税收负担与企业盈余管理行为——来自中国上市公司的经验证据

Tax Burden and Behavior of Enterprises' Earnings Management——Empirical Evidence from Chinese Listed Companies

以中国资本市场2004～2008年间A股上市公司为研究样本,实证考察了税收负担对于盈余管理的影响。研究发现,税收负担对于不同方向的盈余管理的影响程度存在显著差异。当上市公司进行正向盈余管理时,税收负担对于盈余管理程度无显著影响;当上市公司进行负向盈余管理时,税收负担与盈余管理程度显著负相关。在进一步的追加测试中发现,在正向盈余管理组中,无论何种性质的上市公司,税收负担与盈余管理程度无显著相关性;在负向盈余管理组中,非国有上市公司表现出税收负担与盈余管理无显著关系,而在国有企业中,税收负担显著提高了负向盈余管理程度。本文的研究为税收负担与盈余管理之间的关系提供了增量的经验证据。

Using listed companies of Chinese A-share capital markets from 2004 to 2008 as sample,this paper examines the effects of tax burden on earnings management.Empirical results show that tax burden exerts significantly different influence on income-increasing and income-decreasing earnings management.Specially,tax burden has no significant relation with income-increasing earnings management,but influences income-decreasing earnings management significantly negatively.Additional tests furtherly reveal that no matter what nature of listed companies,tax burden doesn＇t influence income-increasing earnings management,but tax burden has significantly negative impact on income-decreasing earnings management only in SOEs.The study provides additional evidence on the relation between tax burden and earnings management.