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本文通过构建基于董事会成员相似特征形成的内部联结指数,考察了独立董事治理机制对于企业税收规避激进程度的影响及其对于企业价值的作用效果。研究发现,董事会内部联结显著正向影响企业税收规避程度,但是影响力度随着税收规避激进程度的提升而有所减弱。董事会内部联结对于企业避税活动的这种适度监管显著提升了企业价值。
This article examines the impact of independent directors’ governance mechanism on the radical tax avoidance and its effect on the enterprise value by building an internal link index based on the similar characteristics of the board members. The study found that the internal linkages of the board of directors positively and significantly affect the enterprise’s tax avoidance degree, but the influence intensity weakened with the increase of tax avoidance and radical degree. This kind of moderation of internal tax avoidance activities of the board of directors significantly enhances corporate value.