公司税收规避、税率持续性与股票收益波动率
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摘要
从税率平稳性角度看,避税活动是否会增加税率波动性进而给企业带来高风险是一个值得探讨的重要问题。从动态视角研究发现,避税是一种策略性行为,低实际税率的企业相比高实际税率的企业,其税率在长时期内能够保持平稳。此外,避税活动并不一定会带来未来税率和股票收益的波动性。这说明公司通常采用持续、稳定的税收策略,不会带来公司风险的激增。进一步研究发现:节税率的波动性与公司未来股票收益波动存在着显著正相关,即当避税引起税率波动较大时,会带来公司股票收益风险的增加。
From the perspective of tax rate stability, whether tax avoidance activities will increase tax rate volatility and bring higher risks to enterprises is an important issue worth discussing. From a dynamic perspective, it is found that tax avoidance is a strategic behavior. Compared with enterprises with high effective tax rate, enterprises with low effective tax rate can maintain a stable tax rate for a long time. In addition, tax avoidance does not necessarily lead to fluctuations in future tax rates and stock returns. This shows that companies usually adopt a sustained and stable tax strategy, which will not lead to a sharp increase in corporate risk. Further research finds that there is a significant positive correlation between tax rate volatility and future stock return volatility, that is, when tax avoidance leads to greater tax rate volatility, it will increase the risk of stock return.
From the perspective of tax rate stability, whether tax avoidance activities will increase tax rate volatility and bring higher risks to enterprises is an important issue worth discussing. From a dynamic perspective, it is found that tax avoidance is a strategic behavior. Compared with enterprises with high effective tax rate, enterprises with low effective tax rate can maintain a stable tax rate for a long time. In addition, tax avoidance does not necessarily lead to fluctuations in future tax rates and stock returns. This shows that companies usually adopt a sustained and stable tax strategy, which will not lead to a sharp increase in corporate risk. Further research finds that there is a significant positive correlation between tax rate volatility and future stock return volatility, that is, when tax avoidance leads to greater tax rate volatility, it will increase the risk of stock return.
引文
[1] 程小可, 李浩举, 郑立东. 税收规避能够提升企业价值吗?——基于货币政策视角的研究[J]. 审计与经济研究, 2016, 31(3):63-72.
[2] 叶康涛, 刘行. 公司避税活动与内部代理成本[J]. 金融研究, 2014(9):158-176.
[3] 后青松, 袁建国, 张鹏. 企业避税行为影响其银行债务契约吗——基于A股上市公司的考察[J]. 南开管理评论, 2016, 19(4):122-134.
[4] Rego, Olhoft S, Wilson, et al. Equity risk incentives and corporate tax aggressiveness[J]. Journal of Accounting Research, 2012, 50(3):775-810.
[5] 刘行, 叶康涛. 企业的避税活动会影响投资效率吗?[J]. 会计研究, 2013(6):47-53.
[6] 童锦治, 黄克珑, 林迪珊. 企业避税、融资成本与资金配置效率——基于我国上市公司数据的检验[J]. 中南财经政法大学学报, 2015(6):74-81.
[7] 陈冬,罗祎.公司避税影响审计定价吗?[J]. 经济管理,2015,37(3):98-109.
[8] 汪猛, 徐经长. 企业避税、通货膨胀预期与经营业绩[J]. 会计研究, 2016(5):40-47.
[9] Blouin J. Defning and measuring tax planning aggressiveness[J]. National Tax Journal, 2014, 67(4):875-900.
[10] Frank M M, Lynch L J, Rego S O. Tax reporting aggressiveness and its relation to aggressive financial reporting[J]. The Accounting Review, 2009, 84(2):467-496.
[11] 陈冬,唐建新.高管薪酬、避税寻租与会计信息披露[J]. 经济管理,2012,34(5):114-122.
[12] Lisowsky P, Robinson L, Schmidt A. Do publicly disclosed tax reserves tell us about privately disclosed tax shelter activity?[J]. Journal of Accounting Research, 2013, 51(3):583-629.
[13] David A, Guenther,Steven R, et al. Is tax avoidance related to firm risk? [J]. The Accounting Review, 2017,92(1):115-136.
[14] 吴联 .国有股权、税收优惠与公司税负[J]. 经济研究,2009,44(10):109-120.
[15] Badertscher B A, Katz S P, Rego S O. The separation of ownership and control and corporate tax avoidance [J]. Journal of Accounting and Economics, 2013, 56(2):228-250.
[16] Chen S, Chen X, Cheng Q, et al. Are family firms more tax aggressive than non-family firms? [J]. Journal of Financial Economics, 2015, 95(1):41-61.
[17] 廖歆欣, 刘运国. 企业避税、信息不对称与管理层在职消费[J]. 南开管理评论, 2016, 19(2):87-99.
[18] Hasan I, Hoi C K, Wu Q, et al. Beauty is in the eye of the beholder: the effect of corporate tax avoidance on the cost of bank loans[J]. Journal of Financial Economics, 2014, 113(1):109-130.
[19] 陈作华, 方红星. 企业避税行为与投资者系统风险估算[J]. 管理科学, 2016, 29(5):134-146.
[20] 吕伟, 陈丽花, 隋鑫. 避税行为干扰了市场对信息的理解吗[J]. 山西财经大学学报, 2011(10):13-20.
[21] Sunder S.Risk in accounting [J]. Abacus, 2015, 51(4):536-548.
[22] Hope O K, Ma M, Thomas W B. Tax avoidance and geographic earnings disclosure [J]. Journal of Accounting and Economics, 2013, 56(2-3):170-189.
[23] Lev B, Nissim D.Taxable income, future earnings, and equity values[J]. The Accounting Review, 2004, 79(4):1039-1074.
[24] Kim J B, Li Y, Zhang L. Corporate tax avoidance and stock price crash risk: firm-level analysis [J]. Journal of Financial Economics, 2011, 100(3):639-662.
[25] 江轩宇.税收征管、税收激进与股价崩盘风险[J]. 南开管理评论,2013,16(5):152-160.
[2] 叶康涛, 刘行. 公司避税活动与内部代理成本[J]. 金融研究, 2014(9):158-176.
[3] 后青松, 袁建国, 张鹏. 企业避税行为影响其银行债务契约吗——基于A股上市公司的考察[J]. 南开管理评论, 2016, 19(4):122-134.
[4] Rego, Olhoft S, Wilson, et al. Equity risk incentives and corporate tax aggressiveness[J]. Journal of Accounting Research, 2012, 50(3):775-810.
[5] 刘行, 叶康涛. 企业的避税活动会影响投资效率吗?[J]. 会计研究, 2013(6):47-53.
[6] 童锦治, 黄克珑, 林迪珊. 企业避税、融资成本与资金配置效率——基于我国上市公司数据的检验[J]. 中南财经政法大学学报, 2015(6):74-81.
[7] 陈冬,罗祎.公司避税影响审计定价吗?[J]. 经济管理,2015,37(3):98-109.
[8] 汪猛, 徐经长. 企业避税、通货膨胀预期与经营业绩[J]. 会计研究, 2016(5):40-47.
[9] Blouin J. Defning and measuring tax planning aggressiveness[J]. National Tax Journal, 2014, 67(4):875-900.
[10] Frank M M, Lynch L J, Rego S O. Tax reporting aggressiveness and its relation to aggressive financial reporting[J]. The Accounting Review, 2009, 84(2):467-496.
[11] 陈冬,唐建新.高管薪酬、避税寻租与会计信息披露[J]. 经济管理,2012,34(5):114-122.
[12] Lisowsky P, Robinson L, Schmidt A. Do publicly disclosed tax reserves tell us about privately disclosed tax shelter activity?[J]. Journal of Accounting Research, 2013, 51(3):583-629.
[13] David A, Guenther,Steven R, et al. Is tax avoidance related to firm risk? [J]. The Accounting Review, 2017,92(1):115-136.
[14] 吴联 .国有股权、税收优惠与公司税负[J]. 经济研究,2009,44(10):109-120.
[15] Badertscher B A, Katz S P, Rego S O. The separation of ownership and control and corporate tax avoidance [J]. Journal of Accounting and Economics, 2013, 56(2):228-250.
[16] Chen S, Chen X, Cheng Q, et al. Are family firms more tax aggressive than non-family firms? [J]. Journal of Financial Economics, 2015, 95(1):41-61.
[17] 廖歆欣, 刘运国. 企业避税、信息不对称与管理层在职消费[J]. 南开管理评论, 2016, 19(2):87-99.
[18] Hasan I, Hoi C K, Wu Q, et al. Beauty is in the eye of the beholder: the effect of corporate tax avoidance on the cost of bank loans[J]. Journal of Financial Economics, 2014, 113(1):109-130.
[19] 陈作华, 方红星. 企业避税行为与投资者系统风险估算[J]. 管理科学, 2016, 29(5):134-146.
[20] 吕伟, 陈丽花, 隋鑫. 避税行为干扰了市场对信息的理解吗[J]. 山西财经大学学报, 2011(10):13-20.
[21] Sunder S.Risk in accounting [J]. Abacus, 2015, 51(4):536-548.
[22] Hope O K, Ma M, Thomas W B. Tax avoidance and geographic earnings disclosure [J]. Journal of Accounting and Economics, 2013, 56(2-3):170-189.
[23] Lev B, Nissim D.Taxable income, future earnings, and equity values[J]. The Accounting Review, 2004, 79(4):1039-1074.
[24] Kim J B, Li Y, Zhang L. Corporate tax avoidance and stock price crash risk: firm-level analysis [J]. Journal of Financial Economics, 2011, 100(3):639-662.
[25] 江轩宇.税收征管、税收激进与股价崩盘风险[J]. 南开管理评论,2013,16(5):152-160.