Does Corporate Tax Avoidance Affect the Maturity Mismatch of Investment and Financing?
The maturity mismatch of investment and financing refers to the use of the situation where enterprises use short-term loans to support long-term investments,resulting in a maturity mismatch between investment and fi-nancing.Does corporate tax avoidance have an impact on the maturity mismatch of investment and financing?This pa-per selects panel data of non-financial listed A-share companies on the Shanghai and Shenzhen stock exchanges from 2009 to 2020 as sample data,and draws conclusions through empirical analysis.Based on the perspective of cor-porate tax avoidance,it provides new solutions and methods for mitigating maturity mismatch of investment and finan-cing.Firstly,the government should promote countermeasures against tax avoidance,formulate comprehensive laws and regulations,and curb aggressive behavior of tax avoidance by enterprises and appropriately reduce the tax on those firms with excessive tax burden,set reasonable thresholds for the intensity of taxation,to ensure that enterprises are not affected by excessive tax burden in their normal survival and operation,and further their sustainable development.Secondly,financial regulatory agencies should pay more attention to debt issues,accelerate the improvement of finan-cial market systems,adjust credit structures,improve credit efficiency,and effectively resolve issues such as difficult and costly financing.Banks and other financial institutions should increase credit support for small and medium-sized firms,reduce credit costs,increase capital investment,and prevent the occurrence of maturity mismatch of in-vestment and financing.Thirdly,enterprises should pay attention to internal control and improve their governance lev-el.
corporate tax avoidancematurity mismatch of investment and financingshort-term loan for long-term investmentfinancing constraints
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万方数据
