所得税费用的价值相关性——基于我国A股上市公司的证据

The Corelation Between Income Tax Expenses and Firm Value: Evidence from Chinese A-share Listed Companies

本文在我国会计准则与税法逐步分离的背景下,以2002~2012年A股上市公司为样本,分析年度所得税费用变化与股票市场表现之间的关系,考察所得税费用中包含的增量信息。研究发现,所得税费用确实提供了与企业价值有关的盈余无关信息,所得税费用的增加与股票回报呈显著的正相关关系。进一步,本文发现新会计准则的实施减弱了所得税费用的价值相关性,而机构投资者持股比例越高,所得税费用的价值相关性越强。

Under the background of the gradual separation of accounting standards and tax law in our country and taking A-shared listed companies as samples, this paper analyzes the relationship between the change of annual income tax expense and the market performance of stock and examines the incremental information contained in the income tax expense. The study found that income tax expenses did provide information that was related to firm value but irrelevant to earnings, and the increase in income tax expense had a significant positive correlation with stock returns. Further, this paper found that the implementation of the new accounting standards weaken the value of income tax expense and with the increase in the proportion of shares held by institutional investors, the correlation between income tax expense and firm value is also improved.