独立董事网络位置、税收规避与企业价值

独立董事的治理效果影响着上市公司的治理状况,本文从独立董事网络的声誉机制和信息传递机制出发,选取2008?2017年沪深A股上市公司作为研究样本,实证检验独立董事网络位置与企业税收规避的关系。研究发现:独立董事网络位置对企业税收规避有负向影响;与所处地区市场化程度较高的公司相比,所处地区市场化程度较低的上市公司独立董事网络中心度对公司税收规避程度的影响更强;管理层权力削弱了独立董事网络中心度对企业税收规避程度的抑制作用。进一步引入企业价值后发现,独立董事网络中心度可以抑制税收规避对企业价值的减损。本文的研究结果完善了税收规避行为价值的研究体系,也为研究独立董事是否有效发挥治理作用提供了新思路。

Independent Director Network Location,Corporate Tax Avoidance and Corporate Value

The governance effect of independent directors affects the governance of listed companies. Based on the reputation mechanism and information transmission mechanism of the independent director network, this paper selects Shanghai and Shenzhen A-share listed companies from 2008 to 2017 as a research sample to empirically test the relationship of the network position of independent directors and companies’ tax avoidance. The study finds that the network location of independent directors does have a negative impact on corporate tax avoidance. Compared with companies with higher levels of marketization in their regions, the network center degree of independent directors of listed companies with lower levels of marketization in their regions has an impact on corporate taxation. Management power weakens the role of independent directors’ network centrality in suppressing corporate tax avoidance. Further introducing corporate value, it is found that a high degree of independent directors’ network centrality can inhibit the reduction of corporate value caused by tax avoidance. The research results in this paper improve the research system of tax avoidance behavior value, and also provide new ideas for studying whether independent directors effectively play a governance role.