所得税税率变动与公司风险承受——基于我国A股上市公司的经验证据

发布时间：2018-06-28 20:11

本文选题：企业所得税 + 股权性质　；参考：《会计研究》2013年05期

【摘要】：本文基于2007年我国企业所得税改革研究了所得税税率变动与公司风险承受之间的关系,研究发现:税率降低的公司明显地降低了风险承受水平,税率提高的公司明显地提高了风险承受水平,这一结论支持"收入效应"假说。进一步研究发现:这种影响在不同控股性质的公司中存在一定的差异,对国有控股上市公司而言,实际税率降低的公司明显地降低了风险承受水平,实际税率提高的公司并没有明显地提高风险承受水平;对非国有控股上市公司而言,实际税率提高的公司明显地提高了风险承受水平,实际税率降低的公司并没有明显地降低风险承受水平,这说明提高税率促使非国有控股上市公司更愿意去承受风险,降低税率则促使国有控股上市公司表现出更强的风险回避特征。
[Abstract]:Based on the corporate income tax reform in 2007, this paper studies the relationship between the change of income tax rate and the risk bearing of the company, and finds that the company with lower tax rate obviously reduces the risk bearing level. Companies with higher tax rates have significantly increased risk tolerance, a conclusion that supports the income effect hypothesis. Further study shows that there are some differences in this kind of influence among the different holding companies. For the state-owned holding listed companies, the companies with lower effective tax rate obviously reduce the risk bearing level. Companies with higher effective tax rates have not significantly increased risk tolerance; for non-state-owned holding listed companies, companies with higher effective tax rates have significantly increased risk tolerance, Companies with lower effective tax rates have not significantly reduced the level of risk exposure, which means that higher tax rates have made non-state-controlled listed companies more willing to take risks. The reduction of tax rate makes the state-controlled listed companies show stronger risk-avoidance characteristics.
【作者单位】：武汉大学经济与管理学院;
【基金】：教育部哲学社会科学研究重大课题攻关项目“国家经济安全与我国金融审计制度创新研究”(10JZD0019)的阶段性研究成果
【分类号】：F812.42;F832.51;F224

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