本研究探討軍民融合企業的租稅規避行為。以2015年中國將軍民融合政策指定為國家戰略作為外生衝擊，藉以探討軍民融合企業租稅規避行為的改變。本文以2010–2020年的中國上市A股公司為樣本，採用差異中的差異法(Difference–in–Differences, DiD)之架構，藉以進行估計分析，被解釋變數方面，採總財稅差異(total book–tax differences)及異常財稅差異(abnormal book–tax differences)作為避稅指標。實證結果顯示，政策指定為國家戰略後，軍民融合企業之實驗組相較於對照組的租稅規避程度顯著上升，支持本文之假說，並輔以平行趨勢檢驗，後續以傾向分數配對(Propensity Score Matching, PSM)之逆向機率加權(Inverse Probability of Treatment Weighting)配對法與熵平衡(Entropy Balancing, EB)處理樣本後重新進行迴歸，均支持主結論；橫斷面分析顯示，顯著效果主要可見於非國有企業、租稅負擔較低者，以及財務限制較高(Whited–Wu指標)之企業。

This study investigates tax avoidance behavior among Military–Civil Fusion (MCF) firms, treating China’s designation of the MCF policy as a national strategy in 2015 as an exogenous shock to examine its effect on tax avoidance behavior among MCF–related firms. Using a sample of China A–share listed companies from 2010 to 2020, we implement a Difference–in–Differences(DiD) framework for estimation. Tax avoidance is proxied by two outcome measures—total book–tax differences and abnormal book–tax differences. The empirical results indicate that, following the designation of MCF to a national strategy, firms in the treated (MCF) group exhibit a statistically significant increase in tax avoidance relative to control group, which is consistent with the thesis hypothesis. Also, we included parallel–trends tests and re–estimation after addressing selection via propensity score matching (PSM), using inverse probability weighting, and entropy balancing (EB) to provide qualitatively similar conclusions. Cross–sectional evidence further shows that the effect is more pronounced among non–state–owned enterprises, firms with lower tax burdens, and firms facing tighter financial constraints (Whited–Wu index).

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