Research On The Influence Of Equity Incentive On The Relatonship Between Tax Avoedance And Corporate Value

To enhance enterprise value is the ultimate goal pursued by all enterprises,and tax avoidance is widely adopted by many enterprises to increase enterprise value.because of the existence of the agency cost,the relationship between the tax avoidance and the comprehensive cost may change.The measurement of the income and the total cost determines whether the enterprise tax avoidance will improve the enterprise value.Therefore,it is more reasonable to study the relationship between tax avoidance and enterprise value from the way of reducing agency cost.The stock incentive is the most effective way to alleviate the agency conflict and reduce the agency cost.Therefore,this paper introduces the equity incentive factor in the study of the relationship between enterprise tax avoidance and enterprise value,and discusses whether the equity incentive has an impact on the relationship between the two parties and its influence mechanism.Based on the 2014-2016 years' financial data of listed companies,this paper study the influence of equity incentive on the relationship between enterprise tax avoidance and enterprise value.The results show that corporate tax avoidance will enhance the agency costs of enterprises,while corporate tax avoidance reduces the value of enterprises.Then,equity incentive is introduced into the study of enterprise tax avoidance and enterprise value,and it is found that equity incentive can play a role in promoting enterprise tax avoidance and promoting enterprise value.Finally,based on the results of the study,this paper puts forward the corresponding policy suggestions from three aspects of the enterprise tax avoidance,which should be taken into consideration of the cost and benefit,the rational use of equity incentive and the strengthening of the decision-making supervision mechanism,and expounds the limitations and prospects of this article.