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该文将1997年亚洲金融危机看作自然实验,利用外生的汇率冲击探讨了出口对企业避税行为的影响。构造了企业层面的汇率冲击指数作为企业出口的工具变量,并且同时控制了企业在金融危机之前(1995年工业普查)的企业特征,有效地避免了出口内生性问题。实证研究表明:相比出口到货币贬值程度较轻国家的企业而言,出口目的国是货币贬值程度更重国家时,企业的出口增长会相对较慢,从而导致企业的避税行为增加。该文同时还论证了出口到欠发达地区,较弱的国际监督会促使企业采取更多的避税行为。
This paper regards the 1997 Asian financial crisis as a natural experiment and explores the impact of export on tax avoidance behavior by exogenous exchange rate shocks. It constructs a corporate-level exchange rate shock index as a tool for the export of enterprises and at the same time controls the firm’s characteristics before the financial crisis (1995 Industrial Census), effectively avoiding export endogenous problems. Empirical studies show that, compared with those exported to countries with less devalued currencies, the export growth of enterprises will be relatively slow when the export destination countries are countries with more devalued currencies, resulting in an increase in corporate tax avoidance. The article also demonstrates that exports to underdeveloped areas, weaker international supervision will enable enterprises to take more tax avoidance behavior.