所得税税率变动与公司风险承受——基于我国A股上市公司的经验证据

Changes in Income Tax Rate and Corporate Risk Taking——Evidence from China's Listed Companies

本文基于2007年我国企业所得税改革研究了所得税税率变动与公司风险承受之间的关系,研究发现:税率降低的公司明显地降低了风险承受水平,税率提高的公司明显地提高了风险承受水平,这一结论支持"收入效应"假说。进一步研究发现:这种影响在不同控股性质的公司中存在一定的差异,对国有控股上市公司而言,实际税率降低的公司明显地降低了风险承受水平,实际税率提高的公司并没有明显地提高风险承受水平;对非国有控股上市公司而言,实际税率提高的公司明显地提高了风险承受水平,实际税率降低的公司并没有明显地降低风险承受水平,这说明提高税率促使非国有控股上市公司更愿意去承受风险,降低税率则促使国有控股上市公司表现出更强的风险回避特征。

Based on the reform of the enterprises' income tax in 2007,this paper discussed the effects of changes in enterprises' income tax rate on corporate risk taking. We find that companies with a reduction in tax rate would reduce their risk taking,while companies with an increase in tax rate would increase their risk taking. It supports'income effect'. Through further research,we find that the effects of changes in tax rate are different between non-state-owned enterprises and state-owned enterprises. Non-state-owned enterprises with tax rate increased during the tax reform increase their risk taking, while state - owned enterprises with tax rate increased do not increase their risk taking. State-owned enterprises with tax rate reduced during the tax reform reduce their risk taking,while non - state - owned enterprises with tax rate reduced do not reduce their risk taking. The results indicate that increase tax rate encourages non-state-owned enterprises to take risk,while reduce tax rate discourages state-owned enterprises to take risk.