【摘要】：以2004至2014年滬深兩市A股上市公司為樣本,研究分析師跟進(jìn)對(duì)上市公司避稅程度的影響。研究發(fā)現(xiàn),分析師是否跟進(jìn)、跟進(jìn)人數(shù)的數(shù)量與上市公司的避稅行為及避稅程度具有顯著正相關(guān)性。當(dāng)明星分析師對(duì)上市公司進(jìn)行跟進(jìn)時(shí),上市公司更趨向于選擇避稅,避稅程度更加顯著。當(dāng)分析師不再跟進(jìn)時(shí),上市公司的避稅程度顯著降低。研究結(jié)果表明,分析師跟進(jìn)并簽發(fā)研究報(bào)告會(huì)給上市公司的報(bào)告盈余設(shè)定較高的目標(biāo),從而誘使上市公司通過(guò)采取避稅行為來(lái)達(dá)到分析師對(duì)公司盈余預(yù)測(cè)的目標(biāo)值。這一研究結(jié)果揭示了分析師跟進(jìn)的不利后果,有利于豐富分析師跟進(jìn)的經(jīng)濟(jì)后果性。
[Abstract]:Based on a sample of A-shares listed in Shanghai and Shenzhen from 2004 to 2014, analysts followed up on the impact of tax avoidance on listed companies. The study found that there was a significant positive correlation between the number of respondents and the tax avoidance behavior and degree of tax avoidance of listed companies. When star analysts follow up on listed companies, listed companies tend to choose tax avoidance, the degree of tax avoidance is more significant. When analysts no longer follow up, listed companies significantly lower tax avoidance. The results show that analysts follow up and issue research reports that set higher targets for listed companies to report earnings, thus inducing listed companies to achieve the target of analysts' earnings forecasts by taking tax avoidance actions. The findings shed light on the adverse consequences of analysts' follow-up, helping to enrich the economic consequences of analysts' follow-up.
【作者單位】： 江西財(cái)經(jīng)大學(xué)會(huì)計(jì)發(fā)展研究中心/會(huì)計(jì)學(xué)院;江西財(cái)經(jīng)大學(xué)現(xiàn)代經(jīng)濟(jì)管理學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目“分析師額外簽發(fā)現(xiàn)金流預(yù)測(cè)報(bào)告的動(dòng)機(jī)和經(jīng)濟(jì)后果——基于信號(hào)傳遞的視角”(71462012);國(guó)家自然科學(xué)基金項(xiàng)目“媒體地域?qū)傩�、媒體報(bào)道傾向與上市公司投融資行為”(71462011);國(guó)家自然科學(xué)基金項(xiàng)目“證券分析師托市行為、投資者反應(yīng)與上市公司融資策略”(71262005)
【分類號(hào)】：F275;F832.51
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本文編號(hào)：2207224