喻园管理论坛2025年第11期(总第1052期)

演讲主题：Financial Constraints and Tax Planning: International Evidence

主讲人：Kerry Zhai Deakin Business School of Deakin University Lecturer

主持人：滕敏 计算金融系副教授

活动时间：2025年4月1号（周二）10：30-12:00

活动地点：管院大楼107教室

主讲人简介：

Dr Kerui Zhai is a Lecturer (Assistant Professor) in Deakin Business School of Deakin University. Kerui has a PhD from the University of Melbourne, a Master of Commerce from the Australian National University, and a Bachelor of Science and a Bachelor of Economics from Peking University. He has broad research interests in financial accounting and capital markets. He has published multiple papers in well-known international journals in finance and accounting.

活动简介：

Firms experiencing financing constraints may increase tax planning if the associated cash savings outweigh any increased cost of capital caused by information asymmetry resulting from those tax planning activities. Prior research finds that U.S. firms facing this trade-off engage in additional tax planning. We investigate this relation in an international setting and find opposite results. Specifically, we find a significantly negative association between tax planning and country-level financing constraints as proxied by levels of government debt, suggesting that, outside the U.S., the transparency benefits of committing less tax planning outweigh any cash saving benefits. The effect is more pronounced in settings where transparency is already lacking, and cost of capital is otherwise high. Overall, our findings add to the tax planning literature by documenting the potential impact of country-level factors such as levels of government debt. The paper enriches the literature on the importance of transparency in external financing and provides evidence on how this transparency cost weighs differently depending on the jurisdictions.