税率调整、公司避税与企业价值的关系研究——基于2008年企业所得税改革的经验证据

发布时间：2018-02-26 02:28

本文关键词： 税率调整公司避税企业价值　出处：《当代财经》2017年06期 　论文类型：期刊论文

【摘要】：在2008年我国实施新企业所得税的背景下,以2003—2012年A股上市公司为对象,实证研究了税率调整、公司避税与企业价值之间的关系,发现:(1)税改后,税率上升公司的避税程度显著提高,税率下降公司的避税程度显著下降,税率不变公司的避税程度无明显变化。(2)在税改后五年内,税率上升公司的避税程度呈倒U型变化,并在第三年达到高峰;而税率下降公司的避税程度在此期间逐年下降。(3)公司避税行为与企业价值的相关关系受到企业所适用的所得税税率高低的影响,并在税改时受到税率调整方向的影响,其中税率上升的公司在税改后,其避税行为使企业价值明显降低,而税率下降的公司在税改后的企业价值却因避税而显著提高。因此,税率调整会对投资者对企业避税行为的价值判断产生一定的影响。
[Abstract]:In 2008, under the background of implementing new enterprise income tax in China, taking A share listed companies in 2003-2012 as the object, this paper empirically studies the relationship among tax rate adjustment, corporate tax avoidance and enterprise value, and finds out that after the tax reform, we find that: 1) after the tax reform, The tax avoidance degree of the company with the tax rate increased significantly, the tax avoidance degree of the company decreased significantly, and the tax avoidance degree of the company with the same tax rate did not change significantly.) within five years after the tax reform, the tax avoidance degree of the company with the rising tax rate showed a reverse U-shaped change. And reached its peak in the third year, and the tax avoidance degree of the company decreased year by year during this period.) the relationship between the tax avoidance behavior of the company and the value of the enterprise was influenced by the income tax rate applied by the enterprise. And it is influenced by the direction of tax rate adjustment in the tax reform. After the tax reform, the tax avoidance behavior of the company with higher tax rate makes the value of the enterprise obviously lower, while the value of the company with the decrease of the tax rate after the tax reform increases significantly because of the tax avoidance. Tax rate adjustment will have a certain impact on the value judgment of corporate tax avoidance behavior.
【作者单位】：南京大学商学院;
【基金】：国家自然科学基金项目(71372033)
【分类号】：F275.4;F812.42

【相似文献】