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題名 經濟政策不確定性對企業租稅規避之影響
The Effect of Economic Policy Uncertainty on Corporate Tax Avoidance
作者 詹宜璇
Jhan, Yi-Syuan
貢獻者 何怡澄
詹宜璇
Jhan, Yi-Syuan
關鍵詞 經濟政策不確定性
租稅規避
日期 2021
上傳時間 2-Sep-2021 15:35:47 (UTC+8)
摘要 企業的經營受到政府經濟政策廣泛而關鍵的影響，企業做營運決策時必須考量政策的更動。本研究欲探討經濟政策不確定性與企業租稅規避之關聯，並檢驗兩者之關聯性是否導因於外部融資的摩擦。本研究以1998年至2019年間中國上海及深圳證券交易所上市公司為研究對象，並以Baker et al.(2016)經濟政策不確定性指數與租稅規避指標進行迴歸分析，實證方法採用普通最小平方法。實證結果顯示，經濟政策不確定性與企業租稅規避呈顯著正相關。本文進一步將樣本分為財務受限公司與財務不受限公司，測試現金持有量的調節效果，惟並未觀察出現金持有量在經濟政策不確定性與企業租稅規避之間的調節作用。於敏感性分析中，採用租稅規避的替代指標，並將模型改為固定效果模型，皆獲得一致結果。
Government`s economic policies have a widespread and critical influence on the operation of enterprises. When making an operating decision, firms must consider policy changes. This study examines the relationship between economic policy uncertainty and corporate tax avoidance, and tests whether the relationship between the two is due to external financing frictions. This study takes the listed companies in Shanghai and Shenzhen stock exchanges from 1998 to 2019 as the samples. The OLS empirical results show that tax avoidance is significantly positively associated with economic policy uncertainty. We further divides the sample into financial constrained firms and unconstrained firms to test whether cash holding can moderate the effect of economic policy uncertainty on tax avoidance; however, there is no evidence that cash holding plays a moderate role to economic policy uncertainty in reducing tax avoidance. In the sensitivity analysis, we also obtain the consistent results by using alternative measures of tax avoidance and by changing the estimation method to fixed-effect model.
參考文獻 林妍妏、張崇倫、郭振雄與何怡澄，2018，經營團隊過度自信與企業租稅規避，財稅研究，第47卷第6期：1-45。
邱士宗、張崇倫、郭振雄與何怡澄，2020，總經理過度自信、家族企業與租稅規避，中華會計學刊，第16卷第1期：87-134。
邱士宗、陳蘭蕙、郭振雄與何怡澄，2019，企業租稅規避在負債融資策略扮演之角色，商略學報，第11卷第3期：169-198。
郭振雄、何怡澄與林咸劭，2020，斷點迴歸方法論之法人持股與企業租稅規避，經濟論文，第48卷第1期：105-149。
郭振雄、何怡澄、徐書凡與彭火樹，2017，企業策略、企業社會責任報告與租稅規避之關聯性，中華會計學刊，第12卷S期：367-421。
陳明進與林怡伶，2011，資產減值準備與股權結構對中國上市公司有效稅率之影響，會計審計論叢，第1卷第2期：27-55。
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描述 碩士
國立政治大學
會計學系
104353106
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104353106
資料類型 thesis
dc.contributor.advisor 何怡澄zh_TW
dc.contributor.author (Authors) 詹宜璇zh_TW
dc.contributor.author (Authors) Jhan, Yi-Syuanen_US
dc.creator (作者) 詹宜璇zh_TW
dc.creator (作者) Jhan, Yi-Syuanen_US
dc.date (日期) 2021en_US
dc.date.accessioned 2-Sep-2021 15:35:47 (UTC+8)-
dc.date.available 2-Sep-2021 15:35:47 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2021 15:35:47 (UTC+8)-
dc.identifier (Other Identifiers) G0104353106en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136822-
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) 104353106zh_TW
dc.description.abstract (摘要) 企業的經營受到政府經濟政策廣泛而關鍵的影響，企業做營運決策時必須考量政策的更動。本研究欲探討經濟政策不確定性與企業租稅規避之關聯，並檢驗兩者之關聯性是否導因於外部融資的摩擦。本研究以1998年至2019年間中國上海及深圳證券交易所上市公司為研究對象，並以Baker et al.(2016)經濟政策不確定性指數與租稅規避指標進行迴歸分析，實證方法採用普通最小平方法。實證結果顯示，經濟政策不確定性與企業租稅規避呈顯著正相關。本文進一步將樣本分為財務受限公司與財務不受限公司，測試現金持有量的調節效果，惟並未觀察出現金持有量在經濟政策不確定性與企業租稅規避之間的調節作用。於敏感性分析中，採用租稅規避的替代指標，並將模型改為固定效果模型，皆獲得一致結果。zh_TW
dc.description.abstract (摘要) Government`s economic policies have a widespread and critical influence on the operation of enterprises. When making an operating decision, firms must consider policy changes. This study examines the relationship between economic policy uncertainty and corporate tax avoidance, and tests whether the relationship between the two is due to external financing frictions. This study takes the listed companies in Shanghai and Shenzhen stock exchanges from 1998 to 2019 as the samples. The OLS empirical results show that tax avoidance is significantly positively associated with economic policy uncertainty. We further divides the sample into financial constrained firms and unconstrained firms to test whether cash holding can moderate the effect of economic policy uncertainty on tax avoidance; however, there is no evidence that cash holding plays a moderate role to economic policy uncertainty in reducing tax avoidance. In the sensitivity analysis, we also obtain the consistent results by using alternative measures of tax avoidance and by changing the estimation method to fixed-effect model.en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究流程 3
第二章 文獻回顧與假說 4
第一節 經濟政策不確定性 5
第二節 租稅規避 7
第三節 研究假說 10
第三章 研究方法 11
第一節 實證模型設計 11
第二節 租稅規避衡量指標 13
第三節 經濟政策不確定性衡量指標 14
第四節 控制變數 15
第五節 經濟不確定性的代理變數 18
第六節 資料來源與樣本篩選 19
第四章 實證結果 20
第一節 樣本敘述統計 20
第二節 迴歸分析結果 21
第三節 敏感性分析 26
第四節 額外測試 35
第五章 結論與限制 45
第一節 結論與建議 45
第二節 研究限制 46
參考文獻 47
中文部分 47
英文部分 47		zh_TW
dc.format.extent 3106220 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104353106en_US
dc.subject (關鍵詞) 經濟政策不確定性zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.title (題名) 經濟政策不確定性對企業租稅規避之影響zh_TW
dc.title (題名) The Effect of Economic Policy Uncertainty on Corporate Tax Avoidanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 林妍妏、張崇倫、郭振雄與何怡澄，2018，經營團隊過度自信與企業租稅規避，財稅研究，第47卷第6期：1-45。
邱士宗、張崇倫、郭振雄與何怡澄，2020，總經理過度自信、家族企業與租稅規避，中華會計學刊，第16卷第1期：87-134。
邱士宗、陳蘭蕙、郭振雄與何怡澄，2019，企業租稅規避在負債融資策略扮演之角色，商略學報，第11卷第3期：169-198。
郭振雄、何怡澄與林咸劭，2020，斷點迴歸方法論之法人持股與企業租稅規避，經濟論文，第48卷第1期：105-149。
郭振雄、何怡澄、徐書凡與彭火樹，2017，企業策略、企業社會責任報告與租稅規避之關聯性，中華會計學刊，第12卷S期：367-421。
陳明進與林怡伶，2011，資產減值準備與股權結構對中國上市公司有效稅率之影響，會計審計論叢，第1卷第2期：27-55。
黃美祝，2019，董事連結與企業避稅程度之關聯性，臺大管理論叢，第29卷第2期：201-231。
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4卷第1期：1-22。
Al-Thaqeb, S. A., and Algharabali, B. G. 2019. Economic policy uncertainty: A literature review. The Journal of Economic Asymmetries 20: e00133.
Almeida, H., Campello, M., and Weisbach, M. S. 2004. The Cash Flow Sensitivity of Cash. The Journal of Finance 59 (4): 1777-1804.
Amighini, A. A., Rabellotti, R., and Sanfilippo, M. 2013. Do Chinese state-owned and private enterprises differ in their internationalization strategies? China Economic Review 27: 312-325.
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dc.identifier.doi (DOI) 10.6814/NCCU202101539en_US