终极控股股东卷入、两权分离与避税战略风格——来自我国民营上市公司的证据

摘要

基于第二类代理问题和终极控制权理论的视角, 本文就民营上市公司选择激进或是保守避税战略的形成动因, 以及避税战略影响公司价值的内在机理这两个问题进行了理论分析与实证检验. 研究发现: 终极控股股东卷入程度越低、 控制权与现金流权偏离程度越高, 上市公司避税战略风格越趋向于激进; 避税战略风格越趋向于激进, 上市公司终极控股股东实施攫取控制权私利的掏空行为的动机越强烈, 这将显著损害公司的业绩和降低公司的价值.%This paper studies the formation causes of tax avoidance strategies, as well as the internal mechanism of a-voidance strategies affect the value of firm based on the second class of agents and the ultimate control theory.The study found that:the lower the ultimate controlling shareholder involvement and the higher the deviation degree of control rights and cash flow right degree of deviation, the more tax avoidance aggressive listed companies tend to be;the more aggres-siveness the tax avoidance strategy, the more strongly motivated the listed companies tend to grab the self-interest of con-trol rights, which would significantly impair the performance of the company and reduce the value of the company.