主題：Tracing tax transparency: Central bank digital currency and corporate tax avoidance稅收透明度溯源：央行數(shù)字貨幣與企業(yè)避稅
主講人：上海商學(xué)院商務(wù)經(jīng)濟(jì)學(xué)院 陳錦全教授
主持人：金融學(xué)院、中國(guó)金融研究院 李麗莎副教授
時(shí)間：5月21日10:00-12:00
地點(diǎn)：柳林校區(qū)格致樓618
主辦單位：金融學(xué)院、中國(guó)金融研究院 科研處
主講人簡(jiǎn)介：
陳錦全教授，上海商學(xué)院會(huì)計(jì)與金融學(xué)特聘教授，學(xué)科帶頭人。曾擔(dān)任美國(guó)西肯塔基大學(xué)Leon Page金融講席教授和大學(xué)特聘教授（終身），特許金融分析師（CFA）。研究方向：綠色金融、首次公開(kāi)募股、公司治理、分析師行為、內(nèi)部控制、金融教育、期刊排名和智力貢獻(xiàn)衡量。2011年，在Danielson和Heck的Managerial Finance研究中被評(píng)為全球金融教育頂尖學(xué)者。在會(huì)計(jì)、財(cái)務(wù)和管理期刊上發(fā)表了300多篇期刊文章，包括Management Science、 Journal of International Business Studies、Accounting, Organizations, and Society、Contemporary Accounting Research、European Accounting Review、Financial Management、Journal of Accounting, Auditing, and Finance、Journal of Banking and Finance(4篇)、Journal of Business Ethics(5篇)、Journal of Financial Markets(3篇)、ournal of Empirical Finance(4篇)、Journal of Futures Markets(4篇)、Journal of Corporate Finance(16篇)。他擔(dān)任Finance Research Letters、International Review of Economics and Finance、Journal of Economic Surveys副主編及期刊匿名評(píng)審超過(guò)500次。入選2024年中國(guó)高被引學(xué)者（Highly Cited Chinese Researchers）應(yīng)用經(jīng)濟(jì)學(xué)學(xué)科領(lǐng)域年度榜單。
內(nèi)容提要：
Exploiting the pilot of China’s electronic Chinese yuan (e-CNY) as an exogenous shock, we find that a central bank digital currency (CBDC) reduces corporate tax avoidance among firms operating in the pilot areas compared to those not included in the pilot. We attribute these findings to the enhanced transparency, traceability, immutability, and programmability associated with the e-CNY, which curb corporate tax avoidance induced by agency problems. Consistent with this argument, we show that the introduction of the e-CNY effectively curtails related party transactions, negative accruals earnings management, and perquisite consumption. The alleviating effect of e-CNY on tax avoidance is more pronounced for firms with weaker internal and external governance mechanisms. Consequently, firms that reduce tax avoidance due to e-CNY adoption subsequently experience lower stock price crash risks and higher market values. Our findings highlight the potential of CBDC as a complementary governance tool that reduces opportunistic corporate behaviors. However, it is also essential to prudently utilize the transparency and traceability features of CBDCs to mitigate privacy and surveillance concerns.
利用中國(guó)電子人民幣（e-CNY）試點(diǎn)作為外生沖擊，我們發(fā)現(xiàn)，與未納入試點(diǎn)的企業(yè)相比，央行數(shù)字貨幣（CBDC）減少了在試點(diǎn)地區(qū)經(jīng)營(yíng)的企業(yè)的避稅行為。我們將這些發(fā)現(xiàn)歸因于與e-CNY相關(guān)的增強(qiáng)的透明度、可追溯性、不變性和可編程性，這抑制了由代理問(wèn)題引起的企業(yè)避稅。與這一論點(diǎn)相一致的是，我們證明了E-CNY的引入有效地減少了關(guān)聯(lián)方交易、負(fù)應(yīng)計(jì)項(xiàng)目、盈余管理和額外津貼消費(fèi)。對(duì)于內(nèi)部和外部治理機(jī)制較弱的企業(yè)，E-CNY對(duì)避稅的緩解作用更為明顯。因此，由于采用e-CNY而減少避稅的公司隨后會(huì)經(jīng)歷較低的股價(jià)崩潰風(fēng)險(xiǎn)和較高的市場(chǎng)價(jià)值。我們的研究結(jié)果強(qiáng)調(diào)了CBDC作為減少機(jī)會(huì)主義企業(yè)行為的補(bǔ)充治理工具的潛力。然而，謹(jǐn)慎地利用CBDC的透明度和可追溯性特征，以減輕隱私和監(jiān)視問(wèn)題也是至關(guān)重要的。
