股权集中度视角下的避税活动与企业价值关系研究

The Relationship between Tax Avoidance and Firm Value from the Perspective of Equity Concentration

文章以2011～2017年创业板上市公司为研究对象,采用面板数据随机效应模型对避税活动与企业价值关系进行实证分析,以及股权集中度对二者关系的影响。研究结果表明:避税活动与企业价值呈正相关关系,即随着企业避税强度的提高,企业价值显著提高,说明避税活动存在的必要性;进一步分析发现,股权集中度会缓解避税活动与企业价值之间的正向关系。

Taking the GEM listed companies from 2011 to 2017 as the research object, the panel data random effect model was used to empirically analyze the relationship between tax avoidance activities and firm value, and the influence of equity concentration on the relationship between the two. The research results showed that tax avoidance activities are positively correlated with firm value, that is, the finn value is significantly improved with the increase of corporate tax avoidance, indi- cating the necessity of tax avoidance activities.Further analysis found that equity concentration will ease the positive rela- tionship between tax avoidance activities and firm value.