Tax Avoidance, Auditor Response and Corporate Financial Reporting Quality——Natural Experiment Based on Accelerated Depreciation

Abstract

Abstract: This paper evaluates the effects of Chinese accelerated depreciation policy on corporate financial reporting quality. Findings of the study are as follows: First, on average, firms' accrued earnings management is significantly inhibited after the implementation of the policy. Second, this effect mainly occurs in firms with high tax avoidance costs (i. e., high effective tax rate and large leverage), which supports the trade-off theory for tax avoidance. Third, the accelerated depreciation policy has also improved the quality of audits, but the supervision over the reporting quality is weakening in firms with high degree of separation, which means that the agency theory is not unfounded. Finally, this paper finds that the accelerated depreciation policy stimulates firms' real earnings management activities, causing capital costs and financial risks to grow.

Key words: Accelerated Depreciation, Earnings Management, Earnings Quality, Difference in Difference, Natural Experiment

摘要： 本文将加速折旧政策作为激励实体经济合法税收规避的自然实验场景,基于避税代理观与权衡观考察税收规避对公司财务报告质量的影响。研究发现,加速折旧政策颁布后,企业应计盈余管理得到显著抑制。上述影响主要发生在高避税成本(实际税率高、财务杠杆大)的企业,支持了避税权衡观;其次,加速折旧政策还提升了外部审计的监督质量,但对财务报告的监督效果在两权分离度高的企业被削弱,反映出避税代理观部分成立;最后,加速折旧政策刺激了公司真实盈余管理活动,导致权益资本成本和财务风险上升。

关键词: 加速折旧, 盈余管理, 盈余质量, 双重差分, 自然实验

CLC Number:

F275.2

HUANG Guanhua, YE Chengang. Tax Avoidance, Auditor Response and Corporate Financial Reporting Quality——Natural Experiment Based on Accelerated Depreciation[J]. , 2021, 37(5): 82-91.

黄冠华, 叶陈刚. 税收规避、审计师反应与公司财务报告质量——基于加速折旧的自然实验[J]. 财经论丛, 2021, 37(5): 82-91.

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