مجلة دراسات جبائية
Volume 15, Numéro 1, Pages 73-86
2026-07-18

Financial Performance And Tax Planning In Chinese High-tech Firms: Dupont And Ardl Evidence



Authors : Zanouda Imane . Abbassi Saber .

Abstract

This research investigates how tax planning practices influence the financial performance of Chinese High and New Technology Enterprises (HNTEs), with particular emphasis on the BATH firms: Baidu, Alibaba, Tencent, and Huawei, over the period 2008-2023. The study employs a quantitative framework using annual financial statement data analyzed through the Autoregressive Distributed Lag (ARDL) methodology in EViews 12. Tax planning behavior is proxied by the Cash Effective Tax Rate (CETR), while corporate financial performance is evaluated through three DuPont indicators: Net Profit Margin, Asset Turnover, and Equity Multiplier. Empirical findings indicate that intangible assets constitute a major channel of tax planning in the long term, whereas short-run dynamics are more associated with amortization-related strategies. The ARDL estimation confirms the presence of a stable long-run relationship among the variables. In addition, Net Profit Margin and Asset Turnover exhibit statistically significant positive effects on CETR. The findings further suggest that tax planning contributes not only to improving corporate profitability but also to supporting long-term business sustainability through innovation financing, governance reinforcement, and strategic reinvestment. The study offers useful implications for both corporate decision-makers and policymakers seeking to balance fiscal optimization with sustainable economic objectives.

Keywords

financial performance ; tax planning ; DuPont equation ; high-tech enterprises ; ARDL Model ; China

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