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題名 跨國企業避險與避稅之關連性分析
The Relationship of Corporate Hedging and Tax Avoidance of Multinational Firms作者 張郁敏
Chang, Yuh-Miin貢獻者 張元晨<br>羅明琇
Chang, Yuan-Chen<br>Lo, S.M.
張郁敏
Chang, Yuh-Miin關鍵詞 財務避險
營運避險
避稅
避稅天堂
Financial hedging
Operational hedging
Tax avoidance
Tax haven日期 2021 上傳時間 4-Aug-2021 16:35:49 (UTC+8) 摘要 跨國企業會使用財務和營運避險來規避匯率風險，但是企業在進行財務避險同時，可能也會透過衍生性金融工具的稅務擇時機會來避稅。另外企業透過海外設立工廠時作為營運避險，若設立國家的稅率較母國低，可能亦會被作為避稅的工具，而當企業在避稅天堂設立營運機構，也可能會有更好的避稅效果。因此本文將探討美國企業使用財務避險及營運避險和跨國企業有效稅率間的關連性，實證結果顯示使用財務及營運避險有助於美國跨國企業避稅，在避稅天堂營運避險效果較在非避稅天堂國家佳。
Multinational firms use financial operational hedges to hedge foreign exchange risks. Both financial and operational derivatives provide firms with opportunities to avoid taxes. While the tax savings of currency derivatives primarily result from tax timing opportunities, operational hedging enables firms to shift their profit to companies located in a country with a lower income tax rate. Moreover, more taxes can be avoided if firms establish their operations in tax havens. This paper examines the relationship between financial and operational hedges and the effective tax rates of U.S. multinational corporations. The empirical results show that financial and operational hedges help U.S. multinational firms avoid taxes. The effect of operational hedge in Tax haven countries is better than in other countries.參考文獻 Allayannis, G., Ihrig, J., & Weston, J. P. (2001). Exchange-rate hedging: Financial versus operational strategies. American Economic Review, 91(2), 391-395.Allayannis, G., & Ofek, E. (2001). Exchange rate exposure, hedging, and the use of foreign currency derivatives. Journal of International Money and Finance, 20(2), 273-296.Berkman, H., & Bradbury, M. E. (1996). Empirical evidence on the corporate use of derivatives. Financial Management, 5-13.Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms?. Journal of financial economics, 95(1), 41-61.Chernenko, S., & Faulkender, M. (2011). The two sides of derivatives usage: Hedging and speculating with interest rate swaps. Journal of Financial and Quantitative Analysis, 46(6), 1727-1754.Chowdhry, B., & Howe, J. T. (1999). Corporate risk management for multinational corporations: Financial and operational hedging policies. Review of Finance, 2(2), 229-246.Cohen, M. A., & Huchzermeier, A. (1999). Global supply chain management: a survey of research and applications. Quantitative Models for Supply Chain Management, 669-702.Contractor, F. J. (2016). Tax avoidance by multinational companies: Methods, policies, and ethics. Rutgers Business Review, 1(1).DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.Demeré, P., Donohoe, M. P., & Lisowsky, P. (2020). The economic effects of special purpose entities on corporate tax avoidance. Contemporary Accounting Research, 37(3), 1562-1597.Deng, Z. (2020). "Foreign exchange risk, hedging, and tax‐motivated outbound income shifting." Journal of Accounting Research 58(4): 953-987.Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of financial economics, 84(3), 591-623.Dharmapala, D., & Hines Jr, J. R. (2009). Which countries become tax havens?. Journal of Public Economics, 93(9-10), 1058-1068.Donohoe, M. P. (2015). "The economic effects of financial derivatives on corporate tax avoidance." Journal of Accounting and Economics 59(1): 1-24.Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.Faulkender, M. (2005). Hedging or market timing? Selecting the interest rate exposure of corporate debt. The Journal of Finance, 60(2), 931-962.Géczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. the Journal of Finance, 52(4), 1323-1354.Graham, J. R., & Smith, C. W. (1999). Tax incentives to hedge. The Journal of Finance, 54(6), 2241-2262.Graham, J. R., & Rogers, D. A. (2002). Do firms hedge in response to tax incentives?. The Journal of Finance, 57(2), 815-839.Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics, 81(3), 563-594.Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1-2), 126-141.Hoberg, G., & Moon, S. K. (2017). Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125(2), 217-244.Huchzermeier, A., & Cohen, M. A. (1996). Valuing operational flexibility under exchange rate risk. Operations Research, 44(1), 100-113.Kim, Y. S., Mathur, I., & Nam, J. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of Corporate Finance, 12(4), 834-853.Lee, Y. (2017). The impact of hedging and non-hedging derivatives on tax avoidance (Doctoral dissertation, UC Irvine)Phillips, R., Freeman, R. E., & Wicks, A. C. (2003). What stakeholder theory is not. Business Ethics Quarterly, 479-502.Richardson, G., & Taylor, G. (2015). Income shifting incentives and tax haven utilization: Evidence from multinational US firms. The International Journal of Accounting, 50(4), 458-485.Rego, S. O. (2003). Tax‐avoidance activities of US multinational corporations. Contemporary Accounting Research, 20(4), 805-833.Smith, C. W., & Stulz, R. M. (1985). The determinants of firms` hedging policies. Journal of Financial and Quantitative Analysis, 391-405.Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969-999. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363032資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108363032 資料類型 thesis dc.contributor.advisor 張元晨<br>羅明琇 zh_TW dc.contributor.advisor Chang, Yuan-Chen<br>Lo, S.M. en_US dc.contributor.author (Authors) 張郁敏 zh_TW dc.contributor.author (Authors) Chang, Yuh-Miin en_US dc.creator (作者) 張郁敏 zh_TW dc.creator (作者) Chang, Yuh-Miin en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 16:35:49 (UTC+8) - dc.date.available 4-Aug-2021 16:35:49 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 16:35:49 (UTC+8) - dc.identifier (Other Identifiers) G0108363032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136720 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 108363032 zh_TW dc.description.abstract (摘要) 跨國企業會使用財務和營運避險來規避匯率風險，但是企業在進行財務避險同時，可能也會透過衍生性金融工具的稅務擇時機會來避稅。另外企業透過海外設立工廠時作為營運避險，若設立國家的稅率較母國低，可能亦會被作為避稅的工具，而當企業在避稅天堂設立營運機構，也可能會有更好的避稅效果。因此本文將探討美國企業使用財務避險及營運避險和跨國企業有效稅率間的關連性，實證結果顯示使用財務及營運避險有助於美國跨國企業避稅，在避稅天堂營運避險效果較在非避稅天堂國家佳。 zh_TW dc.description.abstract (摘要) Multinational firms use financial operational hedges to hedge foreign exchange risks. Both financial and operational derivatives provide firms with opportunities to avoid taxes. While the tax savings of currency derivatives primarily result from tax timing opportunities, operational hedging enables firms to shift their profit to companies located in a country with a lower income tax rate. Moreover, more taxes can be avoided if firms establish their operations in tax havens. This paper examines the relationship between financial and operational hedges and the effective tax rates of U.S. multinational corporations. The empirical results show that financial and operational hedges help U.S. multinational firms avoid taxes. The effect of operational hedge in Tax haven countries is better than in other countries. en_US dc.description.tableofcontents 第一章 緒論 6第一節 研究動機 6第二節 研究目的 7第三節 研究架構 8第二章 文獻探討 9第一節 匯率風險 9第二節 財務避險 10第三節 營運避險 10第四節 財務避險與營運避險的關係及選擇 11第五節 企業避稅的相關研究 12第六節 預期稅負與避險的相關研究 13第七節 避稅天堂的相關研究 15第八節 研究假說 16第三章 研究方法 17第一節 資料來源與樣本選取 17第二節 實證研究方法與變數定義 18第三節 敘述統計 27第四章 實證結果 29第五章 結論 37第一節 研究結論 37第二節 未來研究建議 39參考文獻 40 zh_TW dc.format.extent 1281094 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108363032 en_US dc.subject (關鍵詞) 財務避險 zh_TW dc.subject (關鍵詞) 營運避險 zh_TW dc.subject (關鍵詞) 避稅 zh_TW dc.subject (關鍵詞) 避稅天堂 zh_TW dc.subject (關鍵詞) Financial hedging en_US dc.subject (關鍵詞) Operational hedging en_US dc.subject (關鍵詞) Tax avoidance en_US dc.subject (關鍵詞) Tax haven en_US dc.title (題名) 跨國企業避險與避稅之關連性分析 zh_TW dc.title (題名) The Relationship of Corporate Hedging and Tax Avoidance of Multinational Firms en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Allayannis, G., Ihrig, J., & Weston, J. P. (2001). Exchange-rate hedging: Financial versus operational strategies. American Economic Review, 91(2), 391-395.Allayannis, G., & Ofek, E. (2001). Exchange rate exposure, hedging, and the use of foreign currency derivatives. Journal of International Money and Finance, 20(2), 273-296.Berkman, H., & Bradbury, M. E. (1996). Empirical evidence on the corporate use of derivatives. Financial Management, 5-13.Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms?. Journal of financial economics, 95(1), 41-61.Chernenko, S., & Faulkender, M. (2011). The two sides of derivatives usage: Hedging and speculating with interest rate swaps. Journal of Financial and Quantitative Analysis, 46(6), 1727-1754.Chowdhry, B., & Howe, J. T. (1999). Corporate risk management for multinational corporations: Financial and operational hedging policies. Review of Finance, 2(2), 229-246.Cohen, M. A., & Huchzermeier, A. (1999). Global supply chain management: a survey of research and applications. Quantitative Models for Supply Chain Management, 669-702.Contractor, F. J. (2016). Tax avoidance by multinational companies: Methods, policies, and ethics. Rutgers Business Review, 1(1).DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.Demeré, P., Donohoe, M. P., & Lisowsky, P. (2020). The economic effects of special purpose entities on corporate tax avoidance. Contemporary Accounting Research, 37(3), 1562-1597.Deng, Z. (2020). "Foreign exchange risk, hedging, and tax‐motivated outbound income shifting." Journal of Accounting Research 58(4): 953-987.Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of financial economics, 84(3), 591-623.Dharmapala, D., & Hines Jr, J. R. (2009). Which countries become tax havens?. Journal of Public Economics, 93(9-10), 1058-1068.Donohoe, M. P. (2015). "The economic effects of financial derivatives on corporate tax avoidance." Journal of Accounting and Economics 59(1): 1-24.Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.Faulkender, M. (2005). Hedging or market timing? Selecting the interest rate exposure of corporate debt. The Journal of Finance, 60(2), 931-962.Géczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. the Journal of Finance, 52(4), 1323-1354.Graham, J. R., & Smith, C. W. (1999). Tax incentives to hedge. The Journal of Finance, 54(6), 2241-2262.Graham, J. R., & Rogers, D. A. (2002). Do firms hedge in response to tax incentives?. The Journal of Finance, 57(2), 815-839.Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics, 81(3), 563-594.Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1-2), 126-141.Hoberg, G., & Moon, S. K. (2017). Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125(2), 217-244.Huchzermeier, A., & Cohen, M. A. (1996). Valuing operational flexibility under exchange rate risk. Operations Research, 44(1), 100-113.Kim, Y. S., Mathur, I., & Nam, J. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of Corporate Finance, 12(4), 834-853.Lee, Y. (2017). The impact of hedging and non-hedging derivatives on tax avoidance (Doctoral dissertation, UC Irvine)Phillips, R., Freeman, R. E., & Wicks, A. C. (2003). What stakeholder theory is not. Business Ethics Quarterly, 479-502.Richardson, G., & Taylor, G. (2015). Income shifting incentives and tax haven utilization: Evidence from multinational US firms. The International Journal of Accounting, 50(4), 458-485.Rego, S. O. (2003). Tax‐avoidance activities of US multinational corporations. Contemporary Accounting Research, 20(4), 805-833.Smith, C. W., & Stulz, R. M. (1985). The determinants of firms` hedging policies. Journal of Financial and Quantitative Analysis, 391-405.Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969-999. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100626 en_US
