Research On The Market Reaction Of Listed Companies' Tax Planning

Since the middle of the 20 th century,taxpayers have paid more and more attention to tax planning.In our country,the tax planning has been passed from the street to the jealousy,and it has been recognized as a taxpayer's right.It has gradually become an important factor in the company's development strategy.With the advent of the Internet economy era and the accelerating globalization,the performance of a good stock market has gradually become the goal and way for today's enterprises to pursue wealth.This is also an inevitable requirement for modern enterprises to grow stronger.Tax planning activities may be accompanied during the entire process of enterprise development.Stakeholders,including owners,investors,managers,supervisors,creditors,etc.,are also very concerned about the tax planning activities of companies,and planning activities can be What kind of market response the company brings.Based on the literature review,this article first uses effective tax planning theory to measure the extent of corporate tax planning.Then based on the data of Chinese Ashare listed companies between 2012 and 2016,the incident response method was used to analyze the market reaction of tax planning.The results show that,overall,tax planning has brought a significant positive market reaction to the company,but the market There is little difference in the degree of response to the success or failure of tax planning.Compared with state-owned enterprises,non-state-owned enterprises have significantly different market performance.Based on the study of the tax planning market response,based on the nature of property rights,the relationship between tax planning degree and market reaction is analyzed,and the nature of property rights is used as the adjustment variable.Multiple regression analysis.The following conclusions are drawn: For state-owned enterprises,the degree of tax planning is positively related to the market response;for non-state-owned enterprises,the degree of tax planning is negatively related to the market reaction.