6224 
6445基于发达市场的研究表明公司税收规避节省现金主要是出于高管的私利侵占动机。然而，在中国特定制度环境导致公司综合税负相对较高的背景下，公司税收规避节省现金很可能是出于公司生存和发展的需要。文章使用市场导向的方法考察公司税收规避对现金持有价值的净效应。研究结果表明，税收规避节省的现金给股东带来的收益大于其可能带来的成本，即存在显著为正的净效应。进一步研究表明，税收规避对现金持有价值正向的净效应主要来自于现金流不确定性较高的公司以及价格成本边际（price-cost margin）较高的公司。对于中国这一新兴市场而言，公司实际承担的税收负担仍然过重，降低公司综合税负仍然是目前政策制定者的首要目标。
私利侵占抑或生存所迫:税收规避对现金持有价值的净效应
上海财经大学学报 2016 年 第 18 卷第 06 期, 页码：54 - 65
摘要
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引用本文
陈胜蓝, 贾思远. 私利侵占抑或生存所迫:税收规避对现金持有价值的净效应[J]. 上海财经大学学报, 2016, 18(6): 54–65.
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