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題名 企業租稅規避與利益輸送
Corporate tax avoidance and tunneling作者 黃暐翔 貢獻者 何怡澄<br>郭振雄
黃暐翔關鍵詞 租稅規避
利益輸送
企業市值
Tax avoidance
Tunneling
Firm value日期 2017 上傳時間 24-Jul-2017 12:00:07 (UTC+8) 摘要 本文採兩階段方式探討台灣上市櫃公司租稅規避與利益輸送(企業對關係企業放款)的關係，以及企業利益輸送行為及租稅規避對企業市值的影響。首先，企業進行租稅規避與利益輸送，Desai and Dharmapala (2006) 提出互補理論，認為租稅規避創造資訊透明度低的環境，隱藏利益輸送行為，租稅規避與利益輸送為互補關係；其次，企業租稅規避對其市值的影響有兩種解釋，傳統觀點認為企業租稅規避能提升企業市值。互補理論認為企業租稅規避，在沒有良好監督的情況容易隱藏利益輸送，租稅規避提升企業市值的效果降低。本文分析給定企業有利益輸送行為，企業租稅規避對於企業市值的影響。 本文採用2005年至2015年台灣的上市櫃公司為樣本進行分析。實證結果指出，首先，企業租稅規避與利益輸送指標關係人交易呈負相關，表示企業並非採用租稅規避隱藏利益輸送行為，不支持Desai and Dharmapala (2006) 的互補理論，反之，租稅規避與利益輸送指標關係人交易為替代關係；企業租稅規避與企業市值呈正向關係，支持租稅規避將財富移轉到企業會增加企業市值的傳統觀點。企業的關係人交易係數為顯著負相關，關係人交易會造成企業市值下降。企業利益輸送指標關係人交易與租稅規避交乘項的迴歸係數為負，亦即給定企業進行租稅規避，且企業進行關係人交易，會降低企業市值。
This paper use two-stage approach to focus on the relationship between tax avoidance and tunneling of listed corporations, and how tax avoidance and tunneling of listed corporations affect firm value. First, Desai and Dharmapala (2006) think tax avoidance can create a less transparent environment to hide the tunneling which means that tax avoidance and tunneling stay in a complementary relationship. Second, there are two explanations about how tax avoidance affects firm value. Traditionally, tax avoidance can enhance firm value. However, based on the complementary view, tax avoidance can`t enhance firm value without good supervision. This paper analyzes how tax avoidance affects firm value when tunneling happen. This paper analyzes data from Taiwan-listed corporations from 2005 to 2015 and has some results. First, tax avoidance is negatively related to tunneling variables related party transactions doesn`t support the complementary view of Desai and Dharmapala (2006). On the other hand, tax avoidance and tunneling variables related party transactions are in a substitutive relationship. Tax avoidance is positively related to firm value. This result supports the traditional view that tax avoidance can enhance firm value. Related party transactions are significantly negatively related to the firm value which means related party transactions decrease firm value. The interaction of related party transactions and tax avoidance is negatively related to firm value. It means that when corporations have tax avoidance and related party transactions at the same time, the firm value will decrease.參考文獻 何憲章，邱顯比與葉銀華 (1994)，「股權結構與利益輸送之理論模型」，《臺大管理論叢》，5(2)，1−22。張盛和 (1991)，「概論利益輸送」，《稅務旬刊》，1436，7−10。楊文慶 (1994)，「集團企業間非常規交易之類型」，《律師通訊》，174，48−54。葉銀華，邱顯比與何憲章 (1997)，「利益輸送代理問題和股權結構之理論與實證研究」，《中國財務學刊》，4(4)，47−73。劉連煜 (1999)，「公司利益輸送之法律防制」，《月旦法學雜誌》，49，90−109。劉亭均 (2008)，「企業集團、關係人交易與台灣上市櫃公司發生資產掏空關聯性之研究」，國立台灣大學會計學系碩士論文。葉銀華 (1999)，「家族控股集團、核心企業與報酬互動之研究—台灣與香港證券市場之比較」，《管理評論》，18(2)，59−86。Aharony, J., J. Wang, and H. Yuan (2010), “Tunneling as an incentive for earnings management during the IPO process in China,” Journal of Accounting and Public Policy, 29, 1−26.Aiken, L. S. and S. G. West (1991), Multiple regression: Testing and interpreting interactions, Thousand Oaks, CA: Sage Publications Inc.Armstrong, C. S., J. L. Blouin, A. D. Jagolinzer, and D. F. Larcker (2015), “Corporate governance, incentives and tax avoidance,” Journal of Accounting and Economics, 60, 1−17.Armstrong, C. S., J. L. Blouin, and D. F. Larcker (2012), “The incentives for tax planning,” Journal of Accounting and Economics, 58, 391−411.Atanasov, V., B. Black, and C. S. Ciccotello (2011), “Law and Tunneling,” Journal of Corporate Law, 37, 1−49.Balakrishnan, K., J. Blouin, and W. Guay (2012), “Does tax aggressiveness reduce corporate transparency?” Working Paper.Bauer, A. M., J. Fang, J. Pittman, Y. Zhang, and Y. Zhao (2015), “The Importance of Aggressive Tax Planning to the Diversion of Corporate Resources: Evidence from Chinese Public Firms,” Working Paper.Bertrand, M., P. Mehta, and S. Mullainathan (2002), “Ferreting out tunneling: An application to Indian business groups,” Quarterly Journal of Economics, 118, 121−148.Black F. (1972), “Capital market equilibrium with restricted borrowing,” The Journal of Business, 45, 444−455Blaylock, B. (2016), “Is Tax Avoidance Associated with Economically Significant Rent Extraction among U.S. Firms?” Contemporary Accounting Research, 33, 1013–1043Blaylock, B., T. Shevlin, and R. J. Wilson (2012), “Tax avoidance, large positive temporary book-tax differences, and earnings persistence,” The Accounting Review, 87, 91−120.Chan, K. H, P. L. L. Mo, and T. Tang (2016), “Tax Avoidance and Tunneling: Empirical Analysis from an Agency Perspective,” Journal of International Accounting Research, 15, 49−66.Chen, S., X. Chen, Q. Cheng, and T. Shevlin (2010), “Are family firms more tax aggressive than non-family firms?” Journal of Financial Economics, 95, 41−61.Cheung, Y. L., P. R. Rau, and A. Stouraitis (2006), “Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong,” Journal of Financial Economics, 82, 343−386Chyz, J. (2013), “Personally tax aggressive executives and corporate tax sheltering,” Journal of Accounting and Economics, 56, 311−328.Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang (2002), “Disentangling theincentive and entrenchment effects of large shareholders,” Journal of Finance, 57, 2741−2771.Davis, A. K., D. A. Guenther, L. K. Krull and B. M. Williams (2016), “Do Socially Responsible Firms Pay More Taxes?” The Accounting Review, 91, 47−68.Desai, M. A. and D. Dharmapala (2006), “Corporate tax avoidance and high-powered incentives,” Journal of Financial Economics, 79, 145−179.Desai, M. A. and D. Dharmapala (2009), “Corporate tax avoidance and firm value,” Review of Economics and Statistics, 91, 537−546.Desai, M. A., A. Dyck, and L. Zingales (2007), “Theft and taxes,” Journal of Financial Economics, 84, 591−623.De Simone, L., and B. Stomberg (2013), “Do Investors Differentially Value Tax Avoidance by Income Mobile Firms?” Working paper, The University of Texas.Dhaliwal, D. S., S. X. Huang, W. Moser, and R. Pereira. (2011), “Corporate tax avoidance and the level and valuation of firm cash holdings,” Working paper.Dyreng, S. D., M. Hanlon, and E. L. Maydew (2008), “Long-Run Corporate Tax Avoidance,” The Accounting Review, 83, 61−82.Dyreng, S. D., M. Hanlon, and E. L. Maydew (2010), “The effect of executives on corporate tax avoidance,” The Accounting Review, 85, 1163−1189.Faccio, M., L. H. P. Lang, and L. Young (2001), “Dividends and expropriation,” American Economic Review, 91, 54−78.Friedman, E., S. Johnson, and T. Mitton (2003), “Propping and tunneling,” Journal of Comparative Economics, 31, 732−750.Gallemore, J. and E. Labro (2015), “The importance of the internal information environment for tax avoidance,” Journal of Accounting and Economics, 60, 149−167.Goldman, E., J. Rocholl, and J. So (2009), “Do politically connected boards affect firm value?” The Review of Financial Studies, 22, 2331−2360.Graham, J. R. and A. L. 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(1965), “The valuation of risk asset and the selection of risky investment in stock portfolios and capital budgets,” The Review of Economics and Statistics, 47, 13−37Liu, Q. and Z. Lu (2007), “Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective,” Journal of Corporate Finance, 13, 881−906.Manzon, G. B. and G. A. Plesko (2002), “The relation between financial and tax reporting measures of income,” Tax Law Review, 55, 175−214.McConnell, J. J. (1990), “Additional evidence on equity ownership and corporate value,” Journal of Financial Economics, 27, 595−612.Mills, L. F. (1998), “Book-tax differences and internal revenue service adjustments,” Journal of Accounting Research, 36, 343−356.Mironov, M. (2013), “Taxes, theft and firm performance,” Journal of Finance, 68, 1441−1472.Morck, R., A. Shleifer, and R. 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國立政治大學
財政學系
104255016資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104255016 資料類型 thesis dc.contributor.advisor 何怡澄<br>郭振雄 zh_TW dc.contributor.author (Authors) 黃暐翔 zh_TW dc.creator (作者) 黃暐翔 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 24-Jul-2017 12:00:07 (UTC+8) - dc.date.available 24-Jul-2017 12:00:07 (UTC+8) - dc.date.issued (上傳時間) 24-Jul-2017 12:00:07 (UTC+8) - dc.identifier (Other Identifiers) G0104255016 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111309 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 104255016 zh_TW dc.description.abstract (摘要) 本文採兩階段方式探討台灣上市櫃公司租稅規避與利益輸送(企業對關係企業放款)的關係，以及企業利益輸送行為及租稅規避對企業市值的影響。首先，企業進行租稅規避與利益輸送，Desai and Dharmapala (2006) 提出互補理論，認為租稅規避創造資訊透明度低的環境，隱藏利益輸送行為，租稅規避與利益輸送為互補關係；其次，企業租稅規避對其市值的影響有兩種解釋，傳統觀點認為企業租稅規避能提升企業市值。互補理論認為企業租稅規避，在沒有良好監督的情況容易隱藏利益輸送，租稅規避提升企業市值的效果降低。本文分析給定企業有利益輸送行為，企業租稅規避對於企業市值的影響。 本文採用2005年至2015年台灣的上市櫃公司為樣本進行分析。實證結果指出，首先，企業租稅規避與利益輸送指標關係人交易呈負相關，表示企業並非採用租稅規避隱藏利益輸送行為，不支持Desai and Dharmapala (2006) 的互補理論，反之，租稅規避與利益輸送指標關係人交易為替代關係；企業租稅規避與企業市值呈正向關係，支持租稅規避將財富移轉到企業會增加企業市值的傳統觀點。企業的關係人交易係數為顯著負相關，關係人交易會造成企業市值下降。企業利益輸送指標關係人交易與租稅規避交乘項的迴歸係數為負，亦即給定企業進行租稅規避，且企業進行關係人交易，會降低企業市值。 zh_TW dc.description.abstract (摘要) This paper use two-stage approach to focus on the relationship between tax avoidance and tunneling of listed corporations, and how tax avoidance and tunneling of listed corporations affect firm value. First, Desai and Dharmapala (2006) think tax avoidance can create a less transparent environment to hide the tunneling which means that tax avoidance and tunneling stay in a complementary relationship. Second, there are two explanations about how tax avoidance affects firm value. Traditionally, tax avoidance can enhance firm value. However, based on the complementary view, tax avoidance can`t enhance firm value without good supervision. This paper analyzes how tax avoidance affects firm value when tunneling happen. This paper analyzes data from Taiwan-listed corporations from 2005 to 2015 and has some results. First, tax avoidance is negatively related to tunneling variables related party transactions doesn`t support the complementary view of Desai and Dharmapala (2006). On the other hand, tax avoidance and tunneling variables related party transactions are in a substitutive relationship. Tax avoidance is positively related to firm value. This result supports the traditional view that tax avoidance can enhance firm value. Related party transactions are significantly negatively related to the firm value which means related party transactions decrease firm value. The interaction of related party transactions and tax avoidance is negatively related to firm value. It means that when corporations have tax avoidance and related party transactions at the same time, the firm value will decrease. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與目的 1第二節 研究流程 4第二章 文獻探討及假說發展 5第一節 利益輸送 6第二節 租稅規避 9第三節 租稅規避與利益輸送 11第四節 租稅規避與企業市值 13第五節 研究假說發展 15第三章 研究方法 17第一節 資料來源與樣本篩選 17第二節 租稅規避指標 18第三節 研究模型 19第四章 實證結果與分析 28第一節 租稅規避與利益輸送 28第二節 利益輸送對企業市值的影響 39第三節 租稅規避與利益輸送對企業市值的影響 44第四節 敏感性分析 47第五章 結論與建議 48第一節 結論與建議 48第二節 研究限制及未來研究方向 50參考文獻 51附錄 57 zh_TW dc.format.extent 917455 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104255016 en_US dc.subject (關鍵詞) 租稅規避 zh_TW dc.subject (關鍵詞) 利益輸送 zh_TW dc.subject (關鍵詞) 企業市值 zh_TW dc.subject (關鍵詞) Tax avoidance en_US dc.subject (關鍵詞) Tunneling en_US dc.subject (關鍵詞) Firm value en_US dc.title (題名) 企業租稅規避與利益輸送 zh_TW dc.title (題名) Corporate tax avoidance and tunneling en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 何憲章，邱顯比與葉銀華 (1994)，「股權結構與利益輸送之理論模型」，《臺大管理論叢》，5(2)，1−22。張盛和 (1991)，「概論利益輸送」，《稅務旬刊》，1436，7−10。楊文慶 (1994)，「集團企業間非常規交易之類型」，《律師通訊》，174，48−54。葉銀華，邱顯比與何憲章 (1997)，「利益輸送代理問題和股權結構之理論與實證研究」，《中國財務學刊》，4(4)，47−73。劉連煜 (1999)，「公司利益輸送之法律防制」，《月旦法學雜誌》，49，90−109。劉亭均 (2008)，「企業集團、關係人交易與台灣上市櫃公司發生資產掏空關聯性之研究」，國立台灣大學會計學系碩士論文。葉銀華 (1999)，「家族控股集團、核心企業與報酬互動之研究—台灣與香港證券市場之比較」，《管理評論》，18(2)，59−86。Aharony, J., J. Wang, and H. Yuan (2010), “Tunneling as an incentive for earnings management during the IPO process in China,” Journal of Accounting and Public Policy, 29, 1−26.Aiken, L. S. and S. G. West (1991), Multiple regression: Testing and interpreting interactions, Thousand Oaks, CA: Sage Publications Inc.Armstrong, C. S., J. L. Blouin, A. D. Jagolinzer, and D. F. Larcker (2015), “Corporate governance, incentives and tax avoidance,” Journal of Accounting and Economics, 60, 1−17.Armstrong, C. S., J. L. Blouin, and D. F. Larcker (2012), “The incentives for tax planning,” Journal of Accounting and Economics, 58, 391−411.Atanasov, V., B. Black, and C. S. Ciccotello (2011), “Law and Tunneling,” Journal of Corporate Law, 37, 1−49.Balakrishnan, K., J. Blouin, and W. Guay (2012), “Does tax aggressiveness reduce corporate transparency?” Working Paper.Bauer, A. M., J. Fang, J. Pittman, Y. Zhang, and Y. Zhao (2015), “The Importance of Aggressive Tax Planning to the Diversion of Corporate Resources: Evidence from Chinese Public Firms,” Working Paper.Bertrand, M., P. Mehta, and S. Mullainathan (2002), “Ferreting out tunneling: An application to Indian business groups,” Quarterly Journal of Economics, 118, 121−148.Black F. (1972), “Capital market equilibrium with restricted borrowing,” The Journal of Business, 45, 444−455Blaylock, B. (2016), “Is Tax Avoidance Associated with Economically Significant Rent Extraction among U.S. Firms?” Contemporary Accounting Research, 33, 1013–1043Blaylock, B., T. Shevlin, and R. J. Wilson (2012), “Tax avoidance, large positive temporary book-tax differences, and earnings persistence,” The Accounting Review, 87, 91−120.Chan, K. H, P. L. L. Mo, and T. Tang (2016), “Tax Avoidance and Tunneling: Empirical Analysis from an Agency Perspective,” Journal of International Accounting Research, 15, 49−66.Chen, S., X. Chen, Q. Cheng, and T. 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