独善其身还是随波逐流:企业避税行为的同行效应研究

摘要/Abstract

摘要： 现有关于企业避税的研究普遍忽视了同行业企业间的互动效应这一关键维度。本文基于2008—2020年沪深A股上市公司的面板数据，系统考察了企业避税行为在同行业群体中的关联性。研究发现，上市公司避税行为存在显著的同行效应：同行企业避税程度每提升1个百分点，目标企业避税水平相应上升约0.2个百分点。进一步分析表明，当企业的家国情怀更浓厚、所在地区税收监管强度更高、经济政策不确定性更低、媒体对企业报道情绪更为积极时，企业避税的同行效应会有所削弱。此外，企业在避税决策中更倾向于模仿行业内表现领先的同行，而民营企业的同行效应则显著强于国有企业。需要注意的是，同行避税行为的溢出效应最终会带来目标企业价值的下降。本研究不仅从企业间互动视角拓展了避税行为的理论解释，也为监管部门完善税收治理体系提供了重要参考。

关键词: 避税行为, 同行效应, 金税三期, 税收征管

Abstract: Existing research on corporate tax avoidance has largely overlooked the critical dimension of interactive effects among peer firms within the same industry. Using panel data from Chinese A-share listed companies from 2008 to 2020, this study systematically examines the correlation of corporate tax avoidance behaviors within industry groups. The findings reveal a significant peer effect in tax avoidance behavior among listed companies: for every 1 percentage point increase in the level of tax avoidance by peer firms, the target firm’s tax avoidance level rises by approximately 0.2 percentage points. Further analysis indicates that this peer effect in tax avoidance is attenuated when firms exhibit a stronger nationalist cultural orientation, operate in regions with higher tax enforcement intensity, face lower economic policy uncertainty, and receive positive media coverage. Additionally, firms tend to imitate industry-leading peers when making tax avoidance decisions, and the peer effect is significantly stronger for private enterprises than for state-owned enterprises. Notably, the spillover effect of peer tax avoidance behavior ultimately leads to a decline in the target firm’s value. This study not only expands the theoretical explanation of tax avoidance behavior from the perspective of inter-firm interactions, but also provides important insights for regulatory authorities to improve the tax governance policies.

Key words: tax avoidance, peer effect, Golden Tax Project Phase III, tax enforcement

常亮, 余鹏翼. 独善其身还是随波逐流:企业避税行为的同行效应研究[J]. 管理评论, 2026, 38(9): 195-206.

Chang Liang, Yu Pengyi. Standing Alone or Going with the Flow:The Peer Effect of Corporate Tax Avoidance[J]. Management Review, 2026, 38(9): 195-206.

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