不同投资模式下公司避税效应的非对称性研究——基于双阶差分模型的实证检验
Tax Avoidance Asymmetry between Merger and Acquisition and Greenfield Investment

运用双阶差分模型探究了并购与新建投资模式下公司避税效应的非对称性，并进一步从事后的视角探究该非对称性是否是影响企业投资模式选择的显著影响因素。研究发现：相比于新建投资，并购增加了收购方会计利润应税所得差异，且实质性地降低了其所得税实际有效税率，这表明不同投资模式下公司避税效应存在理论预期的非对称性。进一步研究发现，改变企业会计利润应税所得差异以及会计利润应税所得操纵程度是影响企业投资模式选择的重要因素。从事后的视角来看，企业很可能为了获取更大程度的公司避税效应而选择并购行为。
This paper adds the question of whether the tax avoidance asymmetry between merger and acquisition and greenfield investment exists and whether this asymmetry affect a firm's choice of investment mode. We find that, compared with greenfield investment, the acquirer's total book-tax difference increases and the GAAP and cash effect tax rates decrease following M&A, indicating that the magnitude of tax avoidance in different investment mode is asymmetric. Further, we find that, from ex-post perspective, the above asymmetric tax avoidance will significantly affect the firm's choice of investment mode and statistic data suggests that tax avoidance is one of the drivers of merger and acquisition.