중국 상장기업의 기업지배구조에 따른 조세회피가 기업가치에 미치는 영향

Abstract

Owing to the heterogeneity of enterprises, the relationship between corporate tax avoidance and firm value remains inconclusive. Numerous foreign scholars have focused on the moderating effects of institutional investors' shareholding ratios, management's personal characteristics, and the board of directors' attributes. Research on the relationship between corporate tax avoidance and firm value contributes to enriching the existing literature on firm valuation within the field of asset appraisal, broadening the scope of research. Furthermore, such studies enable more accurate valuation outcomes by fully accounting for the impact of tax avoidance on firm value in future assessments. Drawing on literature from both China and other countries, this paper investigates the relationship between corporate tax avoidance and firm value through the lens of principal-agent theory. The analysis employs a panel fixed-effects model, where firm value serves as the dependent variable, corporate tax avoidance as the independent variable, and other factors influencing tax avoidance as control variables. Additionally, recognizing that corporate governance structures may influence the relationship between tax avoidance and firm value, the model incorporates the largest shareholder's shareholding ratio and the board of directors' shareholding ratio as moderating variables, introducing interaction terms for the regression analysis. The study's findings indicate that a higher degree of corporate tax avoidance is associated with a lower firm value. Conversely, an increase in the shareholding ratio of the largest shareholder and the board of directors corresponds to a higher firm value. Additionally, corporate governance exerts a positive moderating effect on the relationship between corporate tax avoidance and firm value. Finally, the stability of the regression results was tested. Excluding years affected by COVID-19, empirical analysis was repeated, and the results were consistent. In short, this confirms that the conclusions presented in this paper are highly stable. Keywords: Corporate value, tax avoidance, corporate governance structure.