CEO声誉与企业税收激进程度——基于我国A股上市公司的经验证据

CEO Reputation and Tax Aggressiveness--Based on Panel Data of China's A-share Listed Companies

高管声誉作为一种隐性激励机制,究竟会给予高管动力还是压力?本文以2011年至2018年我国A股上市公司为研究样本,考察了CEO声誉对企业税收激进程度的影响。研究结果表明:(1)CEO声誉抑制了企业税收激进行为;(2)从公司外部监督环境来看,媒体报道倾向越负面,CEO声誉对企业税收激进程度的抑制作用越强,但这种效应是短期的;(3)从公司内部治理有效性来看,内部控制质量越高,CEO声誉对企业税收激进程度的抑制作用越强;(4)进一步研究发现,相比国有企业,CEO声誉对企业税收激进程度的抑制作用在民营企业中更强。本文补充和拓展了企业税收激进行为的影响因素研究,为声誉机制发挥外部治理效应提供了经验证据,也为理解管理层声誉对企业税收激进的作用提供了新视角。

As an implicit incentive mechanism,executive reputation will give executives motivation or pressure?This paper takes China's A-share listed companies from 2011 to 2018 as research samples to examine the impact of CEO's reputation on the degree of corporate taxation.The results show that:(1)CEO reputation inhibited corporate tax aggressiveness;(2)From the perspective of the company's external monitoring environment,the more negative the media reporting tendency,the stronger the CEO reputation's inhibitory effect on corporate tax aggressiveness,but this effect is Short-term;(3)From the perspective of the effectiveness of corporate internal governance,the higher the quality of internal control,the stronger the impact of CEO reputation on the degree of corporate taxation;(4)Further research shows that,compared with state-owned enterprises,CEO reputation has a stronger inhibitory effect on enterprise tax aggressiveness in private enterprises.This paper supplements and expands the research on the influencing factors of corporate tax activism,provides empirical evidence for reputation mechanism to exert external governance effect,and provides a new perspective for understanding the role of management reputation on corporate tax aggressiveness.