题　目：Opening the Black Box of Book-tax Differences in the Case of a Strong Government: Evidence from Corporation Income Tax Returns in China

嘉　宾：张姗姗 副教授 北京交通大学

主持人：张珂源 助理教授 上海交通大学安泰经济与管理学院

时　间：2023年10月25日（周三）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼B201室

内容简介:

This paper opens up the black box of book-tax differences (BTDs) in the case of a strong government based on confidential corporate income tax return data in China. According to the agency view, tax avoidance, which affects taxable income, and insider rent extraction, which affects book income, are jointly determined in the game among insiders, outsiders, and the state. Thus, BTDs and their information content should change with the relative strength of the three parties. Based on a strong government environment, this study identifies a new type of BTDs rarely discussed in the existing studies, that is, BTDs related to insiders’ rent extraction. These BTDs arise as a result of tax authorities not allowing the pretax deduction of rent-related expenses. We find that these negative BTDs (or positive TBDs) increase with the incentives and rationalization of insider diversion and decrease with the external monitoring on insider diversion. They are also significantly associated with existing insider diversion measurements, including abnormal related-party transactions, related-party lending, and managerial perks. Further, we find that these TBDs reduce earnings persistence, and investors fail to incorporate this effect into stock valuation. This helps explain the mixed results of tax-related market anomalies in prior research. We call for a more careful interpretation of BTDs in tax avoidance studies. Prior research generally treats large BTDs as bad news, while this study demonstrates that large BTDs or small TBDs can be good news because they may represent less aggressive types of tax avoidance which are less likely to facilitate insider rent extraction.

演讲人简介：

张姗姗，北京交通大学经济管理学院副教授、会计系主任。本硕博均毕业于中国人民大学商学院会计系，美国哥伦比亚大学商学院会计系访问学者。入选财政部高层次财会人才项目，获普华永道3535提名。

研究方向为会计准则、审计。主持国家自然科学基金青年项目和面上项目，作为主要参与人参与国家社会科学基金重大项目及数项其他国家级项目。在Auditing: A Journal of Practice & Theory、Journal of Corporate Finance、《经济学（季刊）》、《会计研究》等刊物录用和发表论文十余篇。承担美国公认会计原则和国际财务报告准则的译介工作，出版《国际会计准则史》等译著。

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