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投资者情绪与公司避税行为
Investor sentiment and corporate tax avoidance
投资者情绪能够影响其价值判断、风险偏好及决策过程.本文从管理层权衡避税的边际成本和边际收益的视角出发，实证检验了投资者行为偏差对公司避税程度的影响.研究发现：1）高涨的投资者情绪会显著提高公司税收激进程度；2）上述正相关关系在个人投资者持股比例较高、公司为民营以及所在地税收征管力度较弱时更为显著；3）投资者情绪高涨所强化的税收激进行为虽然提高了短期的资本市场收益，但却损害了未来的公司价值.本文拓展了公司避税行为影响因素的研究，加深了对避税成本收益权衡的理解，对税收监管和投资者保护有一定的借鉴价值.
Investor sentiment affects investors' value judgment, risk preference, and decision-making process. Based on the perspective of marginal cost-benefit analysis, we investigate whether and how investor sentiment, as a type of behavior bias, affects corporate tax avoidance. The results indicate that increases in investor sentiment are associated with increases in corporate tax aggressiveness. In addition, the association is more pronounced for firms which have more retail investors, which are private enterprises, and which are located in areas with weaker tax enforcement. Further evidence shows that increased tax avoidance induced by increases in investor sentiment significantly enhances firms' short-term stock return, but impairs firms' long-term value. Our focus on the impact of investor sentiment on corporate tax aggressiveness enriches the research on the determinants of corporate tax avoidance and deepens the understanding of the cost-benefit trade-off of tax aggressiveness. This paper also has practical implications for regulatory authorities and investor protection.
投资者情绪 / 税收激进 / 成本收益分析 / 公司价值 {{custom_keyword}} /
investor sentiment / tax aggressiveness / cost-benefit analysis / firm value {{custom_keyword}} /
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国家自然科学基金（71672141，72002165）；教育部人文社会科学研究项目（21YJA630082，20YJC790116）；中国博士后科学基金（2020M683519）
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