递延所得税价值相关性研究——基于A股市场2007—2019年上市公司数据  

Research on the Value Correlation of the Deferred Income Tax——Based on Data of Listed Companies in the A-share Market from 2007 to 2019

作　　者：张涛[1] 吴君民[1] ZHANG Tao;WU Junmin(School of Economics and Management, Jiangsu University of Science and Technology, Zhenjiang Jiangsu 212100, China)

机构地区：[1]江苏科技大学经济管理学院,江苏镇江212100

出　　处：《江苏科技大学学报（社会科学版）》2022年第1期90-98,108,共10页Journal of Jiangsu University of Science and Technology(Social Science Edition)

基　　金：国家自然科学基金委员会面上项目“能源要素价格扭曲:成因、测度及适度纠偏策略研究”(71874073);江苏省社科基金一般项目“营商环境优化与供给侧改革双重背景下江苏制度性交易成本降低研究”(19GLB004);江苏省哲学社会科学一般项目“江苏省财税政策与中小企业技术创新研究”(2020SJA2099)。

摘　　要：基于所得税会计准则实施后A股上市公司较长时间段的递延所得税数据(2007—2019年),对递延所得税的长期价值相关性所做的实证分析表明:递延所得税资产与企业股票价格呈正相关,递延所得税负债与企业股票价格呈负相关;加入调节变量后,当每股收益较高时,递延所得税资产对股票价格产生轻微的负向影响,只有当每股收益较低时,递延所得税资产对于企业才是一个有利信号,会对股票价格产生正向影响;较高的每股收益会减缓递延所得税负债对股价带来的负向影响,当每股收益较低时,递延所得税负债会导致企业股票价格大幅度下降。According to the deferred income tax data of A-share listed companies for a long time after the implementation of income tax accounting standards(2007—2019),this paper makes an empirical analysis on the long-term value correlation of deferred income tax.The conclusions are as follows.Firstly,there is positive correlation between deferred income tax assets and enterprise stock prices and negative correlation between deferred income tax liabilities and enterprise stock prices.Secondly,although the deferred income tax item is related to the price,its influence on the stock price cannot be viewed only by a single index.With the adjusting variables added,it is found that when earnings per share are high,deferred tax assets have a slightly downward adverse effect on stock prices,and when earnings per share are low,the deferred income tax asset is a favorable signal for the enterprise and will have a positive impact on the stock price.This reasonably explains the phenomenon that some listed companies with weak profitability are keen to recognize the deferred income tax asset during the implementation of the accounting standards for income tax.In addition,higher earnings per share will absorb part of the negative impact brought by deferred income tax liabilities,while when earnings per share are low,deferred income tax liabilities will lead to a significant decline in the stock price of the enterprise.

关 键 词：所得税会计准则 递延所得税资产 递延所得税负债 价值相关性 

分 类 号：F231[经济管理—会计学]