A Study On The Effect Of Corporate Investment Efficiency Of Tax Collection And Corporate Tax Avoidance

During the economic transitional period, the investment efficiency has b ecome one of the key points of the reformation, attracting widespread attention of domestic and foreign scholars. The existing research generally considered that agency problems and asymmetric information are the main factors of affecting the investment efficiency. With the development of agency theory, tax avoidance and and tax collection had been added in the factors which influence the investment efficiency. Recently, the tax agent theory indicates that tax avoidance behavior can intensify the agency problems and information asymmetry, which provide s a new idea for our research. Moreover, according to existing research, tax collection can play a role in corporate governance, mitigating agency conflict and information asymmetry. Then whether the tax avoidance and tax collection will affect the investm ent efficiency through influencing the agency problems and asymmetric information?Based on the principal-agent theory, asymmetric information theory, and law and finance theory, this paper analyzes the influence mechanism among tax collection, corporate tax avoidance and corporate investment efficiency. Furthermore, we use the A-share listed companies as the research sample from 2008-2012, and use the relevant models to measure the intensity of tax collection, the extent of corporate tax and investment efficiency, and establish the multiple regression model to empirically test the relationship among the three variables. The result shows that the existing tax collection activities contribute to suppress tax avoidance, tax avoidance will reduce the efficiency of investment, tax collection will not only improve the efficiency of investment, but also will mitigation negative correlation between tax avoidance and investment efficiency. Finally, according to the empirical results and correlation analysis, this paper had promoted the relevant policies to improve the investment efficiency from the aspects of external governance and internal governance, specially, regulating local tax collection environment and perfecting corporate tax avoidance supervision system.