摘要
企业的合理避税活动是企业价值的影响因素之一。本文利用2006年-2010年沪深两市上市公司样本数据,选取了合理避税组及对照组进行配对,通过加权回归的方法,从直接和间接两个方面分析了企业的合理避税活动对企业价值的影响。实证结果表明,企业的合理避税活动能从这两个方面提高企业价值。
The enterprise's reasonable tax avoidance is one of the factors to effect on the enterprise value.The paper takes the listed companies of Shanghai and Shenzhen during the period of 2006-2010 as the sample data and selects two groups from it,one is the reasonable avoidance group and the other is the normal one.By using the weighted regression method,it analyzes the indirect and direct effect of enterprises' reasonable avoidance on their values,which indicates that the reasonable tax avoidance can improve the enterprise value indirectly and directly.
关键词
合理避税
企业价值
负债结构
会计-税收差异
reasonable tax avoidance
enterprise value
liability structure
book-tax difference
