税收征管、企业避税与企业价值的关系研究——基于A股上市公司的经验证据

Research on the Relationship Between Tax Collection and Management,Enterprise Tax Avoidance and Enterprise Value—Empirical Evidence Based on A-Share Listed Companies

为研究我国上市公司的税收征管水平、避税程度与企业价值之间的互动关系和作用机制,以我国2008—2018年A股上市公司为研究样本,采用"税柄法"衡量税收征管水平,并使用剔除盈余管理的税会差异衡量企业避税程度,考察税收征管、企业避税对企业价值的影响,以及税收征管在企业避税影响企业价值中的调节作用。研究表明,征管水平的提高可以助力企业价值的提升,而企业避税程度的加深则会有损企业价值。此外,税收征管在企业避税影响企业价值中不具有调节作用,即税收征管水平的变化不会导致避税程度对企业价值的影响程度产生改变。这些研究结果,对于深入研究企业避税与企业价值的关系,促进税收征管积极发挥公司治理效应,实现税企共赢的良好局面,具有一定的借鉴意义。

In order to study the interaction and mechanism between the tax collection and management level,tax avoidance degree and enterprise value of China’s listed companies,taking China’s A-share listed companies from 2008 to 2018 as the research sample,the“tax handle method”is used to measure the tax collection and management level,the tax difference excluding earnings management is used to measure the degree of enterprise tax avoidance,and the impact of tax collection and management and enterprise tax avoidance on enterprise value is investigated,and the regulatory role of tax collection and management in the impact of enterprise tax avoidance on enterprise value.The research shows that the improvement of tax collection and management level can help the improvement of enterprise value,while the deepening of enterprise tax avoidance will damage enterprise value.In addition,tax collection and management does not play a regulatory role in the impact of tax avoidance on enterprise value,that is,the change of tax collection and management level will not lead to the change of the impact of tax avoidance on enterprise value.These research results have certain reference significance for in-depth study of the relationship between enterprise tax avoidance and enterprise value,promoting tax collection and management,giving full play to the effect of corporate governance,and realizing the good situation of win-win between tax enterprises.