企业避税、社会责任承担与公司价值

Tax Avoidance,Social Responsibility Commitment and Firm Value

本文以我国民营上市公司2008年至2014年的数据为样本,分析了企业避税、社会责任承担与公司价值三者间的关系。研究发现,企业社会责任承担并非纯粹的道德展现,而是作为企业避税的风险对冲机制存在,企业避税配合社会责任承担克服了单纯避税对公司价值提升的非持续性风险和单纯社会责任承担对公司价值提升的滞后性风险,在短期和长期提升公司价值。进一步研究表明,基于信号传递理论,企业在进行避税时会主动承担显性社会责任而规避隐性社会责任的承担,这会在一定程度上损害社会整体绩效。

This paper used private enterprises'data from 2008 to 2014 to investigate the internal mechanism of tax avoidance,social responsibility commitment and firm value.We found that social responsibility commitment exists as a tax avoidance risk hedging other than a purely moral action,which can effectively improve short-term and long-term value of the companies.Further study showed that concerning the signaling theory,enterprises in tax havens would like to take dominant social responsibilities and avoid hidden social responsibilities,which would harm the overall performance of the society.Therefore,the social responsibility report disclosure system in China needs to be improved,abolishing homogeneity and improving comparability.Only in this way can we push companies to commit social responsibilities equally and better safeguard the interests of all stakeholders.