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论文编号：	8403
作者编号：	2120142488
上传时间：	2016/6/10 8:13:29
中文题目：	税收筹划与公司价值关系的实证研究
英文题目：	The Empirical Study of The Relationship Between Tax Planning and Firm Value——Based on The Moderating Effect of Corporate Governance
指导老师：	张晓农 副教授
中文关键字：	公司治理； 税收筹划； 公司价值
英文关键字：	Corporate governance; Tax planning; Firm value
中文摘要：	税收筹划在我国的应用起步较晚，至今依然是一个颇具争议的问题。传统的税收筹划理论认为，税收筹划可以为企业节约税收成本，进而提高公司价值。但是，随着现代企业制度的建立，所有权与经营权实现分离，国外一些学者从委托代理理论的角度提出了不同的观点，税收筹划是一项复杂且隐蔽的活动，实施税收筹划极易增加公司所有者与经营者之间的信息不对称程度，这就为经营者的机会主义行为提供了空间，导致税收筹划的效果大打折扣，甚至对公司价值产生不利影响。同时也有学者提出，良好的公司治理环境可以有效减轻这种负面影响，但是目前国内关于税收筹划对公司价值的影响以及税收筹划影响因素等问题的研究较少。 本文在理论回顾和文献梳理的基础上，选取2010-2014年间中国1258家上市公司为研究样本进行实证研究，通过构建多元线性回归模型首先检验了公司治理对税收筹划的影响效应以及税收筹划对公司价值的影响，在此基础上检验了公司治理对税收筹划与公司价值关系的调节效应。研究结果表明：第一，公司治理的很多因素对我国上市公司的税收筹划程度均有一定的影响。其中，前五大股东持股比例、管理层持股比例对税收筹划程度有显著的正向影响，董事会规模和管理层薪酬对税收筹划有显著的负向影响；第二，总体来看，税收筹划对公司价值有显著的正向作用。同时公司治理因素会对两者的关系产生调节效应，董事会规模、前五大股东持股比例会削弱税收筹划与公司价值的正向影响，管理层持股比例会对两者的关系起到较好的强化效果；第三，需要特别提出的是，在影响税收筹划以及对税收筹划与公司价值关系产生调节效应的众多公司治理因素中，管理层持股的影响作用均最为显著。这也充分说明管理层持股在公司治理过程中发挥的作用，公司要善于运用这一治理机制有效解决管理者与经营者之间的委托代理问题，尽最大可能使两者的利益保持一致，最终实现公司价值的最大化。
英文摘要：	The application of tax planning has a short history in China, and it is still a controversial issue. According to Traditional tax planning theory, tax planning can save tax cost, so it can improve the firm value. However, with the establishment of the modern enterprise system, some researchers find that the separation of the rights of ownership and management makes it more possible for managers’ opportunistic behaviors, which may have negative effects on firm value. The also find that well-governed condition of the firm can moderate the negative effect. Till now, At present, there is little study on both the influence of tax planning and the factors that affect the tax planning in China. This paper does an empirical study of the relationship between tax planning and the firm value on the basis of related literatures review. 1592 Chinese listed companies during 2010 to 2014 are chosen as samples to conduct the multiple linear regressions. The results can be concluded as follows： Firstly, many factors of corporate governance have an effect on tax planning, both the shareholding proportion of top five shareholders and management have significant positive influence on the degree of tax planning, however, the board size and the management’s salary have a significant negative effect on tax planning. Secondly, in general, tax planning has a significant positive effect on firm value. And corporate governance can have a moderating effect on the relationship between them. The board size and the shareholding proportion of top five shareholders can weaken the positive impact of tax planning on firm value. However, the management shareholding will play a good strengthening effect on the relationship between them. Thirdly, which should draw much attention is that management shareholding plays an important role both in the effect on tax planning and in the moderating effect on the relationship between tax planning and firm value.
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