摘要
纳税筹划是实务界与学术界共同关心的领域,现有研究大量讨论了公司纳税筹划行为的决定因素及其经济后果,但仍存在巨大争议。一方面,纳税筹划节约了现金流,提升股东价值;另一方面,代理问题使企业的纳税筹划方案更可能有利于控股股东或管理层,而非上市公司利益最大化,从而可能降低企业价值,最终纳税筹划方案的经济后果取决于上述两方面的共同作用。本文基于某上市公司(J有限公司)收购大股东土地案例,分析了代理成本影响公司税务决策的路径及其经济后果。本文发现,控股股东构造了较为复杂的股权转移交易方式,为上市公司和控股股东节约了大量税务成本。但由于代理成本的存在,在多种纳税筹划方案中,控股股东并未选择对上市公司最为有利的方案,而选择了能够取得现金最多,控股股东利益最大化的方案。进一步的研究发现,市场非常关注该企业的纳税筹划行为,与本文搜集的对照样本相比,尽管J公司的控股股东未选择最优的方案,但投资者仍给予了该纳税筹划行为以积极反应,提升了企业价值。本文为研究代理成本影响公司税务决策的机理提供了重要参考。
Tax planning is a hot topic on which a lot of literatures have focused.Although tax research has a long history in economics and finance and many accounting practitioners specialize in tax planning and compliance,the present finding is mainly about the factors and economic consequence of tax planning,on which there are still many discussions being held.For example,we still know very little about why firms vary in their tax aggressiveness.On the one hand,Tax planning saved cash flow and improved corporation value,such activity is good to shareholder and can increase corporate value.On the other hand,the existence of agency problems may lead the tax decisions to be more beneficial to management or controlling shareholders instead of the company itself.If that scenario is true,tax planning will decrease corporate value.The behavior of tax planning is the common results of these two aspects.Our goal in this paper is to investigate how agency cost affect corporate tax decision and corporate value.The idea that corporate governance is related to tax planning is old,but has been largely ignored in the literature.Taking the case of J Company＇s land acquisition from its holding shareholder,this paper reveals the routine and economic consequence of tax planning under the influence of agency problems.We find that the holding shareholder designed complicated transaction and avoided lots of tax cost.But due to agency problems,the holding shareholder didn＇t choose the lowest-cost plan.Instead,they chose a most self-beneficial plan and got large cash flow.And we also observe the market reaction to the behavior of tax planning.Although J Company didn＇t choose the best plan owing to the holding shareholder,the present transaction model still avoided quantities of tax cost and got positive response of capital market.This paper contributes to the literature by providing theory and predictions about tax planning,the market consequences of those activities,and furthering the thinking on the relation between corporate governance
出处
《南开管理评论》
CSSCI
北大核心
2011年第4期138-148,共11页
Nankai Business Review
基金
国家自然科学基金项目(71002070)资助
