代理觀點下避稅行為與公司價值之關聯性－－來自中國的實證研究

The Association between Tax Avoidance and Firm Value under Agency Perspective - Evidence from China

避稅行為是否如直覺般將財富從國家移轉到股東手中並可增進股東的利益？本文以2009年至2013年中國大陸上市公司為研究樣本，探討公司之避稅行為與公司價值間之關係，且進一步探討公司治理機制優劣對兩者之關聯性是否產生影響。本文以Tobin Q作為公司價值之衡量，以企業的永久性財稅差異衡量避稅行為，並以綜合分數衡量公司治理。本研究之實證結果發現避稅與公司價值間呈顯著正相關；而公司治理機制愈佳的企業，其避稅對公司價值之正向效果大於公司治理機制較差的企業。而所有敏感性分析結果皆支持前述論點。

Is it intuitional to suggest that wealth is transferred, by tax avoidance, from government to shareholders of a company so as to advance the shareholders' interests? Using date from 2009 to 2013 provided by Chinese listed firms, this study aims to examine the relationship between tax avoidance and firm value, and further to investigate the moderating effect of corporate governance on the relationship. In the study, firm value is measured by Tobin Q, tax avoidance is proxied by permanent book-tax differences, while corporate governance is measured by a composite score. The study empirical results indicate that tax avoidance is significantly positive and correlated with firm value. In addition, the findings suggest that compared with companies with weak corporate governance, those with better corporate governance have a stronger positive relation between firm value and tax avoidance. Various sensitivity analyses are conducted in the study and robustly support our arguments.