百年校庆杰出学者讲座第50期-Tracing tax transparency: Central bank digital currency and corporate tax avoidance税收透明度溯源：央行数字货币与企业避税

主题：Tracing tax transparency: Central bank digital currency and corporate tax avoidance税收透明度溯源：央行数字货币与企业避税

主讲人：上海商学院商务经济学院 陈锦全教授

主持人：金融学院、中国金融研究院 李丽莎副教授

时间：5月21日10:00-12:00

地点：柳林校区格致楼618

主办单位：金融学院、中国金融研究院 科研处

主讲人简介：

陈锦全教授，上海商学院会计与金融学特聘教授，学科带头人。曾担任美国西肯塔基大学Leon Page金融讲席教授和大学特聘教授（终身），特许金融分析师（CFA）。研究方向：绿色金融、首次公开募股、公司治理、分析师行为、内部控制、金融教育、期刊排名和智力贡献衡量。2011年，在Danielson和Heck的Managerial Finance研究中被评为全球金融教育顶尖学者。在会计、财务和管理期刊上发表了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)。他担任Finance Research Letters、International Review of Economics and Finance、Journal of Economic Surveys副主编及期刊匿名评审超过500次。入选2024年中国高被引学者（Highly Cited Chinese Researchers）应用经济学学科领域年度榜单。

内容提要：

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.

利用中国电子人民币（e-CNY）试点作为外生冲击，我们发现，与未纳入试点的企业相比，央行数字货币（CBDC）减少了在试点地区经营的企业的避税行为。我们将这些发现归因于与e-CNY相关的增强的透明度、可追溯性、不变性和可编程性，这抑制了由代理问题引起的企业避税。与这一论点相一致的是，我们证明了E-CNY的引入有效地减少了关联方交易、负应计项目、盈余管理和额外津贴消费。对于内部和外部治理机制较弱的企业，E-CNY对避税的缓解作用更为明显。因此，由于采用e-CNY而减少避税的公司随后会经历较低的股价崩溃风险和较高的市场价值。我们的研究结果强调了CBDC作为减少机会主义企业行为的补充治理工具的潜力。然而，谨慎地利用CBDC的透明度和可追溯性特征，以减轻隐私和监视问题也是至关重要的。