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題名 企業避稅與併購
Corporate Tax Avoidance and Acquisitions
作者 黃雅雯
貢獻者 陳嬿如
Chen, Yenn Ru
黃雅雯
關鍵詞 避稅
併購
Tax avoidance
Acquisitions
日期 2017
上傳時間 13-Sep-2017 14:14:44 (UTC+8)
摘要 本研究使用代理人問題來解釋企業避稅對於公司購併決策的影響。我們以不同方法來衡量公司是否有避稅的行為。當企業進行避稅，經理人會有謀取公司資源/利益行為(Managerial rent diversion)的存在。公司存在代理人問題，我們從中探討是否會影響公司進行購併的決策，實證結果發現企業避稅對於公司的購併為負相關，原因為公司經理人有謀取利益行為而導致資訊不透明，經理人不願意揭露更多資訊給外部人，因而避免進行購併活動，此外，文獻指出市場對於避稅會給予折價，進而導致公司減少購併行為。藉由將樣本區分成最積極避稅的公司及最不積極避稅的公司，去觀察兩組樣本的平均累積異常報酬是否有顯著差異，實證結果顯示積極避稅公司相較於不積極避稅公司，兩組樣本的宣告效果有顯著的差異，實證結果顯示，市場投資人對於積極避稅公司給予負面宣告效果，原因來自當公司存在經理人自利行為，經理人所進行的購併為價值減損的活動，市場對於企業避稅的宣告效果為顯著負面反應，顯示避稅對於公司購併活動，市場給予較負面的宣告效果。
In this paper, we examine the effect of tax avoidance on corporate acquisition decision through agency cost perspective. Prior researches have shown that corporate tax aggressive is positively related to managerial rent diversion. Once managers have rent diversion behaviors, they are supposedly unwilling to disclose extra firms’ information to outside investors. Managers are presumed unwilling to incur external monitors when firms with agency problems. Firms with information opacity, outside investors have highly potential to discount firms’ stock prices. Under the circumstance, managers tend to engage less acquisitions. The results show that the most aggressive tax avoidance firms have significant lower CAR than the lowest tax avoidance firms. Since managers with resource diversion behavior are more likely to engage value decreasing acquisitions. The empirical result show that firms with tax avoidance have negative announcement effect on firms’ bidding activities.
參考文獻 Amihud, Yakov, and Baruch Lev. "Risk reduction as a managerial motive for conglomerate mergers." The bell journal of economics (1981): 605-617.
Auerbach, Alan J, and David Reishus. 1987. `The impact of taxation on mergers andacquisitions.` in, Mergers and acquisitions (University of Chicago Press).
Auerbach, Alan J., and David Reishus. 1988 "The effects of taxation on the merger decision." Corporate takeovers: Causes and consequences. University of Chicago Press, 1988. 157-190.
Almazan, Andres, et al. "Financial structure, acquisition opportunities, and firm locations." The Journal of Finance 65.2 (2010): 529-563.
Allingham, Michael G., and Agnar Sandmo. "Income tax evasion: A theoretical analysis." Journal of public economics 1.3-4 (1972): 323-338.
Becker, J., & Fuest, C. (2010). Taxing foreign profits with international mergers and acquisitions. International Economic Review, 51(1), 171-186.
Belz, Thomas, et al. "Tax avoidance as a driver of mergers and acquisitions." (2013).
Cai, Jie, and Anand M. Vijh. "Incentive effects of stock and option holdings of target and acquirer CEOs." The Journal of Finance 62.4 (2007): 1891-1933.
Chen, Shuping, et al. "Are family firms more tax aggressive than non-family firms?" Journal of Financial Economics" 95.1 (2010): 41-61.
Crocker, Keith J., and Joel Slemrod. "Corporate tax evasion with agency costs." Journal of Public Economics 89.9 (2005): 1593-1610.
Chen, K.-P., Chu, C., 2005. Internal control vs. external manipulation: A model of corporate income tax evasion. RAND Journal of Economics 36, 151–164.
Caprio, Lorenzo, Ettore Croci, and Alfonso Del Giudice. "Ownership structure, family control, and acquisition decisions." Journal of Corporate Finance 17.5 (2011): 1636-1657.
Denis, David J., Diane K. Denis, and Atulya Sarin. "Agency problems, equity ownership, and corporate diversification." The Journal of Finance 52.1 (1997): 135-160.
Dhow, Patricia M, Richard G Sloan, and Amy P Sweeney. 1995. `Detecting earnings management`, Accounting review: 193-225.
Desai, Mihir A., and James R. Hines Jr. "Evaluating international tax reform." National Tax Journal (2003): 487-502.
Desai, Mihir A. "The degradation of reported corporate profits." The Journal of Economic Perspectives 19.4 (2005): 171-192.
Desai, Mihir A., and Dhammika Dharmapala. "Corporate tax avoidance and high-powered incentives." Journal of Financial Economics 79.1 (2006): 145-179.
Dyreng, Scott D., Michelle Hanlon, and Edward L. Maydew. "Long-run corporate tax avoidance." The Accounting Review 83.1 (2008): 61-82.
Desai, Mihir A., and Dhammika Dharmapala. "Corporate tax avoidance and firm value." The review of Economics and Statistics 91.3 (2009): 537-546.
Foley, C. Fritz, et al. "Why do firms hold so much cash? A tax-based explanation." Journal of Financial Economics 86.3 (2007): 579-607.
Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller. "What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions." The Journal of Finance 57.4 (2002): 1763-1793.
Flannery, Mark J., and Kasturi P. Rangan. "Partial adjustment toward target capital structures." Journal of financial economics 79.3 (2006): 469-506.
Frank, Mary Margaret, Luann J. Lynch, and Sonja Olhoft Rego. "Tax reporting aggressiveness and its relation to aggressive financial reporting." The Accounting Review 84.2 (2009): 467-496.
Gort, Michael. "An economic disturbance theory of mergers." The Quarterly Journal of Economics (1969): 624-642.
Graham, John R. "Proxies for the corporate marginal tax rate." Journal of Financial Economics 42.2 (1996): 187-221.
Graham, John R., and Alan L. Tucker. "Tax shelters and corporate debt policy." Journal of Financial Economics 81.3 (2006): 563-594.
Gupta, Sanjay, and Kaye Newberry. "Corporate average effective tax rates after the Tax Reform Act of 1986." Tax Notes 55.5 (1992): 689-702.
Gupta, Sanjay, and Kaye Newberry. "Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data." Journal of Accounting and Public Policy 16.1 (1997): 1-34.
Hovakimian, Armen, Tim Opler, and Sheridan Titman. "The debt-equity choice." Journal of Financial and Quantitative analysis 36.1 (2001): 1-24.
Harford, Jarrad. "What drives merger waves ? " Journal of financial economics 77.3 (2005): 529-560.
Hanlon, Michelle, and Shane Heitzman. "A review of tax research." Journal of Accounting and Economics 50.2 (2010): 127-178.
Healy, Paul M. "The effect of bonus schemes on accounting decisions." Journal of accounting and economics 7.1-3 (1985): 85-107.
Harford, Jarrad. "Corporate cash reserves and acquisitions." The Journal of Finance 54.6 (1999): 1969-1997.
Harford, Jarrad, and Vahap B. Uysal. "Bond market access and investment." Journal of Financial Economics 112.2 (2014): 147-163.
Hanlon, Michelle. "The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences." The accounting review 80.1 (2005): 137-166.
Hanlon, Michelle, and Joel Slemrod. "What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement." Journal of Public Economics 93.1 (2009): 126-141.
Hanlon, Michelle, and Shane Heitzman. "A review of tax research." Journal of Accounting and Economics 50.2 (2010): 127-178.
Hayn, Carla. "Tax attributes as determinants of shareholder gains in corporate acquisitions." Journal of Financial Economics 23.1 (1989): 121-153.
Jensen, Michael C., and William H. Meckling. "Theory of the firm: Managerial behavior, agency costs and ownership structure." Journal of financial economics 3.4 (1976): 305-360.
Jensen, Michael C. "Agency costs of free cash flow, corporate finance, and takeovers." The American economic review 76.2 (1986): 323-329.
Jones, Jennifer J. "Earnings management during import relief investigations." Journal of accounting research (1991): 193-228.
Kothari, Sagar P, Andrew J Leone, and Charles E Wasley. 2005. `Performance matched discretionary accrual measures`, Journal of accounting and economics, 39: 163-97.
Kim, Jeong-Bon, Yinghua Li, and Liandong Zhang. "Corporate tax avoidance and stock price crash risk: Firm-level analysis." Journal of Financial Economics100.3 (2011): 639-662.
Lim, Youngdeok. "Tax avoidance, cost of debt and shareholder activism: Evidence from Korea." Journal of Banking & Finance 35.2 (2011): 456-470.
Lev, Baruch, and Doron Nissim. "Taxable income, future earnings, and equity values." The Accounting Review 79.4 (2004): 1039-1074.
Manzon Jr, Gil B., and George A. Plesko. "The relation between financial and tax reporting measures of income." Tax L. Rev. 55 (2001): 175.
Mitchell, Mark L., and J. Harold Mulherin. "The impact of industry shocks on takeover and restructuring activity." Journal of financial economics 41.2 (1996): 193-229.
Moeller, Sara B., Frederik P. Schlingemann, and René M. Stulz. "Firm size and the gains from acquisitions." Journal of Financial Economics 73.2 (2004): 201-228.
Ohlson, James A., and Pawel Bilinski. "Risk versus anomaly: A new methodology applied to accruals." The Accounting Review 90.5 (2014): 2057-2077.
Rajan, Raghuram G., and Luigi Zingales. "What do we know about capital structure? Some evidence from international data." The journal of Finance 50.5 (1995): 1421-1460.
Roll, Richard. "The hubris hypothesis of corporate takeovers." Journal of business (1986): 197-216.
Reese, William A., and Michael S. Weisbach. "Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings." Journal of financial economics 66.1 (2002): 65-104.
Rhodes,Kropf, Matthew, and Steven Viswanathan. "Market valuation and merger waves." The Journal of Finance 59.6 (2004): 2685-2718.
Stickney, Clyde P., and Victor E. McGee. "Effective corporate tax rates the effect of size, capital intensity, leverage, and other factors." Journal of accounting and public policy 1.2 (1982): 125-152.
Shleifer, Andrei, and Robert W. Vishny. "Stock market driven acquisitions." Journal of financial Economics 70.3 (2003): 295-311.
Slemrod, Joel. The economics of corporate tax selfishness. No. w10858. National Bureau of Economic Research, 2004.
Slemrod, Joel, and Shlomo Yitzhaki. "Tax avoidance, evasion, and administration." Handbook of public economics 3 (2002): 1423-1470.
Weisbach, D., 2002. Ten truths about tax shelters, 55 Tax L. Rev. 215.
描述 碩士
國立政治大學
財務管理研究所
104357020
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357020
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn Ruen_US
dc.contributor.author (Authors) 黃雅雯zh_TW
dc.creator (作者) 黃雅雯zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 13-Sep-2017 14:14:44 (UTC+8)-
dc.date.available 13-Sep-2017 14:14:44 (UTC+8)-
dc.date.issued (上傳時間) 13-Sep-2017 14:14:44 (UTC+8)-
dc.identifier (Other Identifiers) G0104357020en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112621-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 104357020zh_TW
dc.description.abstract (摘要) 本研究使用代理人問題來解釋企業避稅對於公司購併決策的影響。我們以不同方法來衡量公司是否有避稅的行為。當企業進行避稅，經理人會有謀取公司資源/利益行為(Managerial rent diversion)的存在。公司存在代理人問題，我們從中探討是否會影響公司進行購併的決策，實證結果發現企業避稅對於公司的購併為負相關，原因為公司經理人有謀取利益行為而導致資訊不透明，經理人不願意揭露更多資訊給外部人，因而避免進行購併活動，此外，文獻指出市場對於避稅會給予折價，進而導致公司減少購併行為。藉由將樣本區分成最積極避稅的公司及最不積極避稅的公司，去觀察兩組樣本的平均累積異常報酬是否有顯著差異，實證結果顯示積極避稅公司相較於不積極避稅公司，兩組樣本的宣告效果有顯著的差異，實證結果顯示，市場投資人對於積極避稅公司給予負面宣告效果，原因來自當公司存在經理人自利行為，經理人所進行的購併為價值減損的活動，市場對於企業避稅的宣告效果為顯著負面反應，顯示避稅對於公司購併活動，市場給予較負面的宣告效果。zh_TW
dc.description.abstract (摘要) In this paper, we examine the effect of tax avoidance on corporate acquisition decision through agency cost perspective. Prior researches have shown that corporate tax aggressive is positively related to managerial rent diversion. Once managers have rent diversion behaviors, they are supposedly unwilling to disclose extra firms’ information to outside investors. Managers are presumed unwilling to incur external monitors when firms with agency problems. Firms with information opacity, outside investors have highly potential to discount firms’ stock prices. Under the circumstance, managers tend to engage less acquisitions. The results show that the most aggressive tax avoidance firms have significant lower CAR than the lowest tax avoidance firms. Since managers with resource diversion behavior are more likely to engage value decreasing acquisitions. The empirical result show that firms with tax avoidance have negative announcement effect on firms’ bidding activities.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature and Hypothesis 7
2.1 Tax avoidance 7
2.2 Aggressive tax avoidance and legality 7
2.3 Tax avoidance measurement 8
2.4 Tax avoidance theory and agency problem 9
2.5 Merger and acquisition 10
2.6 Merger and acquisition and agency problem 11
3. Empirical Analyses 13
3.1Data and Sample 13
3.2Design of empirical model 14
3.3 Tax avoidance measurement 16
3.3.1 Effective tax rate 16
3.3.2 Permanent Book-tax difference 16
3.3.3 Residual permanent book-tax difference 17
3.3.4 Discretionary accruals – Jones Model, Modified Jones Model and Performance adjusted Modified Jones Model 20
3.4 Control variables and Instrumental variables 22
4. Empirical Results 25
5. Conclusion 28
Reference 29		zh_TW
dc.format.extent 738342 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357020en_US
dc.subject (關鍵詞) 避稅zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Acquisitionsen_US
dc.title (題名) 企業避稅與併購zh_TW
dc.title (題名) Corporate Tax Avoidance and Acquisitionsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Amihud, Yakov, and Baruch Lev. "Risk reduction as a managerial motive for conglomerate mergers." The bell journal of economics (1981): 605-617.
Auerbach, Alan J, and David Reishus. 1987. `The impact of taxation on mergers andacquisitions.` in, Mergers and acquisitions (University of Chicago Press).
Auerbach, Alan J., and David Reishus. 1988 "The effects of taxation on the merger decision." Corporate takeovers: Causes and consequences. University of Chicago Press, 1988. 157-190.
Almazan, Andres, et al. "Financial structure, acquisition opportunities, and firm locations." The Journal of Finance 65.2 (2010): 529-563.
Allingham, Michael G., and Agnar Sandmo. "Income tax evasion: A theoretical analysis." Journal of public economics 1.3-4 (1972): 323-338.
Becker, J., & Fuest, C. (2010). Taxing foreign profits with international mergers and acquisitions. International Economic Review, 51(1), 171-186.
Belz, Thomas, et al. "Tax avoidance as a driver of mergers and acquisitions." (2013).
Cai, Jie, and Anand M. Vijh. "Incentive effects of stock and option holdings of target and acquirer CEOs." The Journal of Finance 62.4 (2007): 1891-1933.
Chen, Shuping, et al. "Are family firms more tax aggressive than non-family firms?" Journal of Financial Economics" 95.1 (2010): 41-61.
Crocker, Keith J., and Joel Slemrod. "Corporate tax evasion with agency costs." Journal of Public Economics 89.9 (2005): 1593-1610.
Chen, K.-P., Chu, C., 2005. Internal control vs. external manipulation: A model of corporate income tax evasion. RAND Journal of Economics 36, 151–164.
Caprio, Lorenzo, Ettore Croci, and Alfonso Del Giudice. "Ownership structure, family control, and acquisition decisions." Journal of Corporate Finance 17.5 (2011): 1636-1657.
Denis, David J., Diane K. Denis, and Atulya Sarin. "Agency problems, equity ownership, and corporate diversification." The Journal of Finance 52.1 (1997): 135-160.
Dhow, Patricia M, Richard G Sloan, and Amy P Sweeney. 1995. `Detecting earnings management`, Accounting review: 193-225.
Desai, Mihir A., and James R. Hines Jr. "Evaluating international tax reform." National Tax Journal (2003): 487-502.
Desai, Mihir A. "The degradation of reported corporate profits." The Journal of Economic Perspectives 19.4 (2005): 171-192.
Desai, Mihir A., and Dhammika Dharmapala. "Corporate tax avoidance and high-powered incentives." Journal of Financial Economics 79.1 (2006): 145-179.
Dyreng, Scott D., Michelle Hanlon, and Edward L. Maydew. "Long-run corporate tax avoidance." The Accounting Review 83.1 (2008): 61-82.
Desai, Mihir A., and Dhammika Dharmapala. "Corporate tax avoidance and firm value." The review of Economics and Statistics 91.3 (2009): 537-546.
Foley, C. Fritz, et al. "Why do firms hold so much cash? A tax-based explanation." Journal of Financial Economics 86.3 (2007): 579-607.
Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller. "What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions." The Journal of Finance 57.4 (2002): 1763-1793.
Flannery, Mark J., and Kasturi P. Rangan. "Partial adjustment toward target capital structures." Journal of financial economics 79.3 (2006): 469-506.
Frank, Mary Margaret, Luann J. Lynch, and Sonja Olhoft Rego. "Tax reporting aggressiveness and its relation to aggressive financial reporting." The Accounting Review 84.2 (2009): 467-496.
Gort, Michael. "An economic disturbance theory of mergers." The Quarterly Journal of Economics (1969): 624-642.
Graham, John R. "Proxies for the corporate marginal tax rate." Journal of Financial Economics 42.2 (1996): 187-221.
Graham, John R., and Alan L. Tucker. "Tax shelters and corporate debt policy." Journal of Financial Economics 81.3 (2006): 563-594.
Gupta, Sanjay, and Kaye Newberry. "Corporate average effective tax rates after the Tax Reform Act of 1986." Tax Notes 55.5 (1992): 689-702.
Gupta, Sanjay, and Kaye Newberry. "Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data." Journal of Accounting and Public Policy 16.1 (1997): 1-34.
Hovakimian, Armen, Tim Opler, and Sheridan Titman. "The debt-equity choice." Journal of Financial and Quantitative analysis 36.1 (2001): 1-24.
Harford, Jarrad. "What drives merger waves ? " Journal of financial economics 77.3 (2005): 529-560.
Hanlon, Michelle, and Shane Heitzman. "A review of tax research." Journal of Accounting and Economics 50.2 (2010): 127-178.
Healy, Paul M. "The effect of bonus schemes on accounting decisions." Journal of accounting and economics 7.1-3 (1985): 85-107.
Harford, Jarrad. "Corporate cash reserves and acquisitions." The Journal of Finance 54.6 (1999): 1969-1997.
Harford, Jarrad, and Vahap B. Uysal. "Bond market access and investment." Journal of Financial Economics 112.2 (2014): 147-163.
Hanlon, Michelle. "The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences." The accounting review 80.1 (2005): 137-166.
Hanlon, Michelle, and Joel Slemrod. "What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement." Journal of Public Economics 93.1 (2009): 126-141.
Hanlon, Michelle, and Shane Heitzman. "A review of tax research." Journal of Accounting and Economics 50.2 (2010): 127-178.
Hayn, Carla. "Tax attributes as determinants of shareholder gains in corporate acquisitions." Journal of Financial Economics 23.1 (1989): 121-153.
Jensen, Michael C., and William H. Meckling. "Theory of the firm: Managerial behavior, agency costs and ownership structure." Journal of financial economics 3.4 (1976): 305-360.
Jensen, Michael C. "Agency costs of free cash flow, corporate finance, and takeovers." The American economic review 76.2 (1986): 323-329.
Jones, Jennifer J. "Earnings management during import relief investigations." Journal of accounting research (1991): 193-228.
Kothari, Sagar P, Andrew J Leone, and Charles E Wasley. 2005. `Performance matched discretionary accrual measures`, Journal of accounting and economics, 39: 163-97.
Kim, Jeong-Bon, Yinghua Li, and Liandong Zhang. "Corporate tax avoidance and stock price crash risk: Firm-level analysis." Journal of Financial Economics100.3 (2011): 639-662.
Lim, Youngdeok. "Tax avoidance, cost of debt and shareholder activism: Evidence from Korea." Journal of Banking & Finance 35.2 (2011): 456-470.
Lev, Baruch, and Doron Nissim. "Taxable income, future earnings, and equity values." The Accounting Review 79.4 (2004): 1039-1074.
Manzon Jr, Gil B., and George A. Plesko. "The relation between financial and tax reporting measures of income." Tax L. Rev. 55 (2001): 175.
Mitchell, Mark L., and J. Harold Mulherin. "The impact of industry shocks on takeover and restructuring activity." Journal of financial economics 41.2 (1996): 193-229.
Moeller, Sara B., Frederik P. Schlingemann, and René M. Stulz. "Firm size and the gains from acquisitions." Journal of Financial Economics 73.2 (2004): 201-228.
Ohlson, James A., and Pawel Bilinski. "Risk versus anomaly: A new methodology applied to accruals." The Accounting Review 90.5 (2014): 2057-2077.
Rajan, Raghuram G., and Luigi Zingales. "What do we know about capital structure? Some evidence from international data." The journal of Finance 50.5 (1995): 1421-1460.
Roll, Richard. "The hubris hypothesis of corporate takeovers." Journal of business (1986): 197-216.
Reese, William A., and Michael S. Weisbach. "Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings." Journal of financial economics 66.1 (2002): 65-104.
Rhodes,Kropf, Matthew, and Steven Viswanathan. "Market valuation and merger waves." The Journal of Finance 59.6 (2004): 2685-2718.
Stickney, Clyde P., and Victor E. McGee. "Effective corporate tax rates the effect of size, capital intensity, leverage, and other factors." Journal of accounting and public policy 1.2 (1982): 125-152.
Shleifer, Andrei, and Robert W. Vishny. "Stock market driven acquisitions." Journal of financial Economics 70.3 (2003): 295-311.
Slemrod, Joel. The economics of corporate tax selfishness. No. w10858. National Bureau of Economic Research, 2004.
Slemrod, Joel, and Shlomo Yitzhaki. "Tax avoidance, evasion, and administration." Handbook of public economics 3 (2002): 1423-1470.
Weisbach, D., 2002. Ten truths about tax shelters, 55 Tax L. Rev. 215.		zh_TW