摘要
企业在新税率改革和面临资源环境问题日益突出的大背景下,试图在享受优惠税率的同时探寻环保投入与企业价值的最优关系。本文选取2013~2017年面板数据,基于多元线性回归模型,利用实证分析法和State13.00、Excel等工具,研究了创业板化工企业税收优惠、环保投入与企业价值三者的相互勾稽关系。实证结果表明:企业税收负担的减少,能提升企业价值;环保投入对近期企业价值有负面影响,但与后期企业价值出现正相关,且在滞后第五期时显著;在新优惠税率下,环保投入对企业价值的影响更为显著。此研究结果可为化工企业在税收优惠政策下更好地协调环保投入与企业价值的关系提供借鉴意义。
Under the background of new tax rate reform and increasingly prominent resource and environmental problems,enterprises try to explore the optimal relationship between environmental protection investment and enterprise value while enjoying preferential tax rates.Based on the multiple linear regression model,this paper adopts empirical analysis method and uses State13.00,Excel and other tools to study the mutual relation between tax preference,environmental protection investment and enterprise value of chemical enterprises.The empirical results show that the reduction of corporate tax burden can enhance corporate value.The environmental protection investment has a negative effect on the enterprise value in the near term,but it is positively correlated with the enterprise value in the later period,and it is significant when it lags behind the fifth period.Under the new preferential tax rate,the impact of environmental investment on enterprise value is more significant.The research results can provide reference for chemical enterprises to better coordinate the relationship between environmental protection investment and enterprise value under tax preferential policies.
作者
王宏新
许向玮
WANG Hongxin;XU Xiangwei(School of Business Administration,Liaoning Technical University,Huludao 125105)
出处
《科技促进发展》
CSCD
2020年第11期1423-1429,共7页
Science & Technology for Development
关键词
税收优惠
环保投入
企业价值
总资产报酬率
化工企业
tax preference
environmental protection input
enterprise value
return on total assets
chemical enterprise
作者简介
王宏新,博士,副教授,研究方向:审计与内部控制、成本控制与决策、管理会计信息化;通讯作者:许向玮,在读硕士研究生,研究方向:审计与内部控制、成本控制与决策、管理会计信息化、公司治理。
