between reasonable tax avoidance and illegal tax sheltering is becoming more and more fuzzy.Therefore,the actual tax burden and tax behavior in enterprises have attracted much attention.At present,China's economic growth is gradually slowing down,and the tax system is also facing a significant reform.For the recovery of the real economy,the investment efficiency of enterprises and its influencing factors are of great concern.Therefore,the in-depth study of the relationship between corporate tax sheltering and investment efficiency is of great significance for promoting China's taxation system and the growth of national economy.This paper based on all listed companies as samples from 2012-2016,measures investment efficiency and degree of financing constraints and empirically tests the relationship between tax sheltering,financing constraints and investment efficiency.The study finds that the overall investment efficiency is high overall,and tax sheltering can promote investment efficiency;the financing constraints are negatively correlated with scale investment efficiency,and have no significant correlation with pure technical efficiency,so that the financing constraints will make the comprehensive efficiency reduced.Listed companies tend to take tax sheltering,and tax sheling can ease their financing constraints,which plays an intermediary role in the mechanism of tax sheltering affecting investment efficiency.