企业避税、税务风险与企业价值
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摘要
本文考察税务风险对企业价值的影响,并分析税务风险如何作用于避税与企业价值之间的关系。我们以2008～2016年沪深A股上市公司为样本,实证发现:避税能够提升企业价值而税务风险会损害企业价值,并且税务风险的增加削弱了避税与企业价值之间的正向关系。研究结论表明,企业在关注避税带来税后收益的同时,还需要权衡避税产生的税务风险。本文的研究结论为避税与企业价值之间的传导机制提供了新的经验证据,也进一步深化了税务风险领域的学术研究。
This paper investigates the effect of the tax risk on the firm value and how the tax risk influences the relationship between tax avoidance and the firm value. Using a sample of Chinese listed companies during the period of 2008-2016, we find that tax avoidance is positively associated with the firm value and the tax risk is negatively related to the firm value. Moreover, greater tax risk moderates the positive relationship of tax avoidance and the firm value. The results show that the tax risk arising from tax avoidance can not be ignored when companies pursue after-tax benefits in order to make the most efficient tax strategies. This study provides new evidence of the transmission mechanism between tax avoidance and the firm value and furthers the research of the tax risk.
This paper investigates the effect of the tax risk on the firm value and how the tax risk influences the relationship between tax avoidance and the firm value. Using a sample of Chinese listed companies during the period of 2008-2016, we find that tax avoidance is positively associated with the firm value and the tax risk is negatively related to the firm value. Moreover, greater tax risk moderates the positive relationship of tax avoidance and the firm value. The results show that the tax risk arising from tax avoidance can not be ignored when companies pursue after-tax benefits in order to make the most efficient tax strategies. This study provides new evidence of the transmission mechanism between tax avoidance and the firm value and furthers the research of the tax risk.
引文
[1] 王跃堂,王亮亮,贡彩萍.所得税改革、盈余管理及其经济后果[J].经济研究,2009,(3):86-98.
[2] 朱凯,孙红.税收监管、经营性关联交易与公司价值[J].财经研究,2014,(7):77-85.
[3] 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,(3):63-72.
[4] Desai M.A.,Dharmapala D.Corporate Tax Avoidance and High-powered Incentives[J].Journal of Financial Economics,2006,79(1):145-179.
[5] 刘行,李小荣.金字塔结构、税收负担与企业价值:基于地方国有企业的证据[J].管理世界,2012,(8):91-105.
[6] 黄蓉,易阳,宋顺林.税率差异、关联交易与企业价值[J].会计研究,2013,(8):47-53.
[7] Neuman S.S.,Omer T.C.,Schmidt A.Assessing Tax Risk:Practitioner Perspectives[Z].SSRN Working Paper,2015.
[8] Jacob M.,Wentland K.,Wentland S.Real Effects of Tax Uncertainty:Evidence from Firm Capital Investments[Z].SSRN Working Paper,2016.
[9] Hanlon M.,Maydew E.L.,Saavedra D.The Taxman Cometh:Does Tax Uncertainty Affect Corporate Cash Holdings?[J].Review of Accounting Studies,2017,22(3):1198-1228.
[10] Amberger H.Tax Uncertainty and Dividend Payouts[Z].SSRN Working Paper,2017.
[11] 王静,张天西,郝东洋.公司纳税筹划影响权益资本成本吗?——基于代理理论框架的检验[J].经济科学,2015,(3):89-102.
[12] 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,(5):134-146.
[13] 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.
[14] Blouin J.L.,Shackelford D.A.Investment,Tax Uncertainty,and Aggressive Tax Avoidance[Z].SSRN Working Paper,2012.
[15] 曾亚敏,张俊生.税收征管能够发挥公司治理功用吗?[J].管理世界,2009,(3):143-151.
[16] 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,(2):87-99.
[17] Guenther D.,Matsunaga S.,Williams B.Is Tax Avoidance Related to Firm Risk?[J].The Accounting Review,2017,92(1):115-136.
[18] 吕伟.控股股东代理成本、纳税筹划方案抉择及其市场价值:基于J有限公司的案例研究[J].南开管理评论,2011,(4):138-148.
[19] Rego O.S.,Wilson R.Equity Risk Incentives and Corporate Tax Aggressiveness[J].Journal of Accounting Research,2012,50(3):775-810.
[20] Mcguire S.T.,Neuman S.S.,Omer T.C.Sustainable Tax Strategies and Earnings Persistence[Z].SSRN Working Paper,2011.
[21] Lambert R.,Leuz C.,Verrecchia R.E.Accounting Information,Disclosure,and the Cost of Capital[J].Journal of Accounting Research,2007,45(2):385-420.
[22] Cook K.A.,Moser W.J.,Omer T.C.Tax Avoidance and Ex Ante Cost of Capital[J].Journal of Business Finance & Accounting,2017,44(7-8):1109-1136.
[23] Rountree B.,Weston J.,Allayannis G.Do Investors Value Smooth Performance?[J].Journal of Financial Economics,2008,90(3):237-251.
[24] Dichev I.D.,Tang V.W.Earnings Volatility and Earnings Predictability[J].Journal of Accounting & Economics,2009,47(1):160-181.
[25] Sikes S.A.,Verrecchia R.E.Externalities of Corporate Tax Avoidance[Z].SSRN Working Paper,2014.
[26] 李成,吴育辉,胡文骏.董事会内部联结、税收规避与企业价值[J].会计研究,2016,(7):50-57.
[27] 王延明.上市公司所得税率变化的敏感性分析[J].经济研究,2002,(9):74-80.
[28] 吴文锋,吴冲锋,芮萌.中国上市公司高管的政府背景与税收优惠[J].管理世界,2009,(3):134-142.
[29] 雷光勇,李书锋,王秀娟.政治关联、审计师选择与公司价值[J].管理世界,2009,(7):145-155.
[30] Drake K.D.,Lusch S.J.,Stekelberg J.Does Tax Risk Affect Investor Valuation of Tax Avoidance?[J].Journal of Accounting,Auditing & Finance,2019,34(1):151-176.
[31] Bryant-Kutcher L.A.,Guenther D.A.,Jackson M.How Do Cross-Country Differences in Corporate Tax Rates Affect Firm Value[J].The Journal of the American Taxation Association,2012,34(2):1-17.
[2] 朱凯,孙红.税收监管、经营性关联交易与公司价值[J].财经研究,2014,(7):77-85.
[3] 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,(3):63-72.
[4] Desai M.A.,Dharmapala D.Corporate Tax Avoidance and High-powered Incentives[J].Journal of Financial Economics,2006,79(1):145-179.
[5] 刘行,李小荣.金字塔结构、税收负担与企业价值:基于地方国有企业的证据[J].管理世界,2012,(8):91-105.
[6] 黄蓉,易阳,宋顺林.税率差异、关联交易与企业价值[J].会计研究,2013,(8):47-53.
[7] Neuman S.S.,Omer T.C.,Schmidt A.Assessing Tax Risk:Practitioner Perspectives[Z].SSRN Working Paper,2015.
[8] Jacob M.,Wentland K.,Wentland S.Real Effects of Tax Uncertainty:Evidence from Firm Capital Investments[Z].SSRN Working Paper,2016.
[9] Hanlon M.,Maydew E.L.,Saavedra D.The Taxman Cometh:Does Tax Uncertainty Affect Corporate Cash Holdings?[J].Review of Accounting Studies,2017,22(3):1198-1228.
[10] Amberger H.Tax Uncertainty and Dividend Payouts[Z].SSRN Working Paper,2017.
[11] 王静,张天西,郝东洋.公司纳税筹划影响权益资本成本吗?——基于代理理论框架的检验[J].经济科学,2015,(3):89-102.
[12] 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,(5):134-146.
[13] 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.
[14] Blouin J.L.,Shackelford D.A.Investment,Tax Uncertainty,and Aggressive Tax Avoidance[Z].SSRN Working Paper,2012.
[15] 曾亚敏,张俊生.税收征管能够发挥公司治理功用吗?[J].管理世界,2009,(3):143-151.
[16] 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,(2):87-99.
[17] Guenther D.,Matsunaga S.,Williams B.Is Tax Avoidance Related to Firm Risk?[J].The Accounting Review,2017,92(1):115-136.
[18] 吕伟.控股股东代理成本、纳税筹划方案抉择及其市场价值:基于J有限公司的案例研究[J].南开管理评论,2011,(4):138-148.
[19] Rego O.S.,Wilson R.Equity Risk Incentives and Corporate Tax Aggressiveness[J].Journal of Accounting Research,2012,50(3):775-810.
[20] Mcguire S.T.,Neuman S.S.,Omer T.C.Sustainable Tax Strategies and Earnings Persistence[Z].SSRN Working Paper,2011.
[21] Lambert R.,Leuz C.,Verrecchia R.E.Accounting Information,Disclosure,and the Cost of Capital[J].Journal of Accounting Research,2007,45(2):385-420.
[22] Cook K.A.,Moser W.J.,Omer T.C.Tax Avoidance and Ex Ante Cost of Capital[J].Journal of Business Finance & Accounting,2017,44(7-8):1109-1136.
[23] Rountree B.,Weston J.,Allayannis G.Do Investors Value Smooth Performance?[J].Journal of Financial Economics,2008,90(3):237-251.
[24] Dichev I.D.,Tang V.W.Earnings Volatility and Earnings Predictability[J].Journal of Accounting & Economics,2009,47(1):160-181.
[25] Sikes S.A.,Verrecchia R.E.Externalities of Corporate Tax Avoidance[Z].SSRN Working Paper,2014.
[26] 李成,吴育辉,胡文骏.董事会内部联结、税收规避与企业价值[J].会计研究,2016,(7):50-57.
[27] 王延明.上市公司所得税率变化的敏感性分析[J].经济研究,2002,(9):74-80.
[28] 吴文锋,吴冲锋,芮萌.中国上市公司高管的政府背景与税收优惠[J].管理世界,2009,(3):134-142.
[29] 雷光勇,李书锋,王秀娟.政治关联、审计师选择与公司价值[J].管理世界,2009,(7):145-155.
[30] Drake K.D.,Lusch S.J.,Stekelberg J.Does Tax Risk Affect Investor Valuation of Tax Avoidance?[J].Journal of Accounting,Auditing & Finance,2019,34(1):151-176.
[31] Bryant-Kutcher L.A.,Guenther D.A.,Jackson M.How Do Cross-Country Differences in Corporate Tax Rates Affect Firm Value[J].The Journal of the American Taxation Association,2012,34(2):1-17.