税收规避提高了公司价值吗？——基于中国上市公司的实证研究
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| Title | Does Tax Avoidance Enhance Firm Value?——Evidence from Chinese Listed Companies
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| 作者 | 陈旭东 王雪 杨丹 叶建明 |
| Author | Chen Xudong，,Wang Xue,Yang Dan and Ye Jianming |
| 作者单位 | 西南财经大学会计学院;纽约城市大学布鲁克商学院 |
| Organization | Southwestern University of Finance and Economics;Baruch College at City University of New York |
| 作者Email | xutung99@126.com；wangxue@swufe.edu.cn；yangd@swufe.edu.cn；Jianmng.Ye@baruch.cuny.edu |
| 中文关键词 | 税收规避 公司价值 信息透明度 |
| Key Words | Tax avoidance;firm value;firm transparency |
| 内容提要 | 本文采用中国上市公司2001年——2009年的数据，实证检验了在中国的资本市场上，税收规避与公司价值之间的关系。实证结果表明：税收规避行为降低了企业价值，在中国上市公司中，税收规避是把双刃剑，它带给股东的损害高于其利益。进一步的实证发现企业信息透明度并没有显著增加企业价值，企业的信息透明度需与企业税收规避行为结合，才能产生调节作用，从而增加企业价值。信息透明度高的企业，其税收规避程度更强，但是中国的投资者对于税收规避行为的评价是负面的，尽管信息透明度的提高降低了这种负面的程度。本文的结果验证了税收规避行为的代理理论解释，本文的结果表明税收规避并不必然简单地表示将政府的财富转移给股东，而是反映了经理人享用了税收规避的一部分利益。 |
| Abstract | This paper investigates the relation of tax avoidance and firm value based on a large sample of Chinese listed companies for the period 2001–2009. Empirical results reveal that tax avoidance behavior reduces firm value, and it does more harm than good to investors in Chinese listed companies. Moreover, corporate transparency does not necessarily enhance firm value unless combined with tax avoidance behavior. Our research also finds that transparent companies are more tax aggressive than their opaque counterparts. Investors in Chinese stock market have negative reaction to tax avoidance behavior. However, this negative reaction could be reduced by transparency. Our paper tests the the agency hypothesis on tax avoidance, and suggests that tax avoidance need not represent a simple transfer of resources from the government to shareholders, rather, managers may capture a share of the benefits of tax avoidance. |
| 文章编号 | WP141 |
| 登载时间 | 2011-10-28 |
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