Research On The Influence Of Analyst Cash Flow Forecast On Corporate Tax Avoidance

As an important part of capital market,analyst is an important information link between enterprises and market investors,and an important disseminator and reader of enterprise information.And with the growing and mature analyst team in our country,more and more frequently,an analyst in a research note provide cash flow forecast information,especially after the financial crisis in 2008 and thousand shares drop stop events in 2015,analysts cash flow forecast gradually become an important information sources for investors and analysts forecast report of the key.The forecast information of the future cash flow of the analyst will inevitably affect investors’ judgment of the intrinsic value of the enterprise,and then affect the cash flow management decision of the enterprise management.In the context of the outbreak of COVID-19 and frequent thunderstorms,corporate financing problems have become prominent and the risk of capital chain rupture has increased sharply.Cash flow management,as the basis of important business decisions such as debt payment and asset purchase,is a key factor affecting the sustainable operation and high-quality development of enterprises.In the existing literature,therefore,more attention under the condition of surplus predict or stock recommendations,this article obtains from the tax point of view,to explore the analysts forecast cash flow’s influence on the enterprise’s cash flow management,and enterprise property rights,degree of financing constraints,as well as regulating factors to further explore its industry experience,an analyst for analysts predict cash flow and cash flow management,at the same time,This paper explores the influence path of analyst’s cash flow forecast on corporate tax avoidance through further mechanism test.In this paper,analysts’ cash flow forecast data of Chinese A-share listed companies from 2008 to 2019 are used to empirically test the impact and mechanism of analysts’ cash flow forecast on corporate cash flow management from the perspective of tax avoidance.The research finds that analysts’ cash flow forecast can enhance the motivation of management to improve cash flow and promote corporate tax avoidance.Further examination shows that by increasing the disclosure of fundamental information of enterprises,analysts’ cash flow forecast can restrain the rent-seeking behavior of managers using tax avoidance for personal gain,reduce the cash flow abuse decisions of managers such as in-service consumption and excess compensation,ultimately improve the cash value of enterprises and the marginal income of tax avoidance,and promote corporate tax avoidance.In addition,the nature of non-state-owned property rights,strong financing constraints and rich industry experience of analysts will significantly enhance the relevance between corporate tax avoidance and analysts’ cash flow forecast.From the perspective of tax avoidance,this paper empirically examines the influence and mechanism between analyst’s cash flow forecast and corporate cash flow management,which enriches the relevant literature on analyst’s cash flow forecast and tax avoidance and helps scholars to fully and fully understand the role of analyst’s cash flow forecast in corporate operations.At the same time,the conclusion of this paper also helps the parties in the capital market to further understand the cash operation of enterprises,and then accurately judge the quality of cash flow and liquidity risk of enterprises,and promote the improvement of effective investment efficiency in the capital market.