Contemporary Accounting Research · VOL34., NO. 2 · June 2017
解读避税：来自信用评级分歧的证据
作者：IV Samuel (The Ohio State University), K Koharki (Washington University in St. Louis), L Watson (University of Florida)
摘要：本研究探讨了避税在信用评级过程中的作用，以及评级机构考虑避税的风险相关性的方式是否有区别。使用在1994–2013年发行的初始信用评级公债为样本，我们的证据与那些区别评估避税相关成本和收益的信用评级机构是一致的，这种行为会导致更加频繁和显著的评级机构分歧。当评级机构伴随着不确定的税务状况、国外活动或研发活动，以及低质量的税务脚注披露时，它在避税问题上的分歧更为突出。我们还发现证据表明，避税（纳税脚注披露）的变化与拆分评级的趋同有负（正）关系，表明公司在债券发行之后可能加剧或减轻评级机构的分歧。我们通过研究为什么复杂的信息中介与避税的风险相关性不一致，并指出企业如何影响评级机构对避税的理解，补充了以前的研究，
关键词：避税，信用评级机构，分歧，不确定性
Deciphering Tax Avoidance: Evidence from Credit Rating Disagreements
IV Samuel (The Ohio State University), K Koharki (Washington University in St. Louis), L Watson (University of Florida)
ABSTRACT
This study investigates the role of tax avoidance in the credit rating process and whether differences exist in how rating agencies account for the risk relevance of tax avoidance. Using a sample of initial credit ratings assigned to public debt issuances during the 1994-2013 period, our evidence is consistent with credit rating agencies assessing the costs and benefits associated with tax avoidance differently, resulting in more frequent and pronounced rating agency disagreement. Rating agency disagreement over tax avoidance is most prominent when it is accompanied by relatively high levels of uncertain tax positions, foreign activities, or research and development activities, as well as lower quality tax footnote disclosures. We also find evidence that changes in tax avoidance (tax footnote disclosures) are negatively (positively) associated with the convergence of split ratings, suggesting that firms can exacerbate or mitigate rating agency disagreement subsequent to bond issuance. Our study complements prior research by examining why sophisticated information intermediaries disagree about the risk relevance of tax avoidance and sheds light on how firms can impact rating agencies’ understanding of tax avoidance. Keywords: tax avoidance, credit rating agencies, disagreement, uncertainty
原文链接：
http://onlinelibrary.wiley.com/doi/10.1111/1911-3846.12287/full
翻译：黄涛
