产品市场势力、企业避税与股价信息含量

发布时间：2018-06-06 02:18

本文选题：产品市场势力 + 企业避税　；参考：《江西财经大学学报》2017年01期

【摘要】：以2010至2014年A股非金融类上市公司为样本,考察了公司产品市场势力、避税程度与股价信息含量之间的关系。研究结果表明:企业的产品市场势力越强,越倾向于从事避税活动,避税程度越高;分位数回归显示,产品市场势力的增加对避税程度较低的企业和避税程度较高的企业影响都较大,而对避税程度处于中间范围的企业影响最小。进一步检验发现,产品市场势力引发企业避税程度的提高显著提高了股价信息含量;产品市场势力越强,避税程度较高组的企业股价信息含量更高;随着企业避税程度逐步提高,产品市场势力对股价信息含量的提升作用越强;企业避税是产品市场势力影响股价信息含量的一个渠道机制。上述结论不仅丰富了产品市场势力的经济后果和企业避税影响因素的学术文献,而且对税务部门的征管工作和投资者行为研究有重要启示。
[Abstract]:Taking A shares non-financial listed companies from 2010 to 2014 as a sample, this paper examines the relationship among market power, tax avoidance and information content of stock price. The results show that: the stronger the market power of products, the more inclined to engage in tax avoidance activities, the higher the degree of tax avoidance, the quantile regression shows, The increase of product market power has great influence on the enterprises with lower tax avoidance degree and higher tax avoidance degree, but it has the least influence on the enterprises whose tax avoidance degree is in the middle range. It is found that the price information content of the enterprises with higher tax avoidance degree is higher with the increase of the tax avoidance degree caused by the product market power, and the higher the product market power is, the higher the stock price information content of the enterprises with higher tax avoidance degree is. With the gradual improvement of enterprise tax avoidance, the effect of product market power on stock price information content is stronger, and enterprise tax avoidance is a channel mechanism for product market power to influence stock price information content. These conclusions not only enrich the academic literature on the economic consequences of product market forces and the factors affecting corporate tax avoidance, but also have important implications for the study of tax collection and management work and investor behavior.
【作者单位】：湖南大学工商管理学院;石河子大学经济与管理学院;
【基金】：财政部全国会计科研课题重点项目(2015KJA017) 湖南省社科基金项目(15YBA079) 国家社科基金项目(16BGL050) 国家自然科学基金项目(71572153)
【分类号】：F832.51;F273.2;F275.4

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