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題名 稅賦抵減政策對公司避險決策與資本結構之影響
Impact of Statute for Upgrading Industry on hedging policy and capital structure
作者 余胤樂
貢獻者 李志宏
余胤樂
關鍵詞 避險
稅賦抵減
資本結構
日期 2016
上傳時間 20-Jul-2016 17:13:17 (UTC+8)
摘要 本篇論文欲探討之議題為，根據文獻之研究結果，說明美國企業採取避險之策略可以提升公司之舉債能量，進而有更多稅盾之效益來增加公司價值。而台灣有優惠稅賦之情況，主要可能造成之影響為，申請核准之公司實課稅率降低、有更大動機從事研發，那麼如此影響是否將與其他論文所提到之結果有所衝突，在有稅賦減免之下會不會有相左之結果產生，並檢視這樣的政策對於台灣公司之避險程度與負債結構之影響，若政策會使有稅賦抵減之公司，也就是需要投入研發、人力培養等有成長潛力的公司，能有誘因促使該類型公司維持低負債比率以及高避險程度，那麼對公司的研究與經營能有更永續發展且穩健的影響。
根據本篇論文實證之結果，在促進產業升級條例的實施下，不但使符合資格之公司有稅賦優惠之效益外，這些具有稅賦抵減之公司，和無稅賦抵減公司相比，有較低之稅盾誘因而維持低負債比率；以及因研發費用有誘因提升，伴隨之風險程度提高，而有較高之避險程度，使得這類型具有研發密集且屬於政策實行期間台灣重點之成長產業，在政策之實行下，仍對於公司之穩定發展上與永續經營有正向之影響。
參考文獻 Adam, T.R. and V.K. Goyal, 2008, The Investment Opportunity Set and Its Proxy Variables, Journal of Financial Research 31, 41–63.
Allayannis, George and Eli Ofek, 2001, Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of International Money and Finance 20, 273–296.
Allayannis, George, 1996, Exchange rate exposure revisited, Working Paper (DSWP-97-06), Darden Graduate School of Business Administration, University of Virginia.
Altman, E., 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23, 589–609.
Berkman, Henk, and Michael E. Bradbury, 1996, Empirical evidence on the corporate use of derivatives, Financial Management 25, 5–13.
Bodnar, G., Hayt, G., Marston, R., Smithson, W., 1995, Wharton survey of derivatives usage by U.S. non-financial firms. Financial Management 24, 104–115.
Booth L., Aivazian V., Demirguc-Kunt V., Maksimovic V., 2001, Capital structures in developing countries, Journal of Finance 56, 87–130.
Breeden, Douglas, and S. Viswanathan, 1998, Why do firms hedge? An asymmetric information model, Working paper, Duke University.
DeMarzo, Peter M., and Darrell Duffie, 1991, Corporate financial hedging with proprietary information, Journal of Economic Theory 53, 261–286.
Dolde, Walter, 1995, Hedging, leverage, and primitive risk, Journal of Financial Engineering 4, 187–216.
Friend I., Lang H.P., 1988, An empirical test of the impact of managerial self-interest on corporate capital structure, Journal of Finance 43, 271–281.
Froot, Kenneth A., David S. Scharfstein, and Jeremy C. Stein, 1993, Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629–1658.
Gay, Gerald D., and Jouahn Nam, 1999, The underinvestment problem and corporate derivatives use, Financial Management 27, 53–69.
Geczy C., Minton B., Schrand C., 1997, Why firms use currency derivatives, Journal of Finance 52, 1323–1354.
Graham, John R., 2002, Do firm hedge in response to tax incentives?, Journal of Finance 57, 815–839.
Guihai Huang, Frank M. Song, 2006, The determinants of capital structure: Evidence from China, China Economic Review 17,14-36.
Harris, M., & Raviv, A., 1990, Capital structure and the information role of debt, Journal of Finance 45, 321–349.
Haushalter, G. David, 2000, Financing policy, basis risk, and corporate hedging: Evidence from oil and gas producers, Journal of Finance 55, 107–152.
Kester C.W., 1986, Capital and ownership structure: a comparison of United States and Japanese corporations, Financial Management 15, 5–16.
Long, M. S., and Malitz E. B., 1983, Investment patterns and financial leverage, Working Paper, National Bureau of Economic Research.
Mian, Shehzad, 1996, Evidence on corporate hedging policy, Journal of Financial and Qualitative Analysis 31, 419–439.
Modigliani, Franco, and Merton H. Miller, 1958, The cost of capital, corporation finance and the theory of investment, American Economic Review 48, 261–297.
Murray Z. Frank and Vidhan K. Goyal, 2009, Capital structure decisions: which factors are reliably important?, Financial Management 38, 1-37.
Myers, Stewart C., 1977, Determinants of corporate borrowing, Journal of Financial Economics 5, 147–175.
Myers, Stewart C., 1984, The capital structure puzzle, Journal of Finance 39, 574-592.
Ross, Michael P., 1997, Corporate hedging: What, why and how?, Working paper, University of California, Berkeley.
Simkins, B., Laux, P., 1997, Derivatives use and the exchange rate risk of investing in large U.S. corporations, Working Paper, Case Western Reserve University.
Smith, Clifford W., Jr., and René M. Stulz, 1985, The determinants of firms hedging policies, Journal of Financial and Quantitative Analysis 20, 391–405.
Stanley B. Block and Timothy J. Gallagher, 1986, The Use of Interest Rate Futures and Options by Corporate Financial Managers, Financial Management 15, 73-78.
Tufano, Peter, 1996, Who manages risk? An empirical examination of risk management practices in the gold mining industry, Journal of Finance 51, 1097–1137.
Wald J.K., 1999,How firm characteristics affect capital structure: An international comparison, Journal of Financial Research 22,161–187.
Wayne Guay, S.P Kothari, 2003, How much do firms hedge with derivatives?, Journal of Financial Economics 70, 423-461.
Williamson, O.,1988, Corporate finance and corporate governance, Journal of Finance 43, 567– 591.
Williamson, S., 1981, The Moral Hazard Theory of Corporate Financial Structure: An Empirical Test, Unpublished Ph.D. Dissertation, MIT.
描述 碩士
國立政治大學
財務管理研究所
103357002
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1033570021
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.author (Authors) 余胤樂zh_TW
dc.creator (作者) 余胤樂zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 20-Jul-2016 17:13:17 (UTC+8)-
dc.date.available 20-Jul-2016 17:13:17 (UTC+8)-
dc.date.issued (上傳時間) 20-Jul-2016 17:13:17 (UTC+8)-
dc.identifier (Other Identifiers) G1033570021en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99331-
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) 103357002zh_TW
dc.description.abstract (摘要) 本篇論文欲探討之議題為，根據文獻之研究結果，說明美國企業採取避險之策略可以提升公司之舉債能量，進而有更多稅盾之效益來增加公司價值。而台灣有優惠稅賦之情況，主要可能造成之影響為，申請核准之公司實課稅率降低、有更大動機從事研發，那麼如此影響是否將與其他論文所提到之結果有所衝突，在有稅賦減免之下會不會有相左之結果產生，並檢視這樣的政策對於台灣公司之避險程度與負債結構之影響，若政策會使有稅賦抵減之公司，也就是需要投入研發、人力培養等有成長潛力的公司，能有誘因促使該類型公司維持低負債比率以及高避險程度，那麼對公司的研究與經營能有更永續發展且穩健的影響。
根據本篇論文實證之結果，在促進產業升級條例的實施下，不但使符合資格之公司有稅賦優惠之效益外，這些具有稅賦抵減之公司，和無稅賦抵減公司相比，有較低之稅盾誘因而維持低負債比率；以及因研發費用有誘因提升，伴隨之風險程度提高，而有較高之避險程度，使得這類型具有研發密集且屬於政策實行期間台灣重點之成長產業，在政策之實行下，仍對於公司之穩定發展上與永續經營有正向之影響。		zh_TW
dc.description.tableofcontents 摘要 III
英文摘要 IV
目錄 V
表目錄 VII
圖目錄 VII
第一章 緒論 1
第一節 研究背景與目的 1
第二節 研究架構 4
第二章 迴歸模型因子及台灣優惠稅制相關文獻探討 5
第一節 學理上公司避險相關之控制變數探討 5
第二節 學理上公司負債比率相關之控制變數探討 9
第三節 台灣優惠稅制介紹 14
第四節 研究假說及預期 20
第三章 研究方法 23
第一節 避險程度相關之因子與TOBIT迴歸模型 24
第二節 負債比率相關之因子與OLS迴歸模型 27
第三節 兩階段迴歸模型 28
第四章 實證分析 29
第一節 資料敘述 29
第二節 實證結果及分析 33
第五章 結論與建議 41
參考文獻 44		zh_TW
dc.format.extent 3934149 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1033570021en_US
dc.subject (關鍵詞) 避險zh_TW
dc.subject (關鍵詞) 稅賦抵減zh_TW
dc.subject (關鍵詞) 資本結構zh_TW
dc.title (題名) 稅賦抵減政策對公司避險決策與資本結構之影響zh_TW
dc.title (題名) Impact of Statute for Upgrading Industry on hedging policy and capital structureen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Adam, T.R. and V.K. Goyal, 2008, The Investment Opportunity Set and Its Proxy Variables, Journal of Financial Research 31, 41–63.
Allayannis, George and Eli Ofek, 2001, Exchange rate exposure, hedging, and the use of foreign currency derivatives, Journal of International Money and Finance 20, 273–296.
Allayannis, George, 1996, Exchange rate exposure revisited, Working Paper (DSWP-97-06), Darden Graduate School of Business Administration, University of Virginia.
Altman, E., 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23, 589–609.
Berkman, Henk, and Michael E. Bradbury, 1996, Empirical evidence on the corporate use of derivatives, Financial Management 25, 5–13.
Bodnar, G., Hayt, G., Marston, R., Smithson, W., 1995, Wharton survey of derivatives usage by U.S. non-financial firms. Financial Management 24, 104–115.
Booth L., Aivazian V., Demirguc-Kunt V., Maksimovic V., 2001, Capital structures in developing countries, Journal of Finance 56, 87–130.
Breeden, Douglas, and S. Viswanathan, 1998, Why do firms hedge? An asymmetric information model, Working paper, Duke University.
DeMarzo, Peter M., and Darrell Duffie, 1991, Corporate financial hedging with proprietary information, Journal of Economic Theory 53, 261–286.
Dolde, Walter, 1995, Hedging, leverage, and primitive risk, Journal of Financial Engineering 4, 187–216.
Friend I., Lang H.P., 1988, An empirical test of the impact of managerial self-interest on corporate capital structure, Journal of Finance 43, 271–281.
Froot, Kenneth A., David S. Scharfstein, and Jeremy C. Stein, 1993, Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, 1629–1658.
Gay, Gerald D., and Jouahn Nam, 1999, The underinvestment problem and corporate derivatives use, Financial Management 27, 53–69.
Geczy C., Minton B., Schrand C., 1997, Why firms use currency derivatives, Journal of Finance 52, 1323–1354.
Graham, John R., 2002, Do firm hedge in response to tax incentives?, Journal of Finance 57, 815–839.
Guihai Huang, Frank M. Song, 2006, The determinants of capital structure: Evidence from China, China Economic Review 17,14-36.
Harris, M., & Raviv, A., 1990, Capital structure and the information role of debt, Journal of Finance 45, 321–349.
Haushalter, G. David, 2000, Financing policy, basis risk, and corporate hedging: Evidence from oil and gas producers, Journal of Finance 55, 107–152.
Kester C.W., 1986, Capital and ownership structure: a comparison of United States and Japanese corporations, Financial Management 15, 5–16.
Long, M. S., and Malitz E. B., 1983, Investment patterns and financial leverage, Working Paper, National Bureau of Economic Research.
Mian, Shehzad, 1996, Evidence on corporate hedging policy, Journal of Financial and Qualitative Analysis 31, 419–439.
Modigliani, Franco, and Merton H. Miller, 1958, The cost of capital, corporation finance and the theory of investment, American Economic Review 48, 261–297.
Murray Z. Frank and Vidhan K. Goyal, 2009, Capital structure decisions: which factors are reliably important?, Financial Management 38, 1-37.
Myers, Stewart C., 1977, Determinants of corporate borrowing, Journal of Financial Economics 5, 147–175.
Myers, Stewart C., 1984, The capital structure puzzle, Journal of Finance 39, 574-592.
Ross, Michael P., 1997, Corporate hedging: What, why and how?, Working paper, University of California, Berkeley.
Simkins, B., Laux, P., 1997, Derivatives use and the exchange rate risk of investing in large U.S. corporations, Working Paper, Case Western Reserve University.
Smith, Clifford W., Jr., and René M. Stulz, 1985, The determinants of firms hedging policies, Journal of Financial and Quantitative Analysis 20, 391–405.
Stanley B. Block and Timothy J. Gallagher, 1986, The Use of Interest Rate Futures and Options by Corporate Financial Managers, Financial Management 15, 73-78.
Tufano, Peter, 1996, Who manages risk? An empirical examination of risk management practices in the gold mining industry, Journal of Finance 51, 1097–1137.
Wald J.K., 1999,How firm characteristics affect capital structure: An international comparison, Journal of Financial Research 22,161–187.
Wayne Guay, S.P Kothari, 2003, How much do firms hedge with derivatives?, Journal of Financial Economics 70, 423-461.
Williamson, O.,1988, Corporate finance and corporate governance, Journal of Finance 43, 567– 591.
Williamson, S., 1981, The Moral Hazard Theory of Corporate Financial Structure: An Empirical Test, Unpublished Ph.D. Dissertation, MIT.		zh_TW