管理者过度自信、产权性质与税收规避——基于我国上市公司的经验证据

Managerial Overconfidence,Ownership Nature of Ultimate Controller and Tax Avoidance——Evidence Based on Chinese Listed Companies

以我国沪深两市2004～2009年的A股上市公司为研究样本,从管理者行为偏差角度首次研究了管理者过度自信对公司税收筹划行为的影响,结果发现管理者过度自信不仅会导致公司财务决策的异化,同样会产生异化的税收决策行为。管理者过度自信的公司,其税收规避程度显著要高于管理者理性的公司。在比较不同产权性质公司管理者过度自信对税收规避的影响是否存在差异后发现,非国有公司中管理者过度自信对公司税收规避程度并没有显著的影响,国有公司中管理者过度自信对税收规避行为的正向影响更为显著。

Using Chinese Shanghai and Shenzhen A-share listed companies of 2004-2009 samples, this paper makes a study on the effect of managerial overconfidence on corporate tax planning behavior from the perspeetive of managers deviant behavior. The authors find managerial overconfidence not only lead to company financial decisions alienation but also generate alienation tax decision-making behavior. The level of tax avoidance was significantly higher in managerial overconfidence company than in the rational managers company.