Research On The Relationship Between Tax Avoidance Degree, Corporate Governance Mechanism And Enterprise Value

Taxation is an important way for enterprises to allocate operating profit to the government,and enterprises often implement various tax planning in order to increase the after-tax cash flow of enterprises.Information asymmetry and proxy conflict are important obstacles in tax planning.Information asymmetry causes managers to reverse the risk and moral hazard.Agency conflict has caused the principal deviating from the enterprise value maximization goal of the tax avoidance degree of listed company as a new field of study,the present research is still in the exploratory stage,has not formed system research system.Therefore,based on the concept of tax avoidance,whether the tax planning of modern enterprises can enhance the enterprise value deserves further study.What is undeniable is that corporate governance from the internal and external governance mechanism "combination",tax rent-seeking to management and shareholders take up play a regulatory role,enterprise internal governance mechanisms including ownership structure,board of directors,board of supervisors and managers incentives,information transparency,including product market competition and external management audit supervision,etc.Based on this,the paper selected 2011-2014 Shanghai a-share main board listed companies as the original research sample,based on the tax agency theory framework,the research degree of tax avoidance,the relationship between corporate value and corporate governance mechanism.The paper analyzes the relationship between tax avoidance degree,enterprise value and internal and external governance mechanism.According to the property of controlling interest,it is found that managers,as rational agents,seek economic benefits for themselves in the process of corporate tax planning,so as to increase the non-tax cost and thus reduce the enterprise value.The whole sample was divided into sample group samples of state-owned enterprises and non-state-owned enterprises,theory to investigate the degree of tax avoidance,enterprise value and the influence of the relationship between internal and external governance mechanism,accordingly puts forward research hypothesis.The paper takes the listed companies of Shanghai a-share as the research sample from 2011 to 2014,and processes the samples and data,determines the research variables and establishes the research model.According to the research variables and the establishment of the model for empirical test.Results showed that the increased tax levels significantly inhibit the effective improvement of the enterprise value,more apparent than state-owned enterprises and non-state-owned enterprises,enhance the company's internal and external governance mechanism can effectively inhibit the sensitivity.This paper deepens the understanding and understanding of tax planning from the micro perspective of agency theory,and provides a new way for tax policy formulation and improvement of corporate governance mechanism.The paper suggests that the impact of tax planning on enterprise value should be viewed separately by state-owned enterprises and non-state-owned enterprises,especially the supervision and management of tax avoidance planning in non-state-owned enterprises.Including strengthening internal corporate governance mechanism,by perfecting governance of the board of directors to reduce information asymmetry,strengthen the supervision of the board of supervisors to reduce tax agent,and the reasonable allocation of equity,improve information transparency to reduce tax rent-seeking behavior.Also should strengthen the external governance mechanism,strengthen auditing supervision of tax agency nowhere to hide,and improve the ability of product market competition will be more effort to improve the track of enterprise value,in this way can the omni-directional integrated to the protection of the effective increase of enterprise value.