上市公司管理层风险偏好对企业避税的影响研究

发布时间：2018-01-11 13:24

本文关键词：上市公司管理层风险偏好对企业避税的影响研究　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：避税是指纳税人利用税法上的漏洞或税法允许的办法,作适当的财务安排或税收筹划,在不违反税法规定的前提下,达到减轻或解除税负的目的。随着我国税收监管模式的完善以及纳税人主体意识的不断增强,无论是个人还是企业纳税人均逐渐开始采用内容上隐蔽、形式上合法合规的方式进行税收筹划以降低被税收监管部门查处的风险,避税现象在我国也愈来愈普遍。对于国家而言,激进的避税活动会造成严重的社会影响,侵蚀了国家的税基,使国家财政收入大量缩水,这不仅会导致国家债务的膨胀,引发巨大的政治和经济问题,同时还会使政府减少财政支出,从而降低社会福利等统筹基金的发放。此外,避税还会影响一国税收制度的公平与效率,税负承担的不平等将会促使更多的人采取避税行为,这将直接扰乱市场经济公平合理的竞争秩序;对于企业而言,避税是一把双刃剑,一方面它是提高企业价值和节约现金流的重要手段,另一方面也需要较大的投入,如避税成本、诉讼成本以及相关机会成本,还可能会对企业声誉和管理层自身声誉造成损害,所以企业避税通常被看作是一项风险性投资。避税的普遍化引起了越来越多学者的广泛关注,现有的研究多从公司特征、高管股权激励和公司治理角度等方面探讨对企业避税的影响或是从避税与公司价值、投资效率的关系等角度进行研究,但是实证结果并不能很好的解释避税程度的差异性,而随着行为金融学理论和高阶理论的发展,管理者的非理性行为对企业避税行为的影响也渐渐成为学术界研究的热点,许多人开始质疑"理性人"假设,认为公司高管并不是同质的、完全理性的,其经历、价值观和个性等都将影响他们对一些不确定情况的解读,一些学者从管理层的教育水平、年龄、性别等角度来研究与避税程度的相互关系,但鲜有文献针对管理层风险偏好与企业避税的关系进行研究,本文认为管理层的异质性不仅体现在背景特征的差异上,也体现在风险偏好水平的差异上,因此本文结合行为金融学理论和高阶理论,从一个崭新的视角出发,重点研究企业的避税程度是否会因上市公司管理层不同的风险偏好水平而有所差异,以期能够更为深入的了解企业避税行为的动机,为税收监管部门应对企业避税行为提供了一个与以往不同的崭新思路,有助于从根本上抑制过激的避税活动,从而维护市场经济的有序运行。全文共分为以下五个部分。第一部分为绪论,介绍了本文的研究背景、意义和目的,梳理并概括了国内外文献综述,引出本文研究思路,最后交代了本文的研究创新与特色。第二部分介绍相关理论。结合行为金融学理论和高阶理论,深入探讨管理层风险偏好对企业避税活动影响作用的机理。同时,详细阐述管理层风险偏好与避税的概念并介绍两者的度量方法,为本文的模型构建和实证检验奠定基础。第三部分为理论分析和研究假设。介绍我国沪深两市A股上市公司的避税现状,研究避税活动是否是我国上市公司的普遍现象,综合前文的文献综述和理论基础,提出本文的研究假设。第四部分为实证分析。建立相关模型,以2010-2015年我国沪深两市A股上市公司数据为研究样本,探讨两者的关系。首先利用主成分分析法对管理层风险偏好水平进行度量,接下来对相关变量进行描述性统计、Pearson相关系数分析和多元回归分析。同时,考虑到在不同产权性质下,企业管理层风险偏好和企业避税的关系可能存在不同的结果,本文又将样本企业分为国有上市公司和非国有上市公司,分别进行回归分析。为了保证实证检验结果的准确性与可靠性,本文还进行了稳健性检验。最后一部分总结实证检验结果,在此基础上提出相关政策建议,并对未来相关内容的研究进行展望。研究结果表明:在不考虑产权性质的情况下,管理层风险偏好水平与企业避税程度显著正相关;在考虑不同产权性质的情况下,非国有企业管理层风险偏好与企业避税活动的关系相对于国有企业更为显著。这与本文的预期假设相符。
[Abstract]:Tax avoidance refers to the taxpayers using loopholes in the tax code or tax law allows to make appropriate financial arrangements or tax planning, without violating the provisions of the tax law, to reduce or relieve the burden. With the improvement of tax supervision mode of our country and taxpayer consciousness unceasing enhancement, whether personal or corporate tax the per capita gradually began to use the content of concealment, the form of legal compliance of tax planning to reduce the risk of being dealt with tax authorities, tax avoidance phenomenon in our country is also more common. For the country, aggressive tax avoidance activities will cause serious social impact, the erosion of national tax base, make the country a large number of financial revenue shrink, it will not only lead to the expansion of national debt, causing huge political and economic issues, but also enable the government to reduce the fiscal expenditure, thereby reducing social welfare The overall fund payment. In addition, the tax will affect the fairness and efficiency of a country's tax system, the tax burden borne inequality will encourage more people to take tax avoidance, which will directly disrupt the market economic order of fair and reasonable competition; for enterprises, tax avoidance is a double-edged sword, on the one hand, it is an important means to improve enterprise value and save cash flow, on the other hand also need large investment, such as tax costs, litigation cost and opportunity cost, but also may cause damage to corporate reputation and the management of their own reputation, so the enterprise tax is usually regarded as a risk investment. General tax evasion attracted more and more attention of scholars the company from the characteristics of the existing executive equity incentive and corporate governance aspects of influence on corporate tax avoidance or from tax avoidance and corporate value, investment efficiency The relationship between the angle and so on, but the difference between the empirical results and cannot well explain the degree of tax avoidance, and with the development of behavioral finance theory and higher order theory, the irrational behavior of managers of enterprises tax avoidance behavior has gradually become the focus of academic research, many people began to question the "rational person" assuming, that company executives are not homogeneous, fully rational, its experiences, values and personality will have their influence on some uncertain interpretation, some scholars from the management level of education, age, gender and to research the relationship between tax avoidance and degree, but few literatures about the relationship between the management risk preference and corporate tax avoidance are studied, this paper thinks that the heterogeneity of the management is not only reflected in the differences in background characteristics, is also reflected in the differences in risk preference level, so this paper combined with the behavior of gold Financial theory and high order theory, from a new perspective, focusing on whether the level of tax evasion enterprises due to risk preference level of the management of listed companies of different and somewhat difference, in order to better understand the behavior of tax avoidance motivation, which provides a new way for different behavior the tax supervision department to deal with tax avoidance, helps to fundamentally curb aggressive tax avoidance activities, so as to maintain the orderly operation of the market economy. This paper is divided into five parts. The first part is the introduction, introduces the research background, purpose and significance, combed and summarized the domestic and foreign literature review, this paper the research ideas, and finally explained the characteristic and innovation of this paper. The second part introduces the related theory. Combined with the behavioral finance theory and high order theory, in-depth study of the management of risk preference on corporate tax avoidance activity The dynamic effect of the mechanism. At the same time, elaborate the concept of management methods to measure the risk preference and avoidance and introduce them, lay the foundation for building the model and empirical test. The third part is theoretical analysis and research hypothesis. The tax status of China's two stock markets of Shanghai and Shenzhen A shares of listed companies, whether the research on tax avoidance activities is a common phenomenon in China's listed companies, the literature review and theoretical basis based on the above, this article put forward the research hypothesis. The fourth part is empirical analysis. Establishing the model to 2010-2015 China's Shanghai and Shenzhen two A shares of the listed company data as the study sample, explore the relationship between the two. The first principal component analysis to measure the level of managerial risk preference method, then descriptive statistics of relevant variables, Pearson correlation analysis and multiple regression analysis. At the same time, considering the different nature of property right of enterprises. The relationship between managerial risk preference and corporate tax avoidance may have different results, this paper will sample enterprises are divided into state-owned listed companies and non-state-owned listed companies, by regression analysis respectively. In order to ensure the accuracy and reliability of the empirical results, this paper also made a robust test. The last part summarizes the empirical results, on the basis of put forward relevant policy recommendations, and the future research content was discussed. The results show that: without considering the nature of property rights situation, positively related to management level and the enterprise tax risk preference degree; in consideration of different property rights under the condition of non state owned enterprise management risk preference and corporate tax avoidance activities compared with the state-owned enterprises is more significant. The expectations hypothesis with the match.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275.4;F832.51

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