摘要
范其运作，引导其树立长期投资和价值投资理念。
本文的贡献点：第一，丰富了关于战略差异与避税之间作用机制的相关研究。
对于上述二者的关系，学者们聚焦于研究他们之间的线性关系，且结论统一，本文
验证了二者之间存在的倒 U 型关系，解释了战略对企业避税更复杂的影响效应，
丰富了该领域的研究。第二，验证了机构投资者在战略差异度对企业避税程度的倒
U型影响中存在调节作用，展现了机构投资者的两面性，由此丰富了市场关于机构
投资者的认识。
关键词：战略差异度 避税 机构投资者 倒 U型
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四川师范大学硕士学位论文
The Inverted U-shaped Effect of Strategic Deviation on Tax
Avoidance
—— The Moderating Effect of Institutional Investors
Major: Business Administration
Postgraduate Liu Min
Supervisor Kuang Xianhui
Abstract ：Enterprise income tax is a significant source of national financial
revenue, but the taxes directly reduce the net profit and cash flow of enterprises, so
enterprises will try to avoid tax. Meanwhile, under competition within industry, company
tends to adopt strategy that deviate from the conventions of the industry in order to obtain
competitive advantage. Company strategic deviation often indicates the enterprise's risk
preference and risk tolerance, and tax avoidance is a high-risk and high-yield behavior.
So the two have a close connection, and it is so meaningful to explore the interaction
mechanism between them. At present, the research on strategic deviation and tax
avoidance focuses on the linear relationship between them. Combined with the
governance role and profit seeking of institutional investors, this paper will focus on the
inverted U-shaped relationship between strategic deviation and tax avoidance.
Taking the data of A-share listed enterprises from 2014 to 2020 as a sample, this
paper explores the relationship between strategic deviation and enterprise tax avoidance.
Firstly, based on the strategic resource-based theory, information asymmetry theory,
principal-agent theory and prospect theory, combined with the combing and induction of
the literature in the two fields of strategic deviation and enterprise tax avoidance, this
paper builds a framework and puts forward the hypothesis through logical deduction and
theoretical derivation. Secondly, by constructing key variables and regression model, this
paper uses Stata15.0 to verify the inverted U-shaped relationship between strategic
deviation and tax avoidance, and further test the regulatory role of institutional investors;
Finally, the heterogeneity test is carried out based on the industry competition and the
separation of shareholders and management, and the robustness of the conclusion is
verified by the substitution variable method. The results: (1) the impact of strategic
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Abstract
deviation on the degree of tax avoidance of enterprises presents an inverted U-shape, that
is, the degree of tax avoidance will increase and then decrease with the raise of strategic
deviation; (2) The combination of institutional investors' governance function and profit
seeking will weaken the inverted U-shaped relationship between strategic deviation and
tax avoidance; (3) In the case of fierce industry competition or separation of two jobs,
there is a significant correlation between the degree of strategic deviation and the degree
of tax avoidance. To sum up, there are suggestions: (1) Enterprises should carefully
consider the improvement of strategic deviation, formulate complete plans to resist
potential risks and promote the implementation of strategies. Continuously optimize the
ownership structure and promote institutional investors to actively participate in corporate
governance. Formulate a reasonable incentive plan for senior executives to reduce the
opportunistic motivation of management. (2) Regulators can supervise enterprises
differently through strategic deviation and put forward different tax reduction
countermeasures for various industries and further promote the implementation. While
encouraging the development of institutional investors, regulators also need to
standardize their operation and guide them to establish the concept of long-term
investment and value investment.
The contributions of this paper are as follows. Firstly, it enriches the relevant
research on the mechanism between strategic deviation and tax avoidance. For the
connection of them, scholars focus on the linear relationship, and the conclusions are
unified. This paper verifies the inverted U-shaped relationship between them, explains
the more complex impact of strategy on enterprise tax avoidance, and enriches the
research in this field. Secondly, it verifies that institutional investors play a regulatory
role in the inverted U-shaped impact of strategic deviation on enterprise tax avoidance,
showing the two sides of institutional investors, which enriches the market's
understanding of institutional investors.
Key words: Strategic deviation，Tax avoidance，Institutional investor，Inverted
U-shaped
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