摘 要
随着经济全球化和市场竞争加剧，企业面临日益复杂的税务环境，税收筹划成为提升企业价值的重要手段。本研究旨在探讨税收筹划对企业价值的影响，基于中国沪深A股上市公司2015 - 2020年的面板数据，采用固定效应模型进行实证分析。研究发现，合理的税收筹划能够显著提高企业价值，且这种正向影响在民营企业中更为明显。进一步研究表明，税收筹划通过优化资本结构、降低财务风险两条路径作用于企业价值。创新点在于区分了不同类型企业的异质性影响，并引入中介变量深入剖析作用机制。研究结果为企业合理开展税收筹划提供了理论依据，也为政府完善税收政策提供了参考，强调了税收筹划不仅是简单的节税行为，更是提升企业竞争力和价值创造能力的有效途径。
关键词：税收筹划；企业价值；固定效应模型；资本结构优化；财务风险降低
Abstract
With the advancement of economic globalization and intensifying market competition, enterprises are confronted with increasingly complex tax environments, making tax planning an essential strategy for enhancing corporate value. This study investigates the impact of tax planning on corporate value using panel data from Shanghai and Shenzhen A-share listed companies in China from 2015 to 2020, employing a fixed-effects model for empirical analysis. The findings indicate that appropriate tax planning can significantly increase corporate value, with this positive effect being more pronounced in private enterprises. Further analysis reveals that tax planning influences corporate value through two primary channels: optimizing capital structure and reducing financial risk. The novelty of this research lies in distinguishing the heterogeneous impacts across different types of enterprises and introducing mediating variables to thoroughly examine the underlying mechanisms. The results provide theoretical support for enterprises to conduct effective tax planning and offer valuable insights for government policymakers to refine tax policies, emphasizing that tax planning is not merely a means of tax savings but also an effective approach to enhance corporate competitiveness and value creation.
Keywords: Tax Planning；Enterprise Value；Fixed Effects Model；Capital Structure Optimization；Financial Risk Reduction
目 录
摘 要 I
Abstract II
引言 1
一、税收筹划与企业价值理论基础 1
（一）税收筹划的概念界定 1
（二）企业价值评估方法 2
（三）税收筹划对企业价值的影响机制 2
二、税收筹划对企业财务绩效的影响 2
（一）财务指标体系构建 3
（二）税收筹划对盈利能力的影响 3
（三）税收筹划对资本结构的影响 3
三、税收筹划的实施路径与策略选择 4
（一）常见税收筹划方法分析 4
（二）行业特性与税收筹划策略 4
（三）风险管理与合规性考量 5
四、实证研究设计与结果分析 5
（一）样本选取与数据来源 5
（二）模型构建与变量设定 6
（三）实证结果分析与讨论 6
结 论 7
致 谢 8
参考文献 9
