Tax Avoidance,Accounting Standards International Convergence And Corporate Investment Empirical Test Based On Chinese Listed Companies

As we all know,due to the adverse effects of the domestic and international economic and financial environment,the operating conditions of China's enterprises in recent years have been overall unsatisfactory,the profit rate has continued to slump,and investment enthusiasm has been severely affected.Therefore,in 2015,General Secretary Xi Jinping proposed a supply-side structural reform focusing on de-capacity,de-stocking,deleveraging,cost reduction,and short-cutting,in order to reduce corporate costs,stimulate corporate momentum,and improve corporate investment environment.To promote sustainable economic growth.In particular,at the end of 2017,the United States passed the new tax reform bill,which lowered the US corporate income tax from 35% to 20%,which further stimulated people's in-depth reflection and discussion on the corporate income tax burden in China.The serious tax burden of enterprises leads to the increasingly widespread tax evasion of enterprises with lack of funds and financing difficulties.The tax avoidance of enterprises will,to a certain extent,reduce the tax burden of enterprises,reduce the burden on enterprises,reduce the outflow of operating cash,and retain Whether the funds can promote investment remains to be discussed.Therefore,whether the tax evasion behavior has a catalytic effect on the investment level and investment efficiency of the enterprise remains to be further analyzed.Related research shows that the new accounting standards implemented in 2007 have improved the quality of accounting information,and will inevitably affect the tax evasion and investment of enterprises.The relationship has an impact,and the specific impact will require further study.This serves as a reference for policy makers to curb corporate tax avoidance and corporate investors to increase investment levels and efficiency.Firstly,based on the summarization of the relationship between investment and taxation and the domestic and foreign literature on the international convergence of accounting standards,this paper uses the data of listed companies in China's A-share Shanghai and Shenzhen Stock Exchanges to analyze the level of tax aversion to total investment and fixed assets.The impact of investment levels,long-term equity investment levels,and the study of its three relationships are affected by the convergence of accounting standards internationally.Then,on this basis,the impact of the tax avoidance of enterprises on the structural preferences of long-term equity investment and fixed asset investment is compared and analyzed.Finally,the paper analyzes the effect of tax avoidance on the overall non-efficiency investment,non-efficiency investment in fixed assets,long-term equity non-efficiency investment,and whether it is affected by international convergence of accounting standards.The empirical results of this paper show that: With the investment-level related results,tax avoidance behavior has a positive effect on the overall investment level of enterprises,fixed asset investment level,and long-term equity investment level.At the same time,on the basis of comparison of the tax avoidance behavior on the coefficients of long-term equity investment level and fixed asset investment level,it is found that in recent years,companies in China have been more inclined to long-term equity investment,and the virtual economy is prevailing.After joining the impact of international convergence of accounting standards,we found that the international convergence of China's accounting standards would have a deterrent effect on the positive correlation between tax avoidance and investment level.And found that in the context of international convergence of accounting standards,tax avoidance behavior will still lead to corporate investors tend to long-term equity investment.With regard to the results of investment efficiency,corporate tax avoidance will reduce the overall efficiency of corporate investment,fixed asset investment,and long-term equity investment.And the international convergence of accounting standards has no significant effect on the relation between tax avoidance and the overall investment efficiency of enterprises and the efficiency of fixed assets investment,but it has a significant role in promoting the relationship between tax avoidance and the efficiency of long-term equity investment.