Management Science · 2026 · Spyridon Gkikopoulos、Edward Lee、Konstantinos Stathopoulos
中文摘要
我们考察企业税务筹划与企业层面生产率之间的关系。基于1993年至2017年美国上市公司的样本，我们发现税务筹划与生产率呈正相关。研究结果进一步表明，税务筹划有助于生产投入要素——资本和劳动——的增长。我们还检验了其内在机制，发现生产率与税务筹划之间观察到的关联在融资约束较强和知识资本密集型企业中更为显著。我们利用新设银行关系以及Check-the-Box法规的出台作为税务筹划变动的来源，以开展双重差分分析。实证证据在广泛的稳健性检验中保持一致。综合来看，这些结果增进了对税务筹划经济含义的理解，并为知情的税收政策辩论提供了洞见。本文由会计学领域编辑Suraj Srinivasan接受。补充材料：在线附录和数据文件可在 https://doi.org/10.1287/mnsc.2022.03569 获取。
Abstract
We examine the relation between corporate tax planning and firm-level productivity. Using a sample of U.S. public firms from 1993 to 2017, we find that tax planning is positively associated with productivity. Our findings further indicate that tax planning contributes to growth in production input factors: capital and labor. We also test the underlying mechanisms, documenting that the observed association between productivity and tax planning is more pronounced in financially constrained and knowledge capital–intensive firms. We exploit the initiation of new banking relationships and the introduction of Check-the-Box regulations as sources of tax planning variation to facilitate difference-in-differences analyses. The empirical evidence holds consistently across a wide array of robustness tests. Taken together, the results enhance the understanding on the economic implications of tax planning and provide insights for informed tax policy debates. This paper was accepted by Suraj Srinivasan, accounting. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.03569 .