关键词: 产品市场势力,企业避税,股价信息含量

Abstract: Taking the A-share non-financial listed companies from 2010 to 2014 as the samples, this paper examines the relationship between product market power, tax avoidance degree and stock price informativeness. The results show that enterprises with stronger product market power are more inclined to be engaged in tax avoidance activities and have higher degree of tax avoidance. The quantile?regression indicates that the increase of product market power has stronger influence on both of the enterprises with lower and higher degrees of tax avoidance, but less influence on the enterprises positioned at the middle levels of tax avoidance. A further test finds out that the enterprise with higher degree of tax avoidance triggered by product market power can significantly improve the stock price informativeness; the stronger the product market power, the higher the stock price informativeness of the enterprise with higher tax avoidance will be. Along with the improvement of enterprise tax avoidance, the product market power will have a stronger impact on the improvement of stock price informativeness. Tax avoidance is one of the channels through which product market power can affect the stock price informativeness. The above-mentioned conclusion can not only enrich the economic results of product market power and the literatures of corporate tax avoidance, but also has important implications for the studies of collection and management activities of tax authorities and investors’ behaviors.

Key words: product market power; enterprise tax avoidance; stock price informativeness