Tax Incentive,Environment Uncertainty And Enterprise Value

Enterprise value is the comprehensive performance,which presents the production and operation ability and development capability for the listed companies in the future,and represents the comprehensive strength of enterprises.Tax policy plays an important role in national macro-control,providing multi-angle tax incentives for enterprises' production and operation development,and creating a favorable market environment and tax environment.Therefore,reasonable tax incentive policies have moved forward on the enterprise value of listed companies and the healthy development of the industry in China.It is admitted that China is in the process of economic restructuring and transformation.With the prosperity and development of China's socialist market economy,enterprises are facing the severe test of environmental uncertainty while developing in an independent,equal and open market.Therefore,environmental uncertainty has a significant impact on enterprise value.But at the same time,in this environment,tax policies attach great significance to guiding and supporting the companies' development.What's more,they to some extent also highlight the dramatic impact on enterprise value.In conclusion,based on studying the correlation between tax incentives and enterprise value,it is more necessary to further analyze the influence of environmental uncertainty.Through carefully reviewing and summarizing relevant literature,environmental uncertainty as a moderator variable is introduced,and these factors that the concepts of enterprise value,tax incentive and environmental uncertainty are systematically explained based on principal-agent theory,market failure theory,information transfer theory and resource dependence theory,then the mechanism model among variables is constructed,finally relevant hypotheses are put forward.Taking listed manufacturing companies in China as the research object,through empirical test and analysis,several important relationships are fully discussed,including tax incentives and enterprise value,environmental uncertainty and enterprise value,environmental uncertainty and tax incentives,environmental uncertainty on tax incentives and regulation effect of enterprise value and tax incentives and enterprise value under heterogeneity.Then,in the highlight of the empirical analysis conclusion,targeted policies and recommendations are made from the enterprise and government respectively.The innovation of this paper lies in the introduction of environmental uncertainty as a moderating variable in the study of enterprise value,then the relationships among tax incentives,environmental uncertainty and enterprise value are completely constructed with the mechanism model,which has the profound significance.Theoretically,the depth and breadth of this research are further broadened in the field of enterprise value,while practically,the beneficial reference is provided,which can promote enterprise value for the listed companies and formulate reasonable tax incentive policies for the government.