股权激励税收筹划与公司业绩提升通路机制实证研究.pdf

中国科技论文在线 股权激励、税收筹划与公司业绩提升通路机 制实证研究 卢孙博，沈肇章** 5 （暨南大学经济学院，广州510632 ） 摘要：管理层实施税收筹划的动力何在？股权激励能否强化管理层的税收筹划行为一直备受 关注。本文以2009-2012 年上半年实施股权激励计划的A 股上市公司作为样本，通过控制公 司非税务行为来研究管理层股权激励从刺激(股权激励)-行为(税收筹划)-结果（企业业绩提 10 升)-反馈 （股票行权)的通路机制。研究发现，实施股权激励能够提升公司业绩，且随着股 权激励强度的上升，企业税收负担会因之下降，并进一步导致公司业绩提升；非股权激励因 素导致的企业税负变化对公司业绩的提升不存在显著性影响。本文研究表明，合理的股权激 励制度能够在管理层与股东之间建立一种税收筹划利益分享机制，从而通过管理层实施税收 筹划路径来提升公司业绩，能够克服委托代理问题，形成共赢局面。 15 关键词：股权激励；税收筹划；公司业绩；信息不对称；委托代理 中图分类号：F272 Equity incentive, avoiding tax and corporate performance promotion related mechanism empirical research 20 LU Sunbo, SHEN Zhaozhang (Jinan University,GuangZhou 510632) Abstract: Whats the motivation of avoiding tax for the executives? The best answer is equity incentive. We adopt the date of a-share listed companies from 2009 to 2012. By controlling the effect of non-taxing behavior, we study the pathway of management’s equity incentive based on 25 stimulation(equity incentive), behavior(avoiding tax), results (performance promotion) and feedback (stock grants). The study finds that, the implement of equity incentive can promote corporate performance. Tax burden will be alleviated as a result of the strengthened power of equity incentive, which enhances the corporate performance as well. In this article, our research shows that benefits sharing mechanism of avoiding tax can be established under reasonable equity 30 incentive system. With tax planning encouraged, managements are capable of forming a win-win situation where they can not only improve corporate performance,