文献类型：期刊文献

中文题名：文过饰非还是如实反映——企业避税与年报文本复杂性

英文题名：Information Blurring or Truth Report:Corporate Tax Avoidance and the Complexity of Annual Report

作者：于明洋[1];吕可夫[1];阮永平[2]

机构：[1]厦门大学管理学院,福建厦门361005;[2]华东理工大学商学院,上海200237

年份：2022

期号：3

起止页码：112

中文期刊名：经济科学

外文期刊名：Economic Science

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;社科基金资助期刊;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家自然科学基金面上项目“IPO市场机制异化的定价后果研究”(项目编号:71672057);国家自然科学基金青年项目“衍生工具的使用、风险信息披露与投资者的风险感知和投资决策——基于心理和行为视角的研究”(项目编号:71702104)的资助。

语种：中文

中文关键词：企业避税;文本信息复杂性;可读性;信息模糊理论;

外文关键词：tax avoidance;complexity of text information;readability;management obfuscation hypothesis

摘要：本文以2008—2020年中国A股上市公司作为研究对象,考察企业避税程度对年报文本信息复杂性的影响。研究发现,企业避税越严重,年报文本披露的复杂度越高,可读性越差。机制检验发现,地区法治环境越好、报刊财经媒体对企业报道次数越多、分析师跟踪人数越多以及盈余操纵约束越大,企业避税与年报文本信息复杂性之间的正相关关系越强。这说明管理层试图通过模糊文本信息、降低文本可读性的方式,来避免企业利益相关者通过财务报告发现企业的避税行为,以此文过饰非。经济后果检验发现,当企业年报文本复杂性较高时,企业避税更容易导致股票价格与内在价值相偏离以及分析师预测分歧度增加、准确度下降。
Taking China's A-share listed enterprises from 2008 to 2020 as the research subject,this paper investigates the impact of enterprises'tax avoidance on the complexity of annual report text information.This paper finds that when an enterprise has increased tax avoidance,the complexity of its annual report text disclosure is higher.The mechanism test finds that when the legal environment in the region where the enterprise is located is better newspapers and financial media report more on the enterprise more analysts follow the enterprise and the enterprise faces more constraints on earnings manipulation the positive correlation between corporate tax avoidance and the complexity of annual report text information is stronger.This shows that the management tries to avoid the stakeholders of the enterprise discovering its tax avoidance behavior through the financial report by blurring the text information and reducing the readability of the text.The economic consequence test finds that when the text of an enterprise's annual report is more complex tax avoidance is more likely to lead to deviations in stock prices from intrinsic value,as well as increased divergence and reduced accuracy in analyst forecasts.