91九色

报告题目：Corporate Listing and Tax Evasion

报告时间：2025年11月27日 14：00-15：30

报告地点：财经科学馆317会议室

报告人：倪晨凯 复旦大学

报告摘要：Concentrated ownership structure is prevalent across the world. In this study, we examine whether controlling shareholders’ tax incentives shape an important corporate policy – listing. We address this research question by exploiting a unique setting in China with two key ingredients: (1) low (high) individual shareholders’ taxes on listed (unlisted) firms’ dividends, with no such a difference for institutional investors and (2) a fast-track listing board (NEEQ). We find that firms with individual controlling shareholders, relative to those with institutional controlling shareholders, display an 8.66% higher payout ratio (annual cash dividends scaled by net income) after their listings. The dividend increase is absent during the pre-listing period, and becomes evident and persistent during the post-listing period. Heterogeneity analyses corroborate our thesis as the main effect is stronger for firms with lower institutional block ownership, lower proprietary disclosure costs, and in regions where alternative tax-avoidance strategies are less feasible. The financing of dividends arises from multiple sources as firms: (1) substitute taxable compensations for tax-free dividends, (2) lower cash holdings, and (3) increase bank borrowings. The tax-driven listing decision yields significant economic consequences. NEEQ firms issuing high dividends after listing, relative to those issuing low dividends, exhibit less investment in future years and are more likely to enter subsequent delisting. Finally, a placebo test using firms listed on the main board, with more stringent listing requirements and higher listing costs, reveals no evidence of post-listing dividend increases. Our study documents how controlling shareholders’ tax incentives shape corporate policies.

报告人简介：倪晨凯，复旦大学管理学院教授，博士生导师。北京大学学士，新加坡国立大学博士。主要研究方向为税收与资本市场、信息有效性等领域，学术论文发表于The Accounting Review，Journal of Financial and Quantitative Analysis, Review of Accounting Studies， Journal of Management Information Systems，《管理世界》，《会计研究》等国内外顶级学术期刊，主持多项国家级和省部级课题。担任Asia-pacific Journal of Accounting & Economics副主编、Accounting and Business Research编委以及为《Management Science》《Journal of International Business Studies》、《管理世界》、《管理科学学报》等期刊担任评审。