| With the establishment of the Modern Corporation system,the separation of ownership and management right of the company led to the emergence of the principal-agent problem.In the case of the principal agent,the interests of the company’s owners and managers is not consistent,which objectively requires the company to carry out management incentives,in order to narrow the contradiction between separation of the two rights separation.Under the current corporation system,the methods of management incentive mainly include monetary compensation incentive,equity incentive and perks.Monetary compensation incentive and equity incentive are overt incentive methods,while the perks is a covert incentive methods.The company’s owners hope to design a reasonable incentive model,so that the interest of manager could be consistent with the interest of company’s owners,to achieve the goal of maximizing wealth of shareholders together.Tax avoidance runs through the whole process of company’s management,which is an important part of the company’s management and determines the business performance of the company.So when the company carries out management incentive,the decision-making behavior of tax avoidance will be influenced.In addition,the special ownership structure in our country separates Chinese listed companies into state-owned listed corporation and non-state listed corporation,which will also affect the relationship between management incentives and tax avoidance.This paper selects Chinese A-share listed companies from 2010 to 2014 as samples,and divides management incentive into three dimensions,namely monetary incentive,equity incentive and perks to respectively study the relationship between the three dimensions and tax avoidance.On this basis,from the perspective of the nature of property rights,this paper divides listed companies into state-owned listed corporation and non-state listed corporation,to respectively study the impact of the management incentives’ three dimensions on tax avoidance.This paper is divided into four parts.The first part is the first chapter and the second chapter,which elaborate the research background and significance,research ideas and methods,and the basic framework in detail.On this basis,this paper teases the domestic and foreign literature about the nature of property rights,management incentives and tax avoidance.The second part is the third chapter and the fourth chapter,which theoretically analyze the relationship between nature of property right,management incentives and tax avoidance based on the principal-agent theory,information asymmetry theory,incentive theory,management of rent-seeking theory,and puts forward research hypotheses about the relationship between property right,management incentives and tax.The third part is the fifth chapter,through the establishment of multiple regression model,which,first of all,analyses the relationship between management incentive’s three dimensions and tax avoidance by regression analysis to test relevant hypotheses,then,according to the nature of the property,this paper analyses the relationship between management incentive’s three dimensions and tax avoidance under different nature of property to verify relevant hypotheses.The fourth part is chapter six,based on the analysis above,we reach the main conclusion of this paper:first,there is a negatively correlation between management monetary incentives and tax avoidance,especially in the non-state listed companies,whose negative correlation is stronger;the second,there is a negatively correlation between management equity incentive and corporate tax avoidance,especially in the non-state listed companies,whose negative correlation is stronger;third,there is a negatively correlation between perks and corporate tax avoidance,especially in the non-state listed companies whose negative correlation is weaker.According to these results,this paper puts forward some relevant policy recommendations:first,companies should be careful with the formulation of corporate tax policy,and should take the impact of tax policy on the economic consequences into consideration in the process of decision-making;second,the company should improve the information disclosure system,especially,strengthening the disclosure of covert perks;third,we should take a variety kinds of incentive methods,such as increasing the spiritual incentive;fourth,we should design comprehensive incentive method combined with the characteristics of managers. |
