税收筹划视角下公司治理机制对企业绩效影响的实证分析

发布时间：2019-04-12 18:58

【摘要】：自1975年威廉姆森提出“治理结构”这一概念以来，人们对于公司治理问题的探究从未停止，逐步从对治理机制的理论分析过渡到对治理的研究评价，即实证分析公司治理是否会对企业绩效产生积极影响，公司治理的质量如何。随着我国的会计准则以及税收法规逐渐与国际接轨，二者分离的模式使得企业更加关注税收筹划问题，值得注意的是，税收管理具有操作复杂、不透明等特征，容易给高层管理人员的机会主义行为留有空间。另一方面，税收筹划的效果一般不会立即显现，，其作用与长期投资类似。因此，了解公司治理对税收筹划的影响十分必要。通过分析二者的关系，可以更好地理解治理机制具体通过何种方式影响企业绩效。本文选取国内190家上市公司2008-2012年的数据作为研究样本，通过构建回归模型对研究假设进行实证分析，得出以下结论：公司内部治理的诸多因素对税收筹划均有一定影响。其中，独立董事比例、管理层持股比例、董事长与总经理“两职分离”与税收筹划呈正相关关系，管理层薪酬、企业控股股东为国有公司与税收筹划存在微弱的负相关关系，董事会规模对税收筹划的影响无法得出明确的结论。但是，在众多因素中，只有管理层激励指标，即管理层薪酬和管理层持股对税收筹划的影响最为显著。这说明，公司治理问题的核心在于处理管理层与股东的关系，尽一切可能提升管理层与股东利益的一致性是改善公司绩效的关键。
[Abstract]:Since Williamson put forward the concept of "governance structure" in 1975, people have never stopped exploring the problem of corporate governance, gradually transitioning from the theoretical analysis of governance mechanism to the research and evaluation of governance. That is, empirical analysis of whether corporate governance will have a positive impact on corporate performance, the quality of corporate governance. With China's accounting standards and tax laws and regulations gradually in line with the international standards, the model of separation between the two makes enterprises pay more attention to the issue of tax planning, it is worth noting that tax management has the characteristics of complex operation, opaque and so on. It is easy to leave room for opportunistic behaviour on the part of senior managers. On the other hand, the effect of tax planning is generally not immediately apparent, and its role is similar to long-term investment. Therefore, it is necessary to understand the impact of corporate governance on tax planning. Through the analysis of the relationship between the two, we can better understand the specific ways through which governance mechanism affects corporate performance. In this paper, the data of 190 listed companies from 2008 to 2012 are selected as the research sample, and the empirical analysis of the research hypothesis is carried out by constructing a regression model, and the following conclusions are drawn: many factors of internal corporate governance have a certain impact on tax planning. Among them, the proportion of independent directors, the proportion of management holding shares, the separation of two positions between chairman and general manager is positively related to the tax planning, the management compensation, the controlling shareholder of the enterprise is the state-owned company and the tax planning has a weak negative correlation. The effect of board size on tax planning cannot be clearly concluded. However, among the many factors, only the management incentive index, that is, management compensation and management stock ownership have the most significant impact on tax planning. This shows that the core of corporate governance is to deal with the relationship between management and shareholders. It is the key to improve the performance of the company to enhance the consistency of the interests of management and shareholders as much as possible.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F812.42;F271;F275

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