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论文编号：	8354
作者编号：	2120142448
上传时间：	2016/6/8 1:23:33
中文题目：	税收筹划对上市公司价值影响的研究——基于经理层治理效应的视角
英文题目：	A Study on the Impact of Tax Planning on Enterprise Values: Based on the Effect of Manager Governance
指导老师：	张晓农
中文关键字：	税收筹划；上市公司价值；经理层治理水平；回归分析
英文关键字：	Tax Planning; the Listed Company Value; Manager Governance Level; Regression Analysis
中文摘要：	税收筹划作为近些年来新兴的研究领域，受到广大纳税人的广泛关注。国际上税收筹划的研究开始较早，发展到今天，已有八十多个年头。与国外相比，中国的税收筹划研究开始较晚，到现在仍然有很多方面并不完善。但是近些年越来越多的学者开始重视税收筹划。因为逃税等违法行为会受到法律的制裁，因此本研究重点集中于法律允许范围内的税收筹划。虽然流转税也存在筹划行为，但由于其可转嫁性，流转税带来的成本会转移到其他相关者身上，对公司价值的影响不像企业所得税那样深远，因此本文运用企业所得税实际税率来分析纳税人的税收筹划水平。 随着上市公司的发展，股东和经理层的委托代理问题、信息不对称问题会对税收筹划的有效性以及上市公司的价值产生负面影响。为了使税收筹划有效，本文选用上市公司经理层治理水平作为调节变量，来研究其对税收筹划与上市公司价值的关系是否产生影响，其中选用自己构建的经理层治理指数来衡量经理层治理水平，包括高管是否持股、两职是否兼任、前三名高管薪酬以及总经理是否变更四个度量指标。同时考虑到其他可能会影响公司价值的因素，比如企业财务水平的高低，公司风险性的大小等等，在研究中将其作为控制变量。 本文在理论回顾和文献梳理的基础上，选取2011-2014年间4572个样本进行实证研究，通过构建多元线性回归模型检验了经理层治理对税收筹划与公司价值关系的调节效应。通过验证，本文得出如下结论：税收筹划提升了公司价值，经理层治理水平与公司价值正相关，经理层治理水平对税收筹划与公司价值的关系具有强化作用以及与国有企业相比，民营企业积极的税收筹划能够更加显著提升公司价值；民营企业经理层治理水平高，税收筹划对公司价值的影响更加显著。基于得出的结论，本研究为上市公司、政府和投资者分别提出有利于提升上市公司价值、有利于更好地管理国有企业以及有利于更好地投资的建议。
英文摘要：	Tax planning research has been a new field widely concerned by taxpayers in recent years. Research on international tax planning started early, until now, there are more than 80 years. Compared with foreign countries, tax planning research in China started late, there are still many aspects not perfect. But in recent years, more and more scholars began to pay attention to tax planning. Because tax evasion and other illegal acts will be punished by law, this study just focuses on the legal tax planning. The circulation tax has also been planned, but due to the shifting, circulation tax will transfer the cost to other stakeholders, so this paper uses the actual rate of corporate income tax to analysis the tax planning. With the development of the listed company, the principal-agent problem of shareholders and manager makes a negative impact on the effectiveness of tax planning and the listed company value . In order to make tax planning effective, this paper selects the management level as a moderating variable. We choose our own-made management governance index to measure the management governance level, including four metrics. This study takes other factors which may affect the company value as control variables, such as the level of corporate finance, the size of the company, the risk and so on. This paper does an empirical study of the relationship between tax planning and the firm value on the basis of related literatures review. 4572 samples are chosen to conduct the multiple linear regressions. The paper draws the following conclusion: tax planning enhances the listed company value; the relationship between manager governance level and listed company value is positive; the manager governance level strengthens the relationship between tax planning and listed company value; compared with the state-owned enterprises, the effect of private enterprises is more significantly. Based on the conclusions, this study gives proposals for listed companies, government and investors.
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