本研究的核心目标在于深入剖析企业战略对税收激进策略的影响,并进一步解析企业特性在这种关联中所扮演的关键角色。考虑到税收激进度对企业声誉和市场价值的潜在影响,理解企业战略如何塑造税务行为对于企业决策者和政策制定者均具有重...本研究的核心目标在于深入剖析企业战略对税收激进策略的影响,并进一步解析企业特性在这种关联中所扮演的关键角色。考虑到税收激进度对企业声誉和市场价值的潜在影响,理解企业战略如何塑造税务行为对于企业决策者和政策制定者均具有重要意义。本文选取2012~2022年我国A股上市公司为研究样本,运用定量分析方法,构建了包含企业战略得分、内部控制质量、政府干预等多个变量的回归模型,并对模型进行多重共线性检验,确保分析结果的准确性。研究发现企业战略得分与税收激进度显著负相关,表明企业战略越保守,其税收激进度越高。内部控制质量低的企业中,企业战略对税收激进度的影响更为显著。此外,企业的产权性质以及市场化程度对企业战略的影响呈现出了显著的异质性效应。因此,在制定和执行企业战略时,企业必须充分考虑税收激进度的控制,以有效规避税务风险并提升企业价值。加强内部控制、优化税务筹划策略以及提高税收透明度,这些措施对于降低税收激进度、确保企业可持续发展至关重要。本研究的结果不仅为政策制定者提供了完善税收政策、加强税收征管的参考依据,同时也为企业管理层在制定战略时充分考虑税务筹划的影响提供了实证支持。The objective of this study is to delve into the effect of corporate strategy on tax aggressiveness and dissect the role played by various corporate characteristics in this dynamic. Given the potential implications of tax aggressiveness on a company’s reputation and market worth, it is pivotal for both corporate decision-makers and policymakers to comprehend how corporate strategy molds tax behavior. We have selected China’s A-share listed companies from 2012 to 2022 as our research subjects. Utilizing quantitative analysis methods, we have constructed a regression model encompassing variables such as corporate strategy score, internal control quality, and government intervention. The model has undergone rigorous testing for multiple covariances to ensure the precision of our analytical findings. The research demonstrates a clear negative association between corporate strategy conservatism and the degree of tax aggressiveness, indicating that firms adopting a more cautious strategic posture are likely to exhibit a greater tendency towards tax aggressiveness. The effect of corporate strategy on tax aggressiveness is more significant in firms with low internal control quality. Moreover, the nature of corporate ownership and the level of marketization exhibit a noteworthy heterogeneous influence on the shaping of corporate strategy. When crafting and executing corporate strategies, it is imperative to prioritize the management of tax aggressiveness to mitigate tax-related risks and bolster corporate value. Key strategies include enhancing internal control mechanisms, refining tax planning approaches, and fostering greater tax transparency. These measures are essential for minimizing tax aggressiveness and paving the way for sustainable corporate growth. The study’s findings offer policymakers a solid foundation for enhancing tax policies and bolstering tax collection and management, while also offering empirical evidence that corporate management should factor in the implications of tax planning during strategy formulation.展开更多
随着全球对可持续发展和企业环境、社会和治理(ESG)绩效的日益关注,企业ESG绩效已成为投资者、消费者和监管机构关注的焦点。文章以2013~2022年A股上市公司为样本,实证考察了税收激进度对企业ESG绩效的影响及作用机制。研究结果表明,税...随着全球对可持续发展和企业环境、社会和治理(ESG)绩效的日益关注,企业ESG绩效已成为投资者、消费者和监管机构关注的焦点。文章以2013~2022年A股上市公司为样本,实证考察了税收激进度对企业ESG绩效的影响及作用机制。研究结果表明,税收激进度与企业ESG绩效之间存在显著负相关关系。作用机制表明,税收激进度会使融资约束增强、分析师关注度下降,进而使得企业ESG绩效下降。进一步分析表明,内部控制质量高的企业会弱化税收激进度对企业ESG绩效的负向影响。异质性分析发现,税收激进度对企业ESG绩效的负向作用在非四大审计企业和社会责任履行这一维度更加显著。论文有助于更好的了解税收激进度与ESG绩效之间的关系,也为企业管理和政策制定提供了有益的启示。With the increasing global attention to sustainable development and corporate environmental, social, and governance (ESG) performance, ESG performance has become a focus of investors, consumers, and regulators. This article takes A-share listed companies from 2013 to 2022 as a sample to empirically examine the impact and mechanism of tax aggressiveness on corporate ESG performance. The research results show that there is a significant negative correlation between tax aggressiveness and corporate ESG performance. The mechanism indicates that tax aggressiveness can enhance financing constraints and reduce analysts’ attention, thus reducing corporate ESG performance. Further analysis reveals that enterprises with high internal control quality can weaken the negative impact of tax aggressiveness on corporate ESG performance. Heterogeneity analysis finds that the negative effect of tax aggressiveness on corporate ESG performance is more significant in non-Big Four audited enterprises and in the dimension of social responsibility fulfillment. This paper helps to better understand the relationship between tax aggressiveness and ESG performance, and provides useful insights for corporate management and policy formulation.展开更多
近年来,以中国为代表的新兴经济体对外直接投资(Outward Foreign Direct Investment,OFDI)规模显著提升,为全球经济增长注入了强大而持续的动力。在此过程中,华侨华人网络的影响作用日益凸显。基于社会网络和战略匹配理论,考察华侨华人...近年来,以中国为代表的新兴经济体对外直接投资(Outward Foreign Direct Investment,OFDI)规模显著提升,为全球经济增长注入了强大而持续的动力。在此过程中,华侨华人网络的影响作用日益凸显。基于社会网络和战略匹配理论,考察华侨华人网络影响我国企业OFDI的理论机制,并构造华侨华人网络中心性指标展开实证检验。结果表明,华侨华人网络会通过提高中国跨国企业战略激进度来促进企业OFDI。并且,管理者自信会强化华侨华人网络与中国企业OFDI之间的关系。此外,当投资东道国为非共建“一带一路”国家、处于非儒家文化圈或为发达经济体,以及企业为非国有企业时,华侨华人网络对企业OFDI的促进作用更为显著。我国应充分发挥华侨华人网络优势,加强海外统一战线工作,加快构建新发展格局。展开更多
文摘本研究的核心目标在于深入剖析企业战略对税收激进策略的影响,并进一步解析企业特性在这种关联中所扮演的关键角色。考虑到税收激进度对企业声誉和市场价值的潜在影响,理解企业战略如何塑造税务行为对于企业决策者和政策制定者均具有重要意义。本文选取2012~2022年我国A股上市公司为研究样本,运用定量分析方法,构建了包含企业战略得分、内部控制质量、政府干预等多个变量的回归模型,并对模型进行多重共线性检验,确保分析结果的准确性。研究发现企业战略得分与税收激进度显著负相关,表明企业战略越保守,其税收激进度越高。内部控制质量低的企业中,企业战略对税收激进度的影响更为显著。此外,企业的产权性质以及市场化程度对企业战略的影响呈现出了显著的异质性效应。因此,在制定和执行企业战略时,企业必须充分考虑税收激进度的控制,以有效规避税务风险并提升企业价值。加强内部控制、优化税务筹划策略以及提高税收透明度,这些措施对于降低税收激进度、确保企业可持续发展至关重要。本研究的结果不仅为政策制定者提供了完善税收政策、加强税收征管的参考依据,同时也为企业管理层在制定战略时充分考虑税务筹划的影响提供了实证支持。The objective of this study is to delve into the effect of corporate strategy on tax aggressiveness and dissect the role played by various corporate characteristics in this dynamic. Given the potential implications of tax aggressiveness on a company’s reputation and market worth, it is pivotal for both corporate decision-makers and policymakers to comprehend how corporate strategy molds tax behavior. We have selected China’s A-share listed companies from 2012 to 2022 as our research subjects. Utilizing quantitative analysis methods, we have constructed a regression model encompassing variables such as corporate strategy score, internal control quality, and government intervention. The model has undergone rigorous testing for multiple covariances to ensure the precision of our analytical findings. The research demonstrates a clear negative association between corporate strategy conservatism and the degree of tax aggressiveness, indicating that firms adopting a more cautious strategic posture are likely to exhibit a greater tendency towards tax aggressiveness. The effect of corporate strategy on tax aggressiveness is more significant in firms with low internal control quality. Moreover, the nature of corporate ownership and the level of marketization exhibit a noteworthy heterogeneous influence on the shaping of corporate strategy. When crafting and executing corporate strategies, it is imperative to prioritize the management of tax aggressiveness to mitigate tax-related risks and bolster corporate value. Key strategies include enhancing internal control mechanisms, refining tax planning approaches, and fostering greater tax transparency. These measures are essential for minimizing tax aggressiveness and paving the way for sustainable corporate growth. The study’s findings offer policymakers a solid foundation for enhancing tax policies and bolstering tax collection and management, while also offering empirical evidence that corporate management should factor in the implications of tax planning during strategy formulation.
文摘随着全球对可持续发展和企业环境、社会和治理(ESG)绩效的日益关注,企业ESG绩效已成为投资者、消费者和监管机构关注的焦点。文章以2013~2022年A股上市公司为样本,实证考察了税收激进度对企业ESG绩效的影响及作用机制。研究结果表明,税收激进度与企业ESG绩效之间存在显著负相关关系。作用机制表明,税收激进度会使融资约束增强、分析师关注度下降,进而使得企业ESG绩效下降。进一步分析表明,内部控制质量高的企业会弱化税收激进度对企业ESG绩效的负向影响。异质性分析发现,税收激进度对企业ESG绩效的负向作用在非四大审计企业和社会责任履行这一维度更加显著。论文有助于更好的了解税收激进度与ESG绩效之间的关系,也为企业管理和政策制定提供了有益的启示。With the increasing global attention to sustainable development and corporate environmental, social, and governance (ESG) performance, ESG performance has become a focus of investors, consumers, and regulators. This article takes A-share listed companies from 2013 to 2022 as a sample to empirically examine the impact and mechanism of tax aggressiveness on corporate ESG performance. The research results show that there is a significant negative correlation between tax aggressiveness and corporate ESG performance. The mechanism indicates that tax aggressiveness can enhance financing constraints and reduce analysts’ attention, thus reducing corporate ESG performance. Further analysis reveals that enterprises with high internal control quality can weaken the negative impact of tax aggressiveness on corporate ESG performance. Heterogeneity analysis finds that the negative effect of tax aggressiveness on corporate ESG performance is more significant in non-Big Four audited enterprises and in the dimension of social responsibility fulfillment. This paper helps to better understand the relationship between tax aggressiveness and ESG performance, and provides useful insights for corporate management and policy formulation.
文摘近年来,以中国为代表的新兴经济体对外直接投资(Outward Foreign Direct Investment,OFDI)规模显著提升,为全球经济增长注入了强大而持续的动力。在此过程中,华侨华人网络的影响作用日益凸显。基于社会网络和战略匹配理论,考察华侨华人网络影响我国企业OFDI的理论机制,并构造华侨华人网络中心性指标展开实证检验。结果表明,华侨华人网络会通过提高中国跨国企业战略激进度来促进企业OFDI。并且,管理者自信会强化华侨华人网络与中国企业OFDI之间的关系。此外,当投资东道国为非共建“一带一路”国家、处于非儒家文化圈或为发达经济体,以及企业为非国有企业时,华侨华人网络对企业OFDI的促进作用更为显著。我国应充分发挥华侨华人网络优势,加强海外统一战线工作,加快构建新发展格局。
