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避税行为对企业投资结构偏向的影响研究——基于代理理论解释 Title:TheImpactofTaxAvoidanceontheBiasesinCorporateInvestmentStructure:AStudyBasedonAgencyTheory Abstract: Taxavoidancehasbeenatopicofconcernanddebateinthefieldoffinanceandbusiness.Itsimpactoncorporateinvestmentdecisions,specificallyoninvestmentstructurebiases,hasdrawnsignificantattentionfromresearchers.Thispaperaimstoexploretherelationshipbetweentaxavoidancebehaviorsandthebiasesincorporateinvestmentstructures,utilizingagencytheoryasaframeworkforinterpretation.Byexaminingtheincentivesandbehaviorsofdifferentstakeholderswithinacorporation,itaimstoshedlightonhowtaxavoidancepracticescaninfluenceinvestmentdecisionsandpotentiallyleadtosuboptimalinvestmentstructures. 1.Introduction Taxavoidancereferstothelegalutilizationoftaxprovisionsandloopholestominimizetaxliabilityforbusinessesandindividuals.Thispracticehasbecomeincreasinglyprevalentamongcorporations,astheyseektomaximizetheirprofitsandshareholdervalue.However,theconsequencesandimplicationsoftaxavoidanceoncorporateinvestmentdecisionshaveyettobefullyunderstood.Thisresearchpaperwillcontributetotheexistingliteraturebyexaminingtheimpactoftaxavoidanceonthebiasesincorporateinvestmentstructures. 2.TheoreticalFramework:AgencyTheory Agencytheoryprovidesasuitableframeworkforexploringtherelationshipbetweentaxavoidanceandinvestmentstructurebiases.Accordingtoagencytheory,corporationsarecharacterizedbyprincipal-agentrelationships,whereshareholders(principals)delegatedecision-makingauthoritytomanagers(agents).Conflictsofinterestcanarisebetweenprincipalsandagents,asmanagersmayprioritizetheirowninterestsoverthoseofshareholders.Thistheoryhelpstoexplainthepotentialimpactoftaxavoidanceoninvestmentdecisions,asmanagersmayhaveanincentivetoengageintaxavoidancestrategiesthatalignwiththeirpersonalinterestsratherthanmaximizingshareholdervalue. 3.TaxAvoidanceandInvestmentStructureBiases 3.1BiastowardsShort-TermInvestments Taxavoidancestrategiesoftenfocusonreducingcurrenttaxliabilities,whichmayincentivizemanagerstoprior