会税差异和盈余管理对公司估值的影响研究

发布时间：2018-04-24 08:48

本文选题：会税差异 + 盈余管理　；参考：《哈尔滨理工大学》2017年硕士论文

【摘要】：随着我国经济体制的改革和完善,会计和税法从高度一致性逐渐转变成为一种温和的分离模式,这必然会带来会税差异。在会计收益最大化和税收成本最小化的双重动机驱使下,会税差异的存在也为公司管理者进行盈余管理提供了新的契机,管理者可能通过操纵非应税项目达到增加收入而减少成本的目的,因而会税差异也成为检测公司盈余管理水平的一个有效指标。在委托代理关系中,不完善的契约和不充分的信息使盈余管理应运而生,基于各种盈余管理动机,管理者往往采用不容易被识别的手段进行盈余管理,因而导致公司披露的财务信息存在失真问题。如果投资者能够辨别公司的盈余管理行为,在进行投资判断时就会合理估计进行盈余管理的公司估值,市场也会对其合理定价。本文借鉴相关学者对会税差异和盈余管理的研究成果,在分析会税差异与盈余管理关系的基础上,进一步研究不同盈余管理方式对公司估值的影响,探讨盈余管理是否在会税差异与公司估值关系中起到了一定的中介效应。首先,本文分别介绍了会税差异和盈余管理,进而分析了会税差异对盈余管理的影响,然后从理论上深入分析不同盈余管理方式对公司估值的影响。在理论分析的基础上,借鉴一些学者的相关研究,对会税差异和盈余管理分别进行度量,分析了会税差异对盈余管理的影响以及会税差异对公司估值的信息含量。以我国上市公司为研究样本进行实证研究发现,会税差异与应计盈余管理呈现正相关的关系,与真实盈余管理呈现负相关的关系,由于信息不对称,投资者对会税差异程度大的公司估值较高,对应计盈余管理的公司估值较高,对真实盈余管理的公司估值较低。进一步说明,盈余管理在会税差异与公司估值的关系中发挥了一定程度的中介效应,会税差异和盈余管理能为投资者提供决策有用的信息。基于会税差异和盈余管理在公司估值中的作用,本文的研究能为投资者有效识别公司的盈余管理活动提供经验证据,并从会税差异和盈余管理的角度为投资者正确评估公司估值提供参考,有助于投资者决策效率和市场有效性的提高。
[Abstract]:With the reform and improvement of China's economic system, accounting and tax laws have gradually changed from high consistency to a mild separation model. This will inevitably lead to the difference in tax revenue. Driven by the Dual Motives of maximizing accounting income and minimizing tax costs, the existence of tax differences also provides a new way for corporate managers to manage earnings. The manager may reduce the cost by manipulating the non taxable project to increase the income, so the tax difference also becomes an effective indicator of the earnings management level of the company. In the principal-agent relationship, the imperfect contract and inadequate information make the earnings management come into being, based on the motivation of all kinds of earnings management, Managers often use the means that are not easy to be identified for earnings management, which leads to the distortion of the financial information disclosed by the company. If the investor can identify the earnings management behavior of the company, the valuation of the earnings management will be reasonably estimated when the investment judgment is carried out, and the market will also reasonably price it. On the basis of the analysis of the relationship between the tax difference and the earnings management, the related scholars further study the influence of the different ways of earnings management on the valuation of the company, and discuss whether the earnings management has played a mediating effect in the relationship between the tax difference and the company valuation. Tax difference and earnings management, and then analyze the impact of tax differences on earnings management, and then analyze the influence of different earnings management methods on the company's valuation in theory. On the basis of theoretical analysis, some scholars' related studies are used to measure the difference of the tax and earnings management, and the difference of the income tax is analyzed. The impact of the residual management and the information content of the tax difference on the valuation of the company. The empirical study of the listed companies in China shows that the relationship between the tax difference and the accrued earnings management has a positive correlation, and has a negative correlation with the real earnings management. Because of the asymmetric information, the investor estimates the company with a large tax difference. The value of the company is higher, the company valuations of the corresponding earnings management are higher and the company valuation of the real earnings management is lower. It is further explained that the earnings management plays a certain intermediary effect in the relationship between the tax difference and the company valuation, and the tax difference and the earnings management can provide the useful information for the investors. The role of residual management in the company's valuation can provide empirical evidence for investors to effectively identify the earnings management activities of the company, and provide a reference for investors to correctly evaluate the valuation of the company from the perspective of tax differences and earnings management, which helps to improve the efficiency of investors' decision making and market effectiveness.

【学位授予单位】：哈尔滨理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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