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以2010至2014年A股非金融类上市公司为样本,考察了公司产品市场势力、避税程度与股价信息含量之间的关系。研究结果表明:企业的产品市场势力越强,越倾向于从事避税活动,避税程度越高;分位数回归显示,产品市场势力的增加对避税程度较低的企业和避税程度较高的企业影响都较大,而对避税程度处于中间范围的企业影响最小。进一步检验发现,产品市场势力引发企业避税程度的提高显著提高了股价信息含量;产品市场势力越强,避税程度较高组的企业股价信息含量更高;随着企业避税程度逐步提高,产品市场势力对股价信息含量的提升作用越强;企业避税是产品市场势力影响股价信息含量的一个渠道机制。上述结论不仅丰富了产品市场势力的经济后果和企业避税影响因素的学术文献,而且对税务部门的征管工作和投资者行为研究有重要启示。
Taking the A-share non-financial listed companies from 2010 to 2014 as a sample, the paper examines the relationship between the product market power, the degree of tax avoidance and the stock price information content. The results show that: the stronger the market power of enterprises, the more tend to engage in tax avoidance activities, the higher the degree of avoidance; quantile regression shows that the increase of market forces for products with less tax avoidance and higher tax avoidance enterprises Are larger, while the corporate tax avoidance in the middle range of the least affected. Further tests found that the increase of tax avoidance by the product market forces significantly increased the information content of stock prices. The stronger the product market power and the higher the tax avoidance, the higher the stock price information of the group. With the gradual increase of tax avoidance, the product market power The stronger the role of the stock price information promotion; corporate tax avoidance is a channel mechanism of product market forces affect the stock price information content. The above conclusion not only enriches the academic literature about the economic consequences of product market forces and the factors that affect corporate tax avoidance, but also has important implications for tax collection and management and investor behavior research.