政治关联、税务筹划战略与企业价值——基于中国民营上市公司的经验证据

Political Connection,Tax Planning Strategy and Corporate Value——Based on Empirical Evidence from Chinese Private Listed Companies

采用我国沪深两市A股2013-2017年民营上市公司的数据,深入研究政治关联、税务筹划战略与企业价值三者之间的关系。研究发现,政治关联对企业价值起到显著的促进作用,而且政治关联程度越高的民营企业更倾向于实施税务筹划战略;进一步发现,税务筹划战略在政治关联对企业价值的影响中发挥部分中介传导的作用,从而揭示出企业的税务筹划战略行为是政治关联影响公司价值的一个实现路径,为民营企业谋求发展提供新思路和技术支撑。

The data of private listed companies in A-shares of Shanghai and Shenzhen stock markets from 2013 to 2017 were used to study the relationship between political relations,tax planning strategy and corporate value.The study found that political connections play a significant role in promoting corporate value,and private enterprises with higher political relevance tend to conduct tax planning strategies;It is further found that the tax planning strategy plays a part in mediating the influence of political connections on corporate value.It reveals that the strategic planning behavior of enterprises is an implementation path of political associations affecting the value of the company,and provides new ideas and technical support for the private enterprises to seek development.