Research On The Impact Of Tax Avoidance On Enterprise Value Under The Background Of Inflation

The national finance mainly depends on tax revenue.Its effect is very big,it is important economic foundation.It guarantees the realization of government functions.However,enterprises are a special economy,and any factors that reduce their profits and increase their burden,such as taxes,are unfavorable factors that enterprises will do everything to avoid.Traditional ideas and most studies by domestic and foreign scholars seem to show that enterprises can reduce their burden and increase their profits through tax avoidance.However,evasive behavior cannot bring positive effect to the tax revenue of enterprises.Some behaviors even show a radical trend,which will eventually bring adverse consequences to the economic benefits of enterprises.In the modern governance model of the separation of ownership and management rights,this paper takes the principal-agent problem as a new research idea to explore the impact of corporate tax evasion on corporate value.In addition,the literature mainly focuses on the impact of micro factors and its impact on the value of enterprises.However,few literatures have studied macro factors,especially the relationship between inflation expectation and enterprise value.This paper introduces the external operating environment of enterprises into the value function of enterprises and studies how the relationship between enterprise value and corporate tax avoidance is affected by inflation expectation.In this paper,the relationship between corporate value and corporate tax avoidance is studied,and inflation is added to analyze and assume the negative correlation between corporate value and corporate tax avoidance.There is a negative correlation between inflation expectation and enterprise value.With the increase of inflation expectation,the negative effect between tax avoidance and enterprise value becomes more obvious.The sample of this paper is a-share listed companies,which conducts empirical analysis and robustness test on the relationship between corporate tax avoidance,corporate value and inflation expectation.The results show that,first,the emergence of tax avoidance is not conducive to the development of enterprise value.There are a series of cost problems and potential risks in the tax avoidance behavior of enterprises,especially the related coping costs of the management.As a result,the cost of tax avoidance is much higher than the income of enterprises,so there is a negative correlation between the two.Secondly,inflation expectation is negatively correlated with enterprise value.Inflation worsens economic conditions and adversely affects the value of business.Thirdly,with the increase of inflation expectation,the negative effect between tax avoidance and enterprise value becomes more obvious.The encroachment of inflation on profits will lead enterprises to adopt more aggressive tax avoidance behaviors,further increase agency costs,adversely affect the production and operation environment of enterprises,and further reduce the value of enterprises.