会计-税收差异对股价同步性的影响研究  

The Effect of Book-Tax Differences on Stock Price Synchronization

作　　者：蒋宁 吴克平 Jiang Ning;Wu Keping(College of Business Administration,Chaohu University,Chaohu,Anhui 238024,China)

机构地区：[1]巢湖学院工商管理学院,安徽巢湖238024

出　　处：《黑龙江工业学院学报（综合版）》2022年第10期117-124,共8页Journal of Heilongjiang University of Technology(Comprehensive Edition)

基　　金：安徽高校人文社会科学研究项目“海归高管、公司行为与股价崩盘风险”(项目编号:SK2020A0448);巢湖学院2020年度学科建设质量提升项目“女性高管对股价崩盘风险的影响机理研究”(项目编号:kj20fdzy03);巢湖学院校级重点学科招标课题“经济政策不确定性对股价崩盘风险影响的研究”(课题编号:ZDXK-201802)。

摘　　要：以2008—2020年沪深A股企业为样本,首次研究了会计-税收差异对股价同步性的影响。研究发现:随着会计-税收差异的加大,股价同步性显著上升,且信息透明度是会计-税收差异影响股价同步性的重要传导路径。进一步分析发现,企业经四大审计或被出具非标准审计意见时,会计-税收差异对股价同步性的提升作用消失,而分析师关注程度的不同对二者并没有影响。希望有利于提高资本市场定价效率,并为税务部门和监管部门提供有效指引。This paper selects Shanghai and Shenzhen A stock listed companies from 2008 to 2020 as research samples and explores the impact of Book-Tax Differences on stock price synchronization for the first time.The results show that with the increase of Book-Tax Differences,the stock price synchronization increases significantly,and information transparency is an important transmission path for Book-Tax Differences to affect the stock price synchronization.Further analysis shows that when enterprises are audited by the Big4 or are issued non-standard audit opinions,the effect of Book-Tax Differences on stock price synchronization disappears,while the difference of analyst’s attention degree has no effect on the two.The study of this paper is conducive to improving the pricing efficiency of capital market,and also provides effective guidance for tax authorities and regulatory authorities.

关 键 词：会计-税收差异 股价同步性 信息透明度 中介效应 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]