避税、内部控制与企业价值

Tax avoidance,Internal Control and Firm Value

基于我国2012~2019年A股上市公司数据实证考察内部控制、避税与企业价值间关系,结果显示在信息不对称理论和委托代理理论框架下,激进的避税行为降低企业价值,高质量的内部控制对激进避税具有抑制作用,并对避税与企业价值关系具有正向调节作用。研究的政策启示主要体现在微观上应提高内部控制质量、权衡避税成本与收益、防控企业风险,宏观上应完善税收法规政策、发挥外部监督作用。

This article empirically examined the relationship among internal control,tax avoidance and firm value using listed companies data in China from 2012 to 2019.The results show that aggressive tax avoidance negatively affected firm value.High quality internal control inhibited aggressive tax avoidance.Internal control played a positive mediation role in tax avoidance and firm value nexus.The policy implication is that attach more importance to internal control quality,balance the cost and benefit of tax avoidance at micro level,and tax code should be perfectly made up,and the external inspection should be in place at macro level.