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題名 企業如何運用節稅現金流？以台灣上市櫃公司為例
Allocation of cash tax savings: Evidence from Taiwan
作者 林建寬
Lin, Jian-Kuan
貢獻者 翁嘉祥
Weng, Chia-Hsiang
林建寬
Lin, Jian-Kuan
關鍵詞 租稅規劃
租稅規避
現金流量
現金持有
投資
Tax planning
Tax avoidance
Cash flow
Cash holdings
Investment
日期 2022
上傳時間 1-Aug-2022 17:12:38 (UTC+8)
摘要 本研究之目的在於探討台灣上市櫃公司透過節避稅行為創造之節稅現金流將如何運用，並比較其與正常營運產生現金流在不同現金用途間之分配差異。受限於現金流分配比例具此消彼長之權衡性質及節稅現金流面臨補稅或罰款之租稅不確定性，本研究發現平均而言，節稅現金流主要用於證券投資、增加現金持有及償還債務，且相較於正常營運活動產生之現金流分配更多。本文並提供節稅現金流之產生不會用於資本支出、長期投資或併購、研發支出及股利發放之證據，且亦未有在節稅現金流產生後兩年間才遞延使用之情形。儘管本研究發現節稅現金流之分配比例部分受公司規模大小、避稅程度高低、產業差異、公司治理優劣等因素影響，但仍是以證券投資、儲蓄等高流動性用途，與償還債務之用為主。因此進一步證實節稅現金流之增加，並不會提升公司價值，支持節避稅行為不會使公司價值增加之結論，藉此提供公司及其利害關係人重新評估其租稅安排效益之觀點。
This paper examines how cash tax savings created by Taiwanese listed companies through tax planning or tax avoidance will be used, and to compare it with the distribution of the uses of operating cash flow. Due to cash distribution facing trade-offs and tax uncertainty caused by potential tax repayment or penalty, I find that cash tax savings, on average, is mainly used for securities investment, increasing cash holdings and repaying debt, and is allocated to these uses more compared to operating cash flow. Also, this study provides evidence that cash tax savings are not used for capital expenditures, long-term investments, acquisition, R&D expenditures and dividend payments in three years without deferred. Although the allocation of cash flow is partly determined by the firm size, the level of tax avoidance, industrial differences, and the quality of corporate governance, the distribution is still maintained and not affected much. Therefore, I further find that the increase of cash tax savings will not increase the firm value, and supports the conclusion that tax planning or tax avoidance will not increase the firm value, which provide a perspective for companies and their stakeholders to reassess the effectiveness of their tax arrangements.
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描述 碩士
國立政治大學
會計學系
109353108
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353108
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.advisor Weng, Chia-Hsiangen_US
dc.contributor.author (Authors) 林建寬zh_TW
dc.contributor.author (Authors) Lin, Jian-Kuanen_US
dc.creator (作者) 林建寬zh_TW
dc.creator (作者) Lin, Jian-Kuanen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:12:38 (UTC+8)-
dc.date.available 1-Aug-2022 17:12:38 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:12:38 (UTC+8)-
dc.identifier (Other Identifiers) G0109353108en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140996-
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) 109353108zh_TW
dc.description.abstract (摘要) 本研究之目的在於探討台灣上市櫃公司透過節避稅行為創造之節稅現金流將如何運用，並比較其與正常營運產生現金流在不同現金用途間之分配差異。受限於現金流分配比例具此消彼長之權衡性質及節稅現金流面臨補稅或罰款之租稅不確定性，本研究發現平均而言，節稅現金流主要用於證券投資、增加現金持有及償還債務，且相較於正常營運活動產生之現金流分配更多。本文並提供節稅現金流之產生不會用於資本支出、長期投資或併購、研發支出及股利發放之證據，且亦未有在節稅現金流產生後兩年間才遞延使用之情形。儘管本研究發現節稅現金流之分配比例部分受公司規模大小、避稅程度高低、產業差異、公司治理優劣等因素影響，但仍是以證券投資、儲蓄等高流動性用途，與償還債務之用為主。因此進一步證實節稅現金流之增加，並不會提升公司價值，支持節避稅行為不會使公司價值增加之結論，藉此提供公司及其利害關係人重新評估其租稅安排效益之觀點。zh_TW
dc.description.abstract (摘要) This paper examines how cash tax savings created by Taiwanese listed companies through tax planning or tax avoidance will be used, and to compare it with the distribution of the uses of operating cash flow. Due to cash distribution facing trade-offs and tax uncertainty caused by potential tax repayment or penalty, I find that cash tax savings, on average, is mainly used for securities investment, increasing cash holdings and repaying debt, and is allocated to these uses more compared to operating cash flow. Also, this study provides evidence that cash tax savings are not used for capital expenditures, long-term investments, acquisition, R&D expenditures and dividend payments in three years without deferred. Although the allocation of cash flow is partly determined by the firm size, the level of tax avoidance, industrial differences, and the quality of corporate governance, the distribution is still maintained and not affected much. Therefore, I further find that the increase of cash tax savings will not increase the firm value, and supports the conclusion that tax planning or tax avoidance will not increase the firm value, which provide a perspective for companies and their stakeholders to reassess the effectiveness of their tax arrangements.en_US
dc.description.tableofcontents 第一章 緒論---------------------------------------- 1
第一節 研究動機與背景------------------------------- 1
第二節 研究架構------------------------------------ 5
第二章 文獻探討與假說建立--------------------------- 6
第一節 現金流敏感性-------------------------------- 6
第二節 租稅規劃（避）與各現金用途-------------------- 7
第三節 假說建立------------------------------------ 10
第三章 研究方法------------------------------------ 15
第一節 實證模型之建立------------------------------ 15
第二節 變數之定義與衡量----------------------------- 20
第三節 樣本選取與資料處理--------------------------- 26
第四章 實證結果與分析------------------------------ 28
第一節 敘述性統計---------------------------------- 28
第二節 迴歸分析------------------------------------ 30
第三節 額外測試------------------------------------ 51
第五章 研究結論、建議與限制------------------------- 55
第一節 研究結論與建議------------------------------ 55
第二節 研究限制------------------------------------ 56
參考文獻 ------------------------------------------- 57		zh_TW
dc.format.extent 2105228 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353108en_US
dc.subject (關鍵詞) 租稅規劃zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 現金流量zh_TW
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 投資zh_TW
dc.subject (關鍵詞) Tax planningen_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Cash flowen_US
dc.subject (關鍵詞) Cash holdingsen_US
dc.subject (關鍵詞) Investmenten_US
dc.title (題名) 企業如何運用節稅現金流？以台灣上市櫃公司為例zh_TW
dc.title (題名) Allocation of cash tax savings: Evidence from Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文文獻
李沃牆與余義賢，2009，力霸集團財務危機預測－－KMV、Z-SCORE與TCRI
之比較，貨幣觀測與信用評等，75期，66-84。
林嘉慧、林美倫與郭玟秀，2010，公司治理與超額現金持有之償付決策關係，中
山管理評論，18卷4期，1051-1088。
姚維仁、金成隆與王肇蘭，2018，銀行債務契約訂定與財稅差異之關聯性，會計
評論，第66期，1-39。
施念恕、曾子耘，2021，現金持有、資訊不對稱與會計準則，中山管理評論，29
卷2 期，197-243。
產業創新條例第10條研究發展支出投資抵減統計表，2020，
https://reurl.cc/j1mrK1，擷取日期：2022年5月31日。
陳明進與蔡麗雯，2006，財稅所得差異決定因素及課稅所得推估之研究，管理學
報，第23卷，第6期，739-763。
蘇玄啟、羅仙法、施懿宸與李汶育，2016，台灣上市公司的現金持有、現金持有
價值與公司生命週期：預防性動機假說之驗證，臺大管理論叢，26卷2期，
173-209。
二、 外文文獻
Aggarwal, R. K., & Samwick, A. A. (2006). Empire-builders and shirkers: Investment,
firm performance, and managerial incentives. Journal of Corporate
Finance, 12(3), 489-515.
Allayannis, G., & Mozumdar, A. (2004). The impact of negative cash flow and
influential observations on investment–cash flow sensitivity estimates. Journal of banking & finance, 28(5), 901-930.
Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence
from some emerging markets. International business review, 22(1), 77-88.
Altınkılıç, O., & Hansen, R. S. (2000). Are there economies of scale in underwriting
fees? Evidence of rising external financing costs. The Review of Financial Studies, 13(1), 191-218.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of
corporate bankruptcy. The journal of finance, 23(4), 589-609.
Amiram, D., Bauer, A. M., & Frank, M. M. (2019). Tax avoidance at public
corporations driven by shareholder taxes: Evidence from changes in dividend tax policy. The Accounting Review, 94(5), 27-55.
Amiram, D., Bauer, A. M., Frank, M. M., Gow, I., Harris, T., Healy, P., ... & Thornock,
J. (2013). Corporate tax avoidance and managerial incentives generated by
shareholder dividend tax policy. In CAAA Annual Conference and the European
Accounting Association.
Asiri, M., Al-Hadi, A., Taylor, G., & Duong, L. (2020). Is corporate tax avoidance
associated with investment efficiency?. The North American Journal of Economics and Finance, 52, 101143.
Ayers, B. C., Laplante, S. K., & McGuire, S. T. (2010). Credit ratings and taxes: The
effect of book–tax differences on ratings changes. Contemporary Accounting Research, 27(2), 359-402.
Beck, T., Demirgüç‐Kunt, A. S. L. I., & Maksimovic, V. (2005). Financial and legal
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dc.identifier.doi (DOI) 10.6814/NCCU202200777en_US