【摘要】 在2008年我国实施新企业所得税的背景下,以2003—2012年A股上市公司为对象,实证研究了税率调整、公司避税与企业价值之间的关系,发现:(1)税改后,税率上升公司的避税程度显著提高,税率下降公司的避税程度显著下降,税率不变公司的避税程度无明显变化。(2)在税改后五年内,税率上升公司的避税程度呈倒U型变化,并在第三年达到高峰;而税率下降公司的避税程度在此期间逐年下降。(3)公司避税行为与企业价值的相关关系受到企业所适用的所得税税率高低的影响,并在税改时受到税率调整方向的影响,其中税率上升的公司在税改后,其避税行为使企业价值明显降低,而税率下降的公司在税改后的企业价值却因避税而显著提高。因此,税率调整会对投资者对企业避税行为的价值判断产生一定的影响。更多还原

【Abstract】 In the context of the implementation of the new enterprise income tax law since 2008,this paper takes the A-share listed companies from 2003 to 2012 as the research objects to conduct an empirical study of the relationship between tax rate adjustment, corporate tax avoidance and enterprise value. The findings suggest that:(1) after the tax reform, the companies with increased tax rate would significantly improve the degree of tax avoidance, while the companies with decreased tax rate would have significantly lowered degree of tax avoidance, and the companies without changes of tax rate would remain the same as usual;(2) within the five years after the tax reform, the companies with increased tax rate present an inverted U-shape change of tax avoidance, reaching the peak in the third year, while the companies with decreased tax rate would decrease their tax avoidance year after year during this period;(3) the correlation between corporate tax avoidance behavior and enterprise value is affected by the income tax rate applied to the enterprises, which is further affected by the direction of tax rate adjustment during the tax reform. After the tax reform, the companies with increased tax rate would significantly reduce enterprise value due to their tax avoidance behaviors, while the companies with decreased tax rate would significantly increase enterprise value due to their tax avoidance behaviors. Therefore, the tax rate adjustment can produce a certain degree of impact on the investors’ value judgment of enterprise tax avoidance.更多还原