企业价值与税收负担关系研究——基于上市化工家族企业股权结构的视角.pdf

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1、AbstractAbstractSinceChina'sreformandopeningpolicy,Chinesefamilyenterpriseshavemadearapidprogress.TheyhavebecomethemainforceofpromotingtheeconomicdevelopmentofChinaandmadeagreatcontributiontotheChinaeconomy.Asaresult,theirvalueattractstheacademetoresearch.Atpresent,t

2、hestudyoffamilyenterprises’valueismainlyconcentratedonthestructureofenterpriseadministration,especiallytheinfluenceofstocksharingstructureontheirvalue.Forinstance,thePyramidstructure,stockcrossholdingandentrustsagencycost.However,theachievementfromthepointoftaxburden

3、howaffectsthefamilyenterprisevalueisnotmuch.Moststudiesconsiderthattaxburdenisnegativelyrelatedtothevalueoftheenterprise.However,theresearchfromthepointofinvestmentefficiencybelievesthatit’spositivelyrelatedtothevalue.Therelationshipbetweenthesetwopartshasnoclearconc

4、lusion.Soitisnecessarytomakefurtherresearchontheirrelationship.Obviously,theproblemofhowtoenhancethefamilyenterprisevaluefurtherancecannotbesolvedonlyfromthefieldofstocksharingstructureorthetaxburden.Ifwewanttoenhancetheenterprisevaluebetter,weneedtoconsiderthedualim

5、pactofthetaxburdenandstocksharingstructureonfirmvalue.Therefore,accordingtothepreviousstudies,thisarticlehasanalyzedthedualimpactofstocksharingstructureandthetaxburdenonchemicalfirmvalue.Theconclusionofthestudyshows:Therelationshipbetweencashflowrightinstocksharingst

6、ructureandtheenterprisevalueisainvertedU.Whentheenterprisecashflowrightsishigherthantheindustryaverage,thechemicalfamilyenterprisevaluewillbereducedifweincreasecashflowrightsandreducethetaxburdenequalproportionallyundertheconditionofthecashflowrightsquareabsoluteelas

7、ticontheenterprisevalueisgreaterthantheabsoluteelastictaxburdenonenterprisevalue.Incontrast,whenthechemicalfamilyenterprisesareintheperiodofstabledevelopment,theenterprisevaluewillincreaseifweincreasecashflowrightsandthetaxburdenequalproportionallyundertheconditionof

8、thecashflowrightsquareabsoluteelasticIIAbstractontheenterprisevalueislowerthantheabsoluteelastictaxburdenonenterprisevalue.Forthech