管理者特质、税收规避与企业价值

发布时间：2018-05-22 11:00

本文选题：管理者特质 + 税收规避　；参考：《北京交通大学》2017年硕士论文

【摘要】：税收规避是税收理论研究的一个重要课题,包括税收规避行为的影响因素以及经济后果等方面。关于税收规避行为影响因素的讨论多是从公司一般特征、治理结构等角度出发,基于传统税收理论下管理者是理性人的假设。随着高层梯队理论与行为金融理论的发展,管理者个体特质差别引起企业决策差别,进而影响企业价值与绩效的议题逐渐进入国内外学者的视野。本文基于高层梯队理论与行为金融理论,假设并实证检验管理者特质会影响企业的税收规避行为,即管理者外显特质(年龄、性别、学历等)体现内在特质(风险偏好、过度自信、避税动机等),而具有这些特质的管理者更倾向于进行税收规避。关于税收规避行为经济后果研究的一个重要方面是税收规避行为对企业价值的影响。传统避税理论认为税收规避行为带来的现金流收益会提高企业价值,但委托代理理论则认为管理者进行自利性的避税寻租会降低企业价值。本文首先在二者的辩证分析下讨论税收规避与企业价值的关系,接着在研究税收规避行为对企业价值的影响时进一步加入管理者特质的因素,讨论是否具有某些特质的管理者对税收规避与企业价值的关系的影响会有所不同。通过对沪深A股上市公司2000-2015年的数据检验后发现:相比于女性管理者,男性管理者更倾向于进行税收规避;相比于年轻的管理者,年长的管理者更倾向于进行税收规避;学历越高的管理者更倾向于进行税收规避;任期越短的管理者越倾向于进行税收规避。讨论税收规避与企业价值的关系时,税收规避带来的现金流增加效应更大,使企业价值得到提升。引入管理者特质变量后,结果表明,相比于女性管理者,男性管理者进行税收规避提升企业价值的程度较低;年龄越大的管理者进行的税收规避提升企业价值的程度越大;任期越长的管理者进行税收规避提升企业价值的程度越大;管理者学历对税收规避与企业价值关系的影响未能得到验证。基于以上分析,本文的创新之处在于既丰富了税收规避影响因素方面的理论研究,又丰富了高层管理理论与行为金融理论的应用,同时也使税收规避行为价值的研究体系更加全面。
[Abstract]:Tax evasion is an important subject in the study of tax theory, including the influence factors and economic consequences of tax evasion. The discussion about the influencing factors of tax evading behavior is based on the assumption that the manager is a rational person under the traditional tax theory from the point of view of the general characteristics of the company and the governance structure. With the development of high-level echelon theory and behavioral finance theory, the difference of managers' individual characteristics leads to the difference of enterprise decision making, and then issues affecting enterprise value and performance gradually enter the field of vision of domestic and foreign scholars. Based on the theory of high-level echelon and behavioral finance, this paper hypothesizes and empirically tests that the characteristics of managers will affect the behavior of tax evasion, that is, the explicit traits of managers (age, gender, educational background, etc.) reflect the inherent characteristics (risk preference). Overconfidence, tax avoidance motivations, and managers with these traits tend to circumvent taxes. An important aspect of the study on the economic consequences of tax evasion is the impact of tax evasion on enterprise value. The traditional tax avoidance theory holds that the cash flow income brought by tax evasion will improve the enterprise value, but the principal-agent theory holds that the self-interest tax avoidance and rent-seeking by managers will reduce the enterprise value. In this paper, the relationship between tax evasion and enterprise value is discussed in the dialectical analysis of both, and then the factors of managers' characteristics are added to the study of the influence of tax evading behavior on enterprise value. Discussing whether managers with certain characteristics have different effects on the relationship between tax evasion and enterprise value. By examining the data of Shanghai and Shenzhen A-share listed companies from 2000 to 2015, it is found that compared with female managers, male managers are more inclined to circumvent tax revenue, and older managers tend to avoid tax revenue more than young managers. Managers with higher education are more inclined to avoid tax; managers with shorter tenure are more inclined to avoid tax. When discussing the relationship between tax evasion and enterprise value, the increase effect of cash flow brought by tax evasion is greater, and the enterprise value is promoted. After introducing managerial trait variables, the results show that compared with female managers, male managers have lower degree of tax evasion and promotion of enterprise value, and the older the managers are, the greater the degree of tax evasion and promotion of enterprise value. The longer the tenure of managers, the greater the degree of tax evasion to enhance the value of enterprises, and the impact of managers' education on the relationship between tax evasion and enterprise value has not been verified. Based on the above analysis, the innovation of this paper is that it not only enriches the theoretical research on the influence factors of tax evasion, but also enriches the application of high-level management theory and behavioral finance theory. At the same time, it also makes the research system of tax evading behavior value more comprehensive.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F272.91

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