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机构投资者作为证券市场中的一种重要力量,日益受到公司治理理论和实务界的关注。不同类型的机构投资者持股特征、目的和行为具有较大差异,而距离地缘优势较明显的机构投资者是否会更加关注上市公司治理,进而影响上市公司的避税行为,目前鲜见文献探讨。本文通过计算机构投资者与其持股上市公司之间的地理距离,研究了具有不同距离地缘优势的异质性机构投资者对上市公司避税行为影响的差异性。研究发现,距离地缘优势较明显的机构投资者,特别是本地机构投资者对其持股上市公司的避税行为具有更好的促进作用,这些上市公司避税行为更积极,实际税负更低,账面税收差异更大。这些结果意味着,距离地缘优势较明显的机构投资者在公司税收行为中发挥着更为重要的治理作用。
As an important force in the securities market, institutional investors are increasingly concerned by the theory and practice of corporate governance. Different types of institutional investors shareholding characteristics, purpose and behavior are quite different from the more obvious geographical advantages of institutional investors will pay more attention to the governance of listed companies, thus affecting the tax avoidance of listed companies, rare literature to discuss. By calculating the geographic distance between institutional investors and their listed companies, this paper studies the differences of the impact of heterogeneous institutional investors with different geographical locations on tax avoidance of listed companies. The study finds that, institutional investors with more obvious geographical advantages, especially local institutional investors, have a better promotion effect on the tax avoidance behavior of their listed companies. These listed companies are more active in tax avoidance and have lower actual tax burden. Tax differences are even greater. These results mean that institutional investors who play a more prominent role in geography play a more important governance role in corporate tax behavior.