税收监管、经营性关联交易与公司价值

Tax Regulation,Operation Related-party Transactions and Firm Value

文章研究了税收监管对我国上市公司经营性关联交易规模及市场价值的影响。2009年1月8日,国家税务总局颁布了《特别纳税调整实施办法(试行)》(以下简称《办法》),这意味着税收监管的加强,文章采用事件研究方法发现:(1)《办法》颁布后,上市公司经营性关联交易水平显著下降;(2)《办法》颁布时,公司股票价格显著上升,而且经营性关联交易越多的公司股票价格上升的幅度越大。研究结果表明,加强对关联交易的税收监管,减少了上市公司具有机会主义倾向的关联交易行为,改善了公司治理,提高了公司价值。

This paper investigates the effect of tax regulation on operation related-party transactions and market value of listed companies in China.State Administration of Taxation issued Implementation Regulations for Special Tax Adjustments(Trial)on August 1st,2009,which means stronger tax regulation on operation related-party transactions.By event study,it arrives at the following conclusions:firstly,after the issue of Implementation Regulations for Special Tax Adjustments(Trial),the operation related-party transactions decrease significantly in listed companies;secondly,stock prices of listed companies increase significantly on the day of the issue of Implementation Regulations for Special Tax Adjustments(Trial),and the rise in stock prices is positively related with the volume of operation related-party transactions.It shows that the advancement of tax regulation on operation related-party transactions leads to the reduction in opportunistic related-party transactions in listed companies,the improvement of corporate governance and the increase in firm value.