公司治理水平、媒体关注与企业税收激进  

The Level of Corporate Governance,Media Coverage and Corporate Tax Aggressiveness

作　　者：严若森[1] 钱晶晶[2] 祁浩[1] YAN Ruo-sen;QIAN Jing-jing;QI Hao(Economics and Management School,Wuhan University,Wuhan,Hubei,430072,China;Economics and Management School,Nanchang University,Nanchang,Jiangxi,330031,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072 [2]南昌大学经济管理学院,江西南昌330031

出　　处：《经济管理》2018年第7期20-38,共19页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"基于双重委托代理理论模型构建的股权集中型公司治理最优化研究"(70502024);教育部新世纪优秀人才支持计划项目(NCET-11-0412)

摘　　要：本文将治理因素划分为企业主动与外部监督两部分,并基于管理层成本—收益分析视角,利用2011—2015年中国A股上市公司的8173个有效样本,就公司治理水平、媒体关注对企业税收激进的分别影响以及交互作用进行了实证研究。本文还根据企业实际控制人性质的不同,将研究样本分为中央国有企业、地方国有企业及民营企业三个子样本,进一步就公司治理水平、媒体关注对实际控制人性质不同企业的税收激进的影响进行了实证研究。结果表明:(1)公司治理水平越高,企业税收激进程度越低;(2)媒体关注程度越高,企业税收激进程度越低;(3)公司治理水平与媒体关注对企业税收激进的影响存在替代效应;(4)公司治理水平对中央国有企业及地方国有企业的税收激进的抑制作用均不显著,对民营企业的税收激进则具有显著的抑制作用,而媒体关注对中央国有企业及民营企业的税收激进均具有显著的抑制作用,对地方国有企业的税收激进的抑制作用则不显著。本文不仅补充与拓展了基于公司治理视角的企业税收激进研究,为从企业与政府两个层面抑制企业税收激进提供了经验证据,还对税收监管及投资者利益保护具有借鉴意义。It is of great significance to explore what factors affect the corporate tax revenue radicalization and enhance the corporate value.The perfect corporate governance can effectively reduce the possibility of management to seek private interests and safeguard the interests of stakeholders.With the development of the Internet,the media is playing a more and more important role in our daily life,and it is regarded as an important external corporate governance power in the period of transition economy,which can effectively alleviate the problem of various agents.Based on the perspective of corporate governance,combined with the institutional background of China,it is very important to study how the level of corporate governance and the media coverage play role in the corporate tax aggressiveness.We build the level of corporate governance index using the principal component analysis method and take advantage of 8,173 observations from A share listed firms in China from the year 2011 to 2015 to test the above research questions.The results show that the level of corporate governance and the corporate tax aggressiveness has inhibitory effect,and the inhibitory effect was significant only in private enterprises sample and not significant in the central state-owned enterprises or local state-owned enterprises.The improvement of media coverage also has an inhibitory effect on corporate tax aggressiveness,which is significant in the sample of central state-owned enterprises and private enterprises.There is substitution effect in the influence of the level of corporate governance and media coverage on corporate tax aggressiveness.The innovation of this article will be mainly reflected in the following points:(1)Breaking the traditional corporate governance division defined by the internal governance mechanism and the external governance mechanism,the governance factors are divided into two parts or two angles:the enterprise initiative and the external supervision;(2)Constructing an index that fully reflects the level of corpo

关 键 词：公司治理水平 媒体关注 企业税收激进 实际控制人性质 替代效应 

分 类 号：F810.42[经济管理—财政学]