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本文以2009~2013年沪深两市1240个民营企业数据作为样本,实证研究了避税活动对民营企业融资能力的影响。结果表明:企业的避税活动会降低企业的融资能力;避税程度越高,融资能力越低。同时,本文以网络负面报道作为声誉风险的代理变量,发现声誉风险越大,避税活动对融资能力的负面影响越显著。进一步研究发现,市场机制可以作为声誉机制的替代机制,在市场化水平较高的地区,声誉风险对于避税活动对融资能力影响的调节作用减弱。
Based on the data of 1240 private enterprises in Shanghai and Shenzhen from 2009 to 2013, this paper empirically studies the impact of tax avoidance on the financing ability of private enterprises. The results show that the tax avoidance activities of enterprises will reduce the financing ability of enterprises; the higher the degree of tax avoidance, the lower the financing ability. At the same time, this article uses the negative reports of the internet as the proxy variable of reputation risk and finds that the greater the reputation risk, the more obvious the negative impact of tax avoidance on financing ability. Further research finds that market mechanism can be used as an alternative mechanism of reputation mechanism. In the higher marketization level, reputational risk has less effect on the regulatory effect of tax avoidance on financing ability.