Tax Avoidance, Large Positive Book-Tax Differences and Earnings Persistence
Tax Avoidance, Large Positive Book-Tax Differences and Earnings Persistence
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避税、巨大的账面税差和盈利持续性
DOI：
10.2139/ssrn.1524298
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
R. Wilson
中科院分区：
文献类型：
--
作者：
Bradley S. Blaylock;T. Shevlin;R. Wilson
我们调查了为什么账面税临时差异似乎是盈余持续性的有用信号。我们认为，巨大的账面税收正差异有多种潜在来源，并根据这些差异的来源，研究了巨大的账面税收正差异对收益和应计持续性的不同影响。我们预期并观察到，与其他帐面税差异较大的公司相比，由于避税而产生的帐面税差异较大的公司表现出更强的应计应计持续性。我们还预期并观察到，与其他帐面税差异较大的公司相比，帐面税差异较大的公司表现出较低的盈余和应计项目持续性，这可能是由向上的盈余管理引起的。此外，我们提供的证据表明，投资者能够通过巨大的正账面税收差异的来源，使他们能够正确地定价应计项目的持久性。总之，我们的结果说明了在将账面税收差异用作盈余质量信号时考虑其来源的重要性。
We investigate why book-tax temporary differences appear to serve as a useful signal of earnings persistence. We maintain that there are multiple potential sources of large positive book-tax differences and examine the differing implications of large positive book-tax differences for earnings and accruals persistence depending on the source of those differences. We expect and observe that firms with large positive book-tax differences likely arising from tax avoidance exhibit greater accruals persistence than other firms with large positive book-tax differences. We also expect and observe that firms with large positive book-tax differences likely arising from upward earnings management exhibit lower earnings and accruals persistence than other firms with large positive book-tax differences. Further, we provide evidence that investors are able to look through to the source of large positive book-tax differences allowing them to correctly price the persistence of accruals. Together, our results illustrate the importance of considering the source of book-tax differences when using them as a signal of earnings quality.