Using a large sample of US data, we examine the relationship between asset redeployability and corporate tax avoidance. We also examine the extent to which asset redeployability influences tax avoidance directly and indirectly (through financing constraints channel). We find a significant negative relationship between asset redeployability and tax avoidance, implying that firms with more redeployable assets tend to engage in less tax avoidance. We also confirm that asset redeployability reduces tax avoidance both directly and indirectly (through reducing financing constraints). These results are robust to alternative specifications of asset redeployability and corporate tax avoidance, and to the use of a two-stage least squares (2SLS) analysis to mitigate any endogeneity concerns relating to omitted variables, reverse causality, and model misspecification. Overall, these findings extend our existing understanding of the implication of asset redeployability in an accounting context and demonstrate that redeployability of assets has important implication for corporate tax planning.

中文翻译：

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资产再配置和企业避税

使用大量美国数据样本，我们研究了资产可重新部署与企业避税之间的关系。我们还研究了资产可重新配置直接和间接（通过融资约束渠道）影响避税的程度。我们发现资产可再配置性和避税之间存在显着的负相关关系，这意味着拥有更多可再配置资产的公司倾向于较少的避税。我们还确认资产可重新部署直接和间接（通过减少融资约束）减少避税。这些结果对于资产再部署和公司避税的替代规范，以及使用两阶段最小二乘法 (2SLS) 分析来减轻与遗漏变量、反向因果关系、和型号错误。总体而言，这些发现扩展了我们对会计环境中资产可重新部署的含义的现有理解，并表明资产的可重新部署对公司税收筹划具有重要意义。