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題名 企業風險如何影響公司之租稅規避程度？
作者 宋欣儒
Song, Xin-Ru
貢獻者 翁嘉祥
Weng, Chia-Hsiang
宋欣儒
Song, Xin-Ru
關鍵詞 企業風險
租稅規避
租稅風險
資金成本
Firm risk
Tax avoidance
Tax risk
Cost of capital
日期 2020
上傳時間 3-Aug-2020 17:30:33 (UTC+8)
摘要 本研究將探討企業風險對於企業進行租稅規避行為程度的影響，以股票報酬波動來衡量企業風險，以有效稅率來衡量租稅規避。研究對象為2000年至2016年台灣上市櫃公司。本研究實證結果發現，高企業風險導致公司面臨高資金成本的困境，會選擇進行避稅行為。近年來各國學術界對於租稅規避的研究越加重視，其中亦有對於租稅規避如何影響企業風險的研究，卻沒有去探討企業風險如何對企業避稅行為產生影響，因此本研究藉此了解本國公司的企業風險如何去影響企業後續採取之租稅政策，對於高風險企業會採取怎麼樣的租稅政策有進一步了解。
The main purpose of this study is to investigate whether firm risk affects tax avoidance behavior and tax risk. In this study, firm risk is measured by stock return volatility, and tax avoidance is measured by effective tax rate（ETR）. We will use the sample of domestic listed firms in Taiwan for the period 2000 to 2016. We find that higher firm risk will make companies face higher cost of capital. Firms with higher risk will choose to conduct tax avoidance. In recent years, countries over the world have paid more attention to the research on tax avoidance, but researchers have not explored how corporate risks affect corporate tax avoidance strategies. This study offers a better understanding of the tax policy adopted by high-risk companies.
參考文獻 第一節 中文部分
許溪南與王家美（2009）。2008全球金融海嘯之起因、影響與教訓。證券櫃檯月刊，149期，p88-98。
陳明進（2003）。我國租稅優惠對營利事業租稅負擔之影響。管理評論，22 （1），頁127-151。
黃美祝與楊佩璇（2011）。集團企業與非集團企業避稅程度之比較。會計學報。第四卷（1）。頁1-22。
劉仲嘉（2006）。董監事機制及其獨立性與公司經營績效之關聯性研究。臺灣大學會計學研究所學位論文。

第二節 外文部分
Armstrong, C. S., Blouin, J. L., and Larcker, D. F. (2012). The Incentives for Tax Planning. Journal of Accounting and Economics, 53 (1-2), 391-411.
Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., and Larcker, D. F. (2015). Corporate Governance, Incentives, and Tax Avoidance. Journal of Accounting and Economics, 60 (1), 1-17.
Badertscher, B. A. (2011). Overvaluation and the Choice of Alternative Earnings Management Mechanisms. The Accounting Review, 86(5), 1491-1518.
Badertscher, B. A., Katz, S. P., and Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2), 228-250.
Beatty, R. P., Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1-2), 213-232.
Brammer, S., Brooks, C., and Pavelin, S. (2006). Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures. Financial Management, 35(3), 97-116.
Cen, W. and Doukas, J. A. (2017). CEO personal investment decisions and firm risk. Eur Financial Management, 23, 920-950.
Chen, S., Chen, X., Cheng, Q., and Shevlin, T. J. (2010). Are family firms more tax aggressive than non-family firms. Journal of Financial Economics, 91(1), 41-61.
Chen, X., Harford, J., and Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics. 86(2), 279-305.
Cheng, C.S.A., Huang, H.H., Li, Y., and Stanfield, J. (2012). The effect of hedge fund activism on corporate tax avoidance. The Accounting Review, 87(5), 1493-1526.
Chung, S. Y., Schneeweis, T., and Eneroth, K. (2003) Corporate Reputation and Investment Performance: The UK and Us Experience. Res Int Bus Finance, 17, 273-291
Chyz, J. A., and Gaertner F. B. (2018). Can paying “too much” or “too little” tax contribute to forced CEO turnover? Accounting Review, 93(1), 103–130.
Dechow, P.M., Sloan, R.G., and Sweeney, A. (1996). Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC. Contemporary Accounting Research, 13, l-36.
Desai, M. A., Dyck I. J. A., and Zingales, L. (2007). Theft and Taxes. Journal of Financial Economics, 84(3).
Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Desai, M. A., and Dharmapala, D. (2009). Corporate Tax Avoidance and Firm Value. The Review of Economics and Statistics, 91(3), 537-546.
Dhaliwal, D., Judd, J. S., Serfling, M., and Shaikh, S. (2016). Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61(1), 23-48.
Dowling, G. (2006). Reputation risk it is the board`s ultimate responsibility. Journal of Business Strategy, 27(2), 59-68.
Dudley, E. C., and James, C. M. (2015). Cash flow volatility and capital structure choice. Working paper, Queen’s University
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2010). The Effects of Executives on Corporate Tax Avoidance. The Accounting Review, 85(4), 1163-1189.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2019). When Does Tax Avoidance Result in Tax Uncertainty? The Accounting Review, 94(2), 179-203.
Dyreng, S. D. and Hoopes, J. L. and Wilde, J. H. (2015). Public Pressure and Corporate Tax Behavior. Working Paper, Fisher College of Business.
Dyreng, S. D. and Lindsey, B. P. (2009). Using Financial Accounting Data to Examine the Effect of Foreign Operations Located in Tax Havens and Other Countries on U. S. Multinational Firms` Tax Rates. Journal of Accounting Research, 47(5), 1283-1316.
Dyreng, S. D., Lindsey, B. P., and Thornock, J. R. (2013). Exploring the Role Delaware Plays as a Domestic Tax Haven. Journal of Financial Economics, 108 (3), 751-772.
Engel, E., Erickson, M., and Maydew, E. (1999). Debt-Equity Hybrid Securities. Journal of Accounting Research, 37(2), 249-274.
Erickson, M. M., Goolsbee, A., and Maydew, E. (2003). How Prevalent Is Tax Arbitrage Evidence from the Market for Municipal Bonds. National Tax Journal, 561, 259-270.
Erickson M. M., Heitzman S. M., and Zhang X. F. (2013) Tax-Motivated Loss Shifting. The Accounting Review, 88(5), 1657-1682.
Gallemore, J., Maydew, E. L., and Thornock J. R. (2014). The reputational cost of tax avoidance. Contemporary Accounting Research, 31(4), 1103-1133.
Gaspar, J. M., Massa, M., and Matos, P. (2005). Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76(1), 135-165.
Graham, J.R. (2000). How Big Are the Tax Benefits of Debt? The Journal of Finance, 55, 1901-1941.
Graham J. R., Hanlon M, Shevlin T, Shroff N., (2014). Incentives for tax planning and avoidance evidence from the field. The Accounting Review, 89(3), 991-1023.
Graham, J. R. and Harvey, C. R. (2001). The Theory and Practice of Corporate Finance Evidence from the Field. Journal of Financial Economics, 60, 187-243.
Guenther, D. A., Matsunaga, S. R., and Williams, B. M. (2017). Is tax avoidance related to firm risk? The Accounting Review, 92(1), 115-136.
Gupta, S. and Newberry, K. (1997). Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of Accounting and Public Policy, 16(1), 1-34.
Hanlon, M. and Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.
Hanlon, M. and Maydew, E. L. and Shevlin, T. J. (2005). Book-Tax Conformity and the Information Content of Earnings. Ross School of Business Paper No. 1029.
Hanlon, M., Mills, L., and Slemrod, J. (2007). An empirical examination of corporate tax noncompliance. In A. Auerbach, J. Hines, and J. Slemrod, eds., Taxing Corporate Income in the 21st Century, Cambridge University Press.
Hanlon, M. and Slemrod, J. (2009). What Does Tax Aggressiveness Signal? Evidence from Stock Price Reactions to News about Tax Shelter Involvement. Journal of Public Economics, 93, 126-141.
Hasan, I., Hoi, C. K., Wu, Q., and Zhang, H. (2014). Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans. Journal of Financial Economics, 113(1), 109-130.
Hutchens, M. and Rego, S. O. (2015). Does greater tax risk lead to increased firm risk. Working paper, Indiana University.
Hutchens, M., Rego, S. O., and Williams, B. M. (2019). Tax Avoidance, uncertainty, and firm risk. Working paper, Indiana University.
Inglis, R., Morley, C., and Sammut, P. (2006). Corporate reputation and organisational performance: An Australian study, Managerial Auditing Journal, 21(9), 934-947.
Jensen, M. and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Koh, P. S. (2003). On the association between institutional ownership and aggressive corporate earnings management in Australia, The British Accounting Review, 35(2), 105-128.
Lanis, R. and Richardson, G. (2011). The Effect of Board of Director Composition on Corporate Tax Aggressiveness. Journal of Accounting and Public Policy, 30, 50-70.
Lanis, R. and Richardson, G. (2012). Corporate Social Responsibility and Tax Aggressiveness: An Empirical Analysis. Journal of Accounting and Public Policy, 31, 86-108.
Lisowsky, P. (2010). Seeking Shelter: Empirically Modeling Tax Shelters Using Financial Statement Information. The Accounting Review, 85 (5), 1693–1720.
Loretz, S. and Moore, P. J. (2009). Corporate Tax Competition between Firms. Working Papers, Oxford University Centre for Business Taxation.
Maug, E. (1998), Large Shareholders as Monitors: Is There a Trade‐Off between Liquidity and Control? The Journal of Finance, 53, 65-98.
Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. Journal of Finance, 32 (4), 1151-1168.
Minnick, K. and Noga, T. 2010. Do corporate governance characteristics influence tax management? Journal of Corporate Finance, 16(5), 703-718.
Mitra, S. and Cready, W. M. (2005). Institutional Stock Ownership, Accrual Management, and Information Environment. Journal of Accounting, Auditing & Finance, 20(3), 257–286.
Modigliani, F. and Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48, 261-297.
Noga, T. J, Schnader, A. L. (2013). Book-Tax Differences as an Indicator of Financial Distress. Accounting Horizons, 27(3), 469-489.
Rego, S. O. (2003). Tax Avoidance Activities of U.S. Multinational Corporations. Contemporary Accounting Research, 20(4).
Rego, S. O. and Wilson, R. (2012). Equity Risk Incentives and Corporate Tax Aggressiveness. Journal of Accounting Research, 50, 775-810.
Richardson, G., Taylor, G., and Lanis, R. (2013). Determinants of transfer pricing agressiveness: Empirical evidence from Australian firms. Journal of Contemporary Accounting and Economics, 9 (2), 136-150.
Rindova, V., Williamson, I., Petkova, A., and Sever, J. (2005). Being Good or Being Known: An Empirical Examination of the Dimensions, Antecedents, and Consequences of Organizational Reputation. The Academy of Management Journal, 48(6), 1033-1049.
Robinson, J., Sikes, S., and Weaver, C. (2010). Performance Measurement of Corporate Tax Departments. The Accounting Review, 85(3), 1035-1064.
Scott, J. H. (1970). A Theory of Optimal Capital Structure. Bell Journal of Economics, 7(1), 33-54.
Shackelford, D. A. and Shevlin, T. J. (2001). Empirical Tax Research in Accounting. Journal of Accounting and Economics, 31(1–3), 321-387.
Shevlin, T. J., Urcan, O., Vasvari, F. P. (2013). Corporate tax avoidance and public debt costs. Available at SSRN.
Stickney, C. P. and McGee, V. E. (1982). Effective Corporate Tax Rates: The Effect of Size, Capital Intensity, Leverage and Other Factors. Journal of Accounting and Public Policy, 1, 125-152.
Szewczyk, S. H., Tsetsekos, G. P., and Varma, R. (1992). Institutional ownership and the liquidity of common stock offerings. The Financial Review, 27(2), 211–225.
Wilde J. H. and Wilson, R. J. (2018). Perspectives on Corporate Tax Planning: Observations from the Past Decade. The Journal of the American Taxation Association, 40(2), 63-81.
描述 碩士
國立政治大學
會計學系
107353112
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353112
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.advisor Weng, Chia-Hsiangen_US
dc.contributor.author (Authors) 宋欣儒zh_TW
dc.contributor.author (Authors) Song, Xin-Ruen_US
dc.creator (作者) 宋欣儒zh_TW
dc.creator (作者) Song, Xin-Ruen_US
dc.date (日期) 2020en_US
dc.date.accessioned 3-Aug-2020 17:30:33 (UTC+8)-
dc.date.available 3-Aug-2020 17:30:33 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2020 17:30:33 (UTC+8)-
dc.identifier (Other Identifiers) G0107353112en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130951-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 107353112zh_TW
dc.description.abstract (摘要) 本研究將探討企業風險對於企業進行租稅規避行為程度的影響，以股票報酬波動來衡量企業風險，以有效稅率來衡量租稅規避。研究對象為2000年至2016年台灣上市櫃公司。本研究實證結果發現，高企業風險導致公司面臨高資金成本的困境，會選擇進行避稅行為。近年來各國學術界對於租稅規避的研究越加重視，其中亦有對於租稅規避如何影響企業風險的研究，卻沒有去探討企業風險如何對企業避稅行為產生影響，因此本研究藉此了解本國公司的企業風險如何去影響企業後續採取之租稅政策，對於高風險企業會採取怎麼樣的租稅政策有進一步了解。zh_TW
dc.description.abstract (摘要) The main purpose of this study is to investigate whether firm risk affects tax avoidance behavior and tax risk. In this study, firm risk is measured by stock return volatility, and tax avoidance is measured by effective tax rate（ETR）. We will use the sample of domestic listed firms in Taiwan for the period 2000 to 2016. We find that higher firm risk will make companies face higher cost of capital. Firms with higher risk will choose to conduct tax avoidance. In recent years, countries over the world have paid more attention to the research on tax avoidance, but researchers have not explored how corporate risks affect corporate tax avoidance strategies. This study offers a better understanding of the tax policy adopted by high-risk companies.en_US
dc.description.tableofcontents 表次 vi
圖次 vi
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究過程 4
第二章 文獻探討與假說發展 5
第一節 企業風險 6
第二節 租稅規避 7
第三節 企業風險與租稅規避之關聯性 8
第四節 租稅風險 10
第五節 企業風險與租稅風險之關聯性 11
第三章 研究方法與設計 12
第一節 衡量指標 12
第二節 研究模型 14
第三節 控制變數 15
第四節 資料來源及樣本篩選 17
第四章 實證結果 18
第一節 敘述性統計 18
第二節 迴歸結果分析 22
第三節 橫斷面分析 25
第四節 額外測試 31
第五章 結論與研究限制 40
第一節 結論 40
第二節 研究限制 41
參考文獻 42
第一節 中文部分 42
第二節 外文部分 42		zh_TW
dc.format.extent 1697719 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353112en_US
dc.subject (關鍵詞) 企業風險zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 租稅風險zh_TW
dc.subject (關鍵詞) 資金成本zh_TW
dc.subject (關鍵詞) Firm risken_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Tax risken_US
dc.subject (關鍵詞) Cost of capitalen_US
dc.title (題名) 企業風險如何影響公司之租稅規避程度？zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 第一節 中文部分
許溪南與王家美（2009）。2008全球金融海嘯之起因、影響與教訓。證券櫃檯月刊，149期，p88-98。
陳明進（2003）。我國租稅優惠對營利事業租稅負擔之影響。管理評論，22 （1），頁127-151。
黃美祝與楊佩璇（2011）。集團企業與非集團企業避稅程度之比較。會計學報。第四卷（1）。頁1-22。
劉仲嘉（2006）。董監事機制及其獨立性與公司經營績效之關聯性研究。臺灣大學會計學研究所學位論文。

第二節 外文部分
Armstrong, C. S., Blouin, J. L., and Larcker, D. F. (2012). The Incentives for Tax Planning. Journal of Accounting and Economics, 53 (1-2), 391-411.
Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., and Larcker, D. F. (2015). Corporate Governance, Incentives, and Tax Avoidance. Journal of Accounting and Economics, 60 (1), 1-17.
Badertscher, B. A. (2011). Overvaluation and the Choice of Alternative Earnings Management Mechanisms. The Accounting Review, 86(5), 1491-1518.
Badertscher, B. A., Katz, S. P., and Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2), 228-250.
Beatty, R. P., Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1-2), 213-232.
Brammer, S., Brooks, C., and Pavelin, S. (2006). Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures. Financial Management, 35(3), 97-116.
Cen, W. and Doukas, J. A. (2017). CEO personal investment decisions and firm risk. Eur Financial Management, 23, 920-950.
Chen, S., Chen, X., Cheng, Q., and Shevlin, T. J. (2010). Are family firms more tax aggressive than non-family firms. Journal of Financial Economics, 91(1), 41-61.
Chen, X., Harford, J., and Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics. 86(2), 279-305.
Cheng, C.S.A., Huang, H.H., Li, Y., and Stanfield, J. (2012). The effect of hedge fund activism on corporate tax avoidance. The Accounting Review, 87(5), 1493-1526.
Chung, S. Y., Schneeweis, T., and Eneroth, K. (2003) Corporate Reputation and Investment Performance: The UK and Us Experience. Res Int Bus Finance, 17, 273-291
Chyz, J. A., and Gaertner F. B. (2018). Can paying “too much” or “too little” tax contribute to forced CEO turnover? Accounting Review, 93(1), 103–130.
Dechow, P.M., Sloan, R.G., and Sweeney, A. (1996). Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC. Contemporary Accounting Research, 13, l-36.
Desai, M. A., Dyck I. J. A., and Zingales, L. (2007). Theft and Taxes. Journal of Financial Economics, 84(3).
Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Desai, M. A., and Dharmapala, D. (2009). Corporate Tax Avoidance and Firm Value. The Review of Economics and Statistics, 91(3), 537-546.
Dhaliwal, D., Judd, J. S., Serfling, M., and Shaikh, S. (2016). Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61(1), 23-48.
Dowling, G. (2006). Reputation risk it is the board`s ultimate responsibility. Journal of Business Strategy, 27(2), 59-68.
Dudley, E. C., and James, C. M. (2015). Cash flow volatility and capital structure choice. Working paper, Queen’s University
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2010). The Effects of Executives on Corporate Tax Avoidance. The Accounting Review, 85(4), 1163-1189.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2019). When Does Tax Avoidance Result in Tax Uncertainty? The Accounting Review, 94(2), 179-203.
Dyreng, S. D. and Hoopes, J. L. and Wilde, J. H. (2015). Public Pressure and Corporate Tax Behavior. Working Paper, Fisher College of Business.
Dyreng, S. D. and Lindsey, B. P. (2009). Using Financial Accounting Data to Examine the Effect of Foreign Operations Located in Tax Havens and Other Countries on U. S. Multinational Firms` Tax Rates. Journal of Accounting Research, 47(5), 1283-1316.
Dyreng, S. D., Lindsey, B. P., and Thornock, J. R. (2013). Exploring the Role Delaware Plays as a Domestic Tax Haven. Journal of Financial Economics, 108 (3), 751-772.
Engel, E., Erickson, M., and Maydew, E. (1999). Debt-Equity Hybrid Securities. Journal of Accounting Research, 37(2), 249-274.
Erickson, M. M., Goolsbee, A., and Maydew, E. (2003). How Prevalent Is Tax Arbitrage Evidence from the Market for Municipal Bonds. National Tax Journal, 561, 259-270.
Erickson M. M., Heitzman S. M., and Zhang X. F. (2013) Tax-Motivated Loss Shifting. The Accounting Review, 88(5), 1657-1682.
Gallemore, J., Maydew, E. L., and Thornock J. R. (2014). The reputational cost of tax avoidance. Contemporary Accounting Research, 31(4), 1103-1133.
Gaspar, J. M., Massa, M., and Matos, P. (2005). Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76(1), 135-165.
Graham, J.R. (2000). How Big Are the Tax Benefits of Debt? The Journal of Finance, 55, 1901-1941.
Graham J. R., Hanlon M, Shevlin T, Shroff N., (2014). Incentives for tax planning and avoidance evidence from the field. The Accounting Review, 89(3), 991-1023.
Graham, J. R. and Harvey, C. R. (2001). The Theory and Practice of Corporate Finance Evidence from the Field. Journal of Financial Economics, 60, 187-243.
Guenther, D. A., Matsunaga, S. R., and Williams, B. M. (2017). Is tax avoidance related to firm risk? The Accounting Review, 92(1), 115-136.
Gupta, S. and Newberry, K. (1997). Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of Accounting and Public Policy, 16(1), 1-34.
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dc.identifier.doi (DOI) 10.6814/NCCU202000758en_US