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机构地区:[1]兰州理工大学经济管理学院,甘肃兰州730050
出 处:《贵州财经大学学报》2014年第4期48-53,共6页Journal of Guizhou University of Finance and Economics
摘 要:通过研究上市公司股权结构、税收筹划程度与股权价值之间的关系,为公司税收筹划产生代理成本提供了证据支持。以2009—2011年沪深两市上市公司数据作为样本,实证检验了税收筹划程度与股权价值之间的关系,并进一步探讨了股权结构对税收筹划过程中产生的代理成本的治理效应,即股权结构对税收筹划与股权价值之间关系的调节作用。研究结果表明:由于代理成本的存在,税收筹划的程度与股权价值负相关,且相比于民营控股企业,国有控股企业的负相关关系更严重;股权集中度,股权制衡度仅对民营控股企业具有治理效应,对国有控股企业不具有治理效应。Based on the research of the relationship among ownership structure, degree of tax planning and equity value of the quoted firms, this paper aims at providing evidence to support the point that tax planning of firms will lead to the agency costs. Using a sample of quoted firms in the stock markets of shanghai and shenzhen from 2009 to 2011, the paper examines the relationship between degree of tax planning and equity value, and it also discusses the governance effect of the ownership structure , which means the potential moderating influence of ownership structure on the relationship between tax planning and equity value. In summary, duing to the presence of agency costs, we find evidence of a negative relationship between the degree of tax planning and equity value. Compared with the privatly-owned enterprises, state-owned enterprises behave more serious in negative correlation;The ownership concentration and the equity restriction ration only have governance effect on the privatly-owned enterprises.
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