投资者真的不能对会计-税收差异正确定价吗——基于加速折旧税收优惠政策的考察  

Cannot Investors Really Price the Book-Tax Differences Correctly?Evidence from Accelerated Depreciation Policies

作　　者：刘行[1] 赵弈超 Liu Hang;Zhao Yichao

机构地区：[1]东北财经大学会计学院/税务会计研究中心,116025

出　　处：《会计研究》2023年第1期92-107,共16页Accounting Research

基　　金：国家自然科学基金面上项目(72272025;71772029);辽宁省“兴辽英才计划”青年拔尖人才项目(XLYC2007052)的资助。

摘　　要：虽然会税差异被认为有丰富的信息含量,但众多研究发现投资者对会税差异存在错误定价。本文以中国2014年开始实施的固定资产加速折旧政策为切入点,考察了如下问题:当企业因加速折旧的税收优惠政策而外生地产生一项暂时性会税差异,且该项暂时性差异能够被投资者清楚了解时,投资者是否还会对它错误定价?实证显示:首先,加速折旧政策产生的暂时性差异和其他暂时性差异均具有信息含量。其次,投资者对加速折旧政策产生的暂时性差异予以了正确定价,而对其他暂时性差异存在错误定价。最后,积极的机构投资者和分析师可以促进投资者对前者的正确定价,但却无法缓解投资者对后者的错误定价。本文研究表明,投资者并非总是对会税差异错误定价,当我们对会税差异的具体构成进行分解、且能有效控制计量误差时,会对会税差异的定价问题有截然不同的发现。Extensive studies have found that investors misprice book-tax differences(BTDs).We take the accelerated depreciation policies of fixed assets implemented in China since 2014 as the research setting and investigate the fllowing issues:When a temporary BTD is generated due to the tax preferential policies of accelerated depreciation,and the temporary BTD disclosed in financial statements can be clearly understood by investors,will investors still misprice it?We find that accelerated depreciation policy-induced temporary BTD(AccBTD)and other temporary BTD(OthBTD)are both informative.Furthermore,investors could correctly price AccBTD while misprice OthBTD.Finally,active institutional investors and analysts can promote the correct pricing of AccBTD but cannot alleviate the mispricing of OthBTD.Overall,our evidence suggests that investors do not always misprice BTDs.Specifically,when we decompose the specific components of BTDs and control the measurement errors effectively,we will have completely different findings.

关 键 词：会税差异 暂时性差异 资产定价 市场异象 加速折旧 

分 类 号：F812.42[经济管理—财政学] F275