Tax Enforcement and the Cost of debt
The study measures provincial tax enforcement in mainland China first,and then analyzes the effects of tax enforcement on the cost of debt.The results show that the cost of debt is negatively related with tax enforcement.It means that enhanced tax enforcement triggers a downward trend of cost of debt.For state-owned enterprises (SOEs),however,the effect of tax enforcement is less obvious,indicating that those companies’ political advantages weaken the effect of tax enforcement.However,when companies are facing a serious agency problem,tax enforcement can be more effective to reduce the cost of debt.Our study expands the work of Desai et al.(2007) on the role of tax enforcement in corporate governance,and the work of Borisova and Megginson (2011) on the role of state ownership in cost of debt.
Tax Enforcement Debt the Cost of Capital Bank Loan Pricing State Ownership Cost Agency
Chun Yuan Yamin Zeng Junsheng Zhang Qinlin Zhong
School of Accountancy,Central University of Finance and Economics Business School of Nankai University
国内会议
广州
英文
1-31
2012-11-16（万方平台首次上网日期，不代表论文的发表时间）