Analyst Concerns, Corporate Tax Avoidance And Commercial Credit Financing

According to the hypothesis of economic man,it is necessary for enterprises to avoid taxes in order to maximize their own interests,and the behavioral decisions of enterprises will affect their ability to obtain financing to some extent.Theoretically speaking,tax evasion can save tax expenditure for enterprises,bring cash flow income to enterprises,enhance the short-term solvency of enterprises,and thus facilitate them to obtain financing.However,as the problem of tax avoidance agent is raised,complex and hidden tax avoidance means will reduce the transparency of financial report and increase the degree of information asymmetry.Managers may also take advantage of hidden tax avoidance to seize tax savings and harm external stakeholders,which will be detrimental to financing.In China,commercial credit provided by suppliers and customers has become an important way of financing due to the limited funds that Banks and other financial institutions can provide.In this context,it is of great significance to study the influence of enterprises' tax avoidance behavior on their ability to obtain commercial credit financing.In view of this,this paper takes 2009-2018 Shanghai and shenzhen a-share listed companies as samples,starting from the concept of agent of tax,the tax avoidance of enterprises can obtain the influence of the commercial credit financing,from analysts and try to focus on A relatively new perspective,further investigation analysts will be able to play A role of external governance,and then in the first two plays A positive role in regulating the relationship.Through the study of this paper,the higher the degree of tax avoidance,the less commercial credit financing enterprises can obtain.There are three reasons for this.First,the complex and hidden tax avoidance behavior subjectively or objectively makes it more difficult for external suppliers to understand corporate financial information,thus increasing the degree of information asymmetry between them.Second,complex and hidden tax evasion activities provide opportunities for the management to seek rent.The management will take the opportunity to seek personal gains and harm the interests of external people such as suppliers.Third,enterprises with a high degree of tax avoidance are more likely to be examined by tax regulatory authorities,and disputes with tax regulatory authorities will have a negative impact on corporate reputation,leading to the downgrade of corporate credit rating.The above three aspects will greatly reduce the confidence and trust of commercial credit financing providers to enterprises,which is not conducive for enterprises to obtain commercial credit financing from commercial credit financing providers.In addition,it is found that with the increase of analysts' attention,the negative correlation between corporate tax avoidance and available commercial credit financing can be significantly alleviated.And the mitigation effect is more obvious when the ownership concentration is low.This indicates that China's analysts play the role of external governance,which helps to weaken the adverse impact of agency problems and information asymmetry risks caused by corporate tax avoidance on corporate commercial credit financing.In this paper,the influence of analysts' attention,corporate tax avoidance and commercial credit financing is investigated in detail,which helps us to have an in-depth understanding of the economic consequences of corporate tax avoidance and some potential factors affecting corporate commercial credit financing ability,and helps enrich the research in related fields.