税收筹划视角下公司治理机制对企业绩效影响实证分析.pdfVIP

摘 要 自1975 年威廉姆森提出 “治理结构”这一概念以来，人们对于公司治理问 题的探究从未停止，逐步从对治理机制的理论分析过渡到对治理的研究评价，即 实证分析公司治理是否会对企业绩效产生积极影响，公司治理的质量如何。 随着我国的会计准则以及税收法规逐渐与国际接轨，二者分离的模式使得企 业更加关注税收筹划问题，值得注意的是，税收管理具有操作复杂、不透明等特 征，容易给高层管理人员的机会主义行为留有空间。另一方面，税收筹划的效果 一般不会立即显现，其作用与长期投资类似。因此，了解公司治理对税收筹划的 影响十分必要。通过分析二者的关系，可以更好地理解治理机制具体通过何种方 式影响企业绩效。 本文选取国内 190 家上市公司 2008-2012 年的数据作为研究样本，通过构建 回归模型对研究假设进行实证分析，得出以下结论：公司内部治理的诸多因素对 税收筹划均有一定影响。其中，独立董事比例、管理层持股比例、董事长与总经 理 “两职分离”与税收筹划呈正相关关系，管理层薪酬、企业控股股东为国有公 司与税收筹划存在微弱的负相关关系，董事会规模对税收筹划的影响无法得出明 确的结论。但是，在众多因素中，只有管理层激励指标，即管理层薪酬和管理层 持股对税收筹划的影响最为显著。这说明，公司治理问题的核心在于处理管理层 与股东的关系，尽一切可能提升管理层与股东利益的一致性是改善公司绩效的关 键。 关键词： 公司治理 企业绩效 税收筹划 ABSTRACT Since Williamson proposed the concept of governance structure in 1975，the study of this problem has never stopped. Along with the economic development, the focus changes gradually from the theoretical study of corporate governance mechanisms to the evaluation of governance, discussing whether corporate governance has a positive impact on firm performance through empirical analysis. As Chinese accounting standards and tax regulations become in line with the international standards and laws gradually, the separation model of tax rules against accounting norms allows companies pay more attention to tax planning issues. It is worth noting that tax planning can be complex and opaque and can possibly allow for managerial opportunism. Meanwhile, the effect of tax planning may not immediately apparent. Its role is similar to long-term investment. As a result, understanding the role of corporate governance plays in the activities of tax planning is quite important. By analyzing how governance mechanisms associated with tax administration, we can have a better understanding of by what specific means corporate governance improves performance. Using a sample of 190 domestic listed companies from 2008 to 2012, this paper builds a regression model to investigate the relationsh