Tax Avoidance,Information Asymmetry And Enterprise Value

With the continuous improvement of China's economic development level,tax revenue has increasingly become the main source of national income.As the main body of tax payment,enterprises have the compulsory tax obligation given by the state.When enterprises face the conflict of interest between value growth and tax payment,it is often solved through tax avoidance.Therefore,the universality of tax avoidance makes the loss of national tax revenue very serious every year,which has become an urgent problem in the field of national tax.The goal of enterprise development is to maximize enterprise value,so enterprise value has become the core issue in the field of enterprise development.This paper studies and solves the conflict of interest between the enterprise's tax payment and the pursuit of value growth,provides channels for the enterprise's value growth,and provides some research suggestions for the tax assessment work of the tax authorities.The relationship between corporate tax avoidance and corporate value has not been unified in the academic circles.From the perspective of information asymmetry,this paper analyzes the impact on the tax avoidance value of enterprises.From the perspective of external analysis,enterprises,as the main body of legal persons,are also the information disclosure party,which makes enterprises and external stakeholders have an advantageous position.From the internal risk of the enterprise,because of the principal-agent problem,the benefit function of the manager and the owner does not tend to be the same,which makes the manager have the information superiority position.The academic community has not comprehensively analyzed the economic consequences of tax avoidance from the perspective of information asymmetry,which is also very important whether it affects the value growth of enterprises and the loss of state tax,or produces value distortion to the capital market.This paper takes A-share listed companies in China from 2013 to 2018 as the research object.The research results show that: first,there is a positive correlation between tax avoidance and information asymmetry,indicating that the complexity of tax avoidance increases the degree of information asymmetry of enterprises,on the one hand,and on the other hand,it shows that tax avoidance executives have motivation to reduce the obstacles of regulators.Second,tax avoidance will damage the growth of enterprise value,so the predictable tax avoidance income is less than the unpredictable tax avoidance cost.Thirdly,this paper studies the agency variable of information asymmetry from the perspective of financial information quality and corporate governance.From the perspective of financial information quality,it is found that information asymmetry aggravates the negative impact of tax avoidance on corporate value,which indicates that information asymmetry will reduce the supervision effect of regulatory authorities and provide opportunities for management rent-seeking.From the perspective of corporate governance,it is found that in the external governance,institutional investors' attention to the company can alleviate the damage of tax avoidance to the enterprise value,and in the internal governance,management compensation incentive can effectively alleviate the damage of tax avoidance to the enterprise.