Research On Tax Planning And Corporate Performance Of Listed Companies In China

With the development of the “Belt and Road” initiative,more companies have embarked on the road of going abroad,facing double pressures from domestic and foreign tax pressures and international competitive pressures.Companies hope to improve their competitiveness through tax planning.Tax planning has a major impact on corporate performance and has always been the focus of scholars in China and foreign.However,previous research rarely touches on the study of corporate performance from the perspective of performance fluctuations.This study is compatible with performance levels and performance fluctuations to evaluate corporate performance.There are two views on the research on the impact of tax planning on corporate performance.The traditional view is that tax planning can improve corporate performance,but agency view thinks that tax planning is detrimental to corporate performance due to the existence of agency costs.On the basis,considering the management's decision-making power in the company,their behaviors,habits,preferences and personal characteristics have an impact on tax planning,and examine the role of management power in the impact of tax planning on corporate performance.This study first introduces the realistic background and theoretical background of research questions,points out the necessity of implementing tax planning,and conducts domestic and foreign literature review of tax planning,management power and corporate performance,on the basis of principal-agent theory,information asymmetry theory,effective tax planning theory.and management power theory,the hypothesis of the relationship between tax planning,management power and corporate performance,including performance level and performance volatility,is proposed;by creating a research model on corporate performance,using fixed effects and random effects models The regression results are analyzed to examine the relationship between tax planning,management power and corporate performance,and finally draw conclusions.On this basis,based on the adjustment effect of management power in China's 2012-2017 Shanghai and Shenzhen listed companies,the impact of tax planning behavior of listed companies on corporate performance is comprehensively explored through two aspects: performance level and performance fluctuation.There are several conclusions:(1)From the perspective of performance level,there is a positive correlation between tax planning and performance level.It means tax planning behavior can promote the improvement of corporate performance level.(2)From the perspective of performance volatility,tax planning will not bring huge fluctuations in accounting performance,but will increase the volatility of market performance.(3)Whether in terms of performance level or performance fluctuations,management power has a regulatory effect in the impact of tax planning on corporate performance.Management power plays a positive role in the positive relationship between tax planning and accounting performance;however,it corrects the positive relationship between tax planning and market performance.The increase of management power has broken the steady development of tax planning for accounting performance,which has aggravated the fluctuation of accounting performance.At the same time,it has a significant adjustment effect on the volatility of market performance.