中文摘要：

复杂不透明的避税行为掩盖和伴生公司管理层寻租。本文从避税寻租视角，研究机构投资者持股是否影响企业避税程度，是否影响名义所得税率敏感度，机构投资者持股是否对企业避税与企业价值关联性产生增量作用。以2003—2010年深沪两市A股上市公司为研究对象，并考虑我国税收优惠政策，实证研究发现：无税收优惠的公司中，机构投资者持股越多，企业避税程度越少；较低的机构投资者持股比例降低名义所得税率的敏感度；在机构投资者持股比例高的企业中，避税才能增加企业价值。研究表明，公司治理状况影响公司税收政策的实施效果。

英文摘要：

Based on agency perspective of tax avoidance, this paper aims at analyzing how corporate governance influences corporate tax avoidance and sensitivity of income tax rate, and how corporate governance influences the relationship between tax avoidance and firm value. Using institutional holdings as proxy variable for corporate governance, first, We find that institutional holdings is significantly related with effective tax rate, the more institutional holdings are, the higher effective tax rate will he. Second, lower institutional holding decreases the sensitivity of income tax rate. These two relationships exist significantly in listed companies which are endowed preferential tax rate. Third, Only those listed companies with good corporate governance gain firm value from tax avoidance.