【摘要】：自1975年威廉姆森提出“治理結(jié)構(gòu)”這一概念以來，人們對于公司治理問題的探究從未停止，逐步從對治理機制的理論分析過渡到對治理的研究評價，即實證分析公司治理是否會對企業(yè)績效產(chǎn)生積極影響，公司治理的質(zhì)量如何。 隨著我國的會計準則以及稅收法規(guī)逐漸與國際接軌，二者分離的模式使得企業(yè)更加關(guān)注稅收籌劃問題，值得注意的是，稅收管理具有操作復(fù)雜、不透明等特征，容易給高層管理人員的機會主義行為留有空間。另一方面，稅收籌劃的效果一般不會立即顯現(xiàn)，，其作用與長期投資類似。因此，了解公司治理對稅收籌劃的影響十分必要。通過分析二者的關(guān)系，可以更好地理解治理機制具體通過何種方式影響企業(yè)績效。 本文選取國內(nèi)190家上市公司2008-2012年的數(shù)據(jù)作為研究樣本，通過構(gòu)建回歸模型對研究假設(shè)進行實證分析，得出以下結(jié)論：公司內(nèi)部治理的諸多因素對稅收籌劃均有一定影響。其中，獨立董事比例、管理層持股比例、董事長與總經(jīng)理“兩職分離”與稅收籌劃呈正相關(guān)關(guān)系，管理層薪酬、企業(yè)控股股東為國有公司與稅收籌劃存在微弱的負相關(guān)關(guān)系，董事會規(guī)模對稅收籌劃的影響無法得出明確的結(jié)論。但是，在眾多因素中，只有管理層激勵指標，即管理層薪酬和管理層持股對稅收籌劃的影響最為顯著。這說明，公司治理問題的核心在于處理管理層與股東的關(guān)系，盡一切可能提升管理層與股東利益的一致性是改善公司績效的關(guān)鍵。
[Abstract]:Since Williamson put forward the concept of "governance structure" in 1975, people have never stopped exploring the problem of corporate governance, gradually transitioning from the theoretical analysis of governance mechanism to the research and evaluation of governance. That is, empirical analysis of whether corporate governance will have a positive impact on corporate performance, the quality of corporate governance. With China's accounting standards and tax laws and regulations gradually in line with the international standards, the model of separation between the two makes enterprises pay more attention to the issue of tax planning, it is worth noting that tax management has the characteristics of complex operation, opaque and so on. It is easy to leave room for opportunistic behaviour on the part of senior managers. On the other hand, the effect of tax planning is generally not immediately apparent, and its role is similar to long-term investment. Therefore, it is necessary to understand the impact of corporate governance on tax planning. Through the analysis of the relationship between the two, we can better understand the specific ways through which governance mechanism affects corporate performance. In this paper, the data of 190 listed companies from 2008 to 2012 are selected as the research sample, and the empirical analysis of the research hypothesis is carried out by constructing a regression model, and the following conclusions are drawn: many factors of internal corporate governance have a certain impact on tax planning. Among them, the proportion of independent directors, the proportion of management holding shares, the separation of two positions between chairman and general manager is positively related to the tax planning, the management compensation, the controlling shareholder of the enterprise is the state-owned company and the tax planning has a weak negative correlation. The effect of board size on tax planning cannot be clearly concluded. However, among the many factors, only the management incentive index, that is, management compensation and management stock ownership have the most significant impact on tax planning. This shows that the core of corporate governance is to deal with the relationship between management and shareholders. It is the key to improve the performance of the company to enhance the consistency of the interests of management and shareholders as much as possible.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F812.42;F271;F275

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