企业避税、税务风险与企业价值  

Tax Avoidance, Tax Risk and Firm Value

作　　者：宋航[1] 曾嶒 陈婉怡[2] SONG Hang;ZENG Ceng;CHEN Wanyi(Shanghai National Accounting Institute,Shanghai 201702,China;School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海国家会计学院,上海201702 [2]上海财经大学会计学院,上海200433

出　　处：《财经论丛》2019年第6期21-31,共11页Collected Essays on Finance and Economics

基　　金：国家自然科学基金项目(71372040)

摘　　要：本文考察税务风险对企业价值的影响,并分析税务风险如何作用于避税与企业价值之间的关系。我们以2008~2016年沪深A股上市公司为样本,实证发现:避税能够提升企业价值而税务风险会损害企业价值,并且税务风险的增加削弱了避税与企业价值之间的正向关系。研究结论表明,企业在关注避税带来税后收益的同时,还需要权衡避税产生的税务风险。本文的研究结论为避税与企业价值之间的传导机制提供了新的经验证据,也进一步深化了税务风险领域的学术研究。This paper investigates the effect of the tax risk on the firm value and how the tax risk influences the relationship between tax avoidance and the firm value.Using a sample of Chinese listed companies during the period of 2008-2016,we find that tax avoidance is positively associated with the firm value and the tax risk is negatively related to the firm value.Moreover,greater tax risk moderates the positive relationship of tax avoidance and the firm value.The results show that the tax risk arising from tax avoidance can not be ignored when companies pursue after-tax benefits in order to make the most efficient tax strategies.This study provides new evidence of the transmission mechanism between tax avoidance and the firm value and furthers the research of the tax risk.

关 键 词：避税行为 税务风险 企业价值 

分 类 号：F830.9[经济管理—金融学]