Research On The Influence Mechanism Of Analysts' Attention And Tax Avoidance

With the continuous development of China's capital market,various complicated financial transaction models emerge one after another.This situation has promoted the vigorous development of China's securities analyst market.In the market,analysts can collect,organize,and disseminate corporate information,play a role in information,and promote the flow of capital market information.On the one hand,as an external supervisor,the analyst can supervise the management behavior of the company and promote the healthy development of the capital market.On the other hand,the earnings forecast of the analyst beyond the normal profitability of the enterprise will also put pressure on the enterprise.Which role does the analyst have on the company?As one of the important sources of national fiscal revenue,taxation has had an important impact on the country's economic development.In recent years,the national tax system has undergone major reforms,but at the same time,there are so many news about corporate tax evasion.Therefore,this paper explores the impact of analysts' attention on the degree of corporate tax avoidance,and studies the impact of this tax avoidance change on corporate value.This paper takes the annual financial data of A-share listed companies in 2008-2017 as a research sample,and studies the influence of analysts' attention on the degree of tax avoidance of listed companies.The research shows that:(1)analysts pay attention to the increase in the degree of tax avoidance of listed companies,and the same after the robustness test.At the same time,it is verified that the analysts pay attention to the change ratio is positively related to the tax avoidance of listed companies.(2)Good corporate governance can play a negative role in regulating the increase in corporate tax avoidance caused by analysts' concerns.(3)The increase in the degree of corporate tax avoidance caused by analysts does not increase corporate value.The research in this paper reveals the form of analysts' focus on the main mechanisms of action in the economic behavior of listed companies.This paper mainly has three contributions:Firstly,based on the perspective of tax avoidance,it studies the "supervisory theory" and "pressure theory" that analysts pay attention to,and proves the application of "stress theory" in China.The research conclusion enriches the behavior of analysts.Related research;Secondly,the increase in analysts' concerns will lead to an increase in tax avoidance by listed companies.This conclusion reveals the relationship between analysts' attention and corporate tax avoidance,and provides a new direction for tax authorities in tax collection;It points out the impact of the increase in tax avoidance caused by analysts on the value of enterprises,and helps enterprises to carry out tax management and internal and external corporate governance mechanisms to promote the reform and development of the entire market economic system.