Pyramidal structure, political intervention and firms' tax burden: Evidence from China's local SOEs

被引：65

作者：

Zhang, Min ^{[1
,2
]}

M, Lijun ^{[1
]}

Zhang, Bo ^{[1
]}

Yi, Zhihong ^{[1
]}

机构：

[1] Renmin Univ China, Sch Business, 59 Zhongguancun St, Beijing 100872, Peoples R China

[2] Collaborat Innovat Ctr State Owned Assets Adm, 33 Fucheng Rd, Beijing 100048, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2016年 / 36卷

基金：

中国国家自然科学基金;

关键词：

Pyramidal structure; Local SOEs; Political intervention; Tax burden; CORPORATE-OWNERSHIP; STATE OWNERSHIP; TURNOVER; RATES; SIZE;

D O I：

10.1016/j.jcorpfin.2015.10.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a sample of Chinese firms, we examine the influence of state-pyramids on corporate tax burden. We find results that state-pyramidal layers are significantly and negatively associated with effective tax rates, indicating that pyramids formed by the state protect local state-owned enterprises (SOEs) from political intervention. The results hold after controlling for potential endogeneity. We further find evidences suggesting that taxation is one of the channels through which state-controlled pyramids increase firm value. Our study contributes to both corporate finance and corporate tax literatures by documenting the role of pyramidal organizational structures in reducing local SOEs' tax burden. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：15 / 25

页数：11

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