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題名 企業避稅對投資效率的影響—以臺灣半導體產業為例
The Effect of Tax Avoidance on Investment Efficiency: Evidence from Taiwan’s Semiconductor Industry作者 郭柏昇
Kuo, Po-Sheng貢獻者 黃智聰
Huang, Jr-Tsung
郭柏昇
Kuo, Po-Sheng關鍵詞 避稅
投資效率
同儕效果
動態空間自迴歸模型
一般化動差法
Tax Avoidance
Investment Efficiency
Peer Effect
Dynamic Spatial Autoregressive Model
Generalized Method of Moments日期 2022 上傳時間 1-Aug-2022 18:30:51 (UTC+8) 摘要 本研究以臺灣半導體產業 44 家上市公司於 2013 年至 2020 年期間之追蹤資料為樣本，探討企業避稅對投資不效率的影響與投資不效率之同儕效果及動態效果。本研究將空間計量模型之空間權重矩陣建立於同儕企業間之競爭關係上，並將其轉變為「同儕相依矩陣」。透過動態空間自相關迴歸模型與一般化動差法進行實證估計，本研究得出以下三個主要研究結果。首先，投資不效率的同儕效果為負向，表示當同儕企業展現較高的投資不效率時，企業自身將有較低的投資不效率。再者，投資不效率的動態效果亦為負向，表示企業之投資不效率傾向於上下波動而非持續上升。最後，企業避稅對投資過度有顯著的正向影響，而其對投資不足的影響則不顯著，表示企業於從事避稅時傾向於投資過度而非投資不足。
This study investigates the effect of tax avoidance on investment inefficiency as well as the peer and dynamic effect of investment inefficiency in Taiwan’s semiconductor industry. The sample consists of 44 listed companies and covers the period from 2013 to 2020. This study constructs the spatial weight matrix of spatial econometric model on the basis of the competitive relationships among companies and turns it into the “peer dependence matrix”. Using the dynamic spatial autoregressive (SAR) model with difference generalized method of moments (GMM) estimation, this study reports the following three main findings. First, the peer effect of investment inefficiency is statistically significant and negative, indicating that the investment inefficiency of a company is relatively low when its peer exhibits relatively high investment inefficiency. Second, the dynamic effect of investment inefficiency is statistically significant and negative, suggesting that the investment inefficiency of a company tends to fluctuate and converge on a specific level instead of rising continuously. Third, the effect of tax avoidance on overinvestment is statistically significant and positive while the effect on underinvestment is statistically insignificant, implying that the companies tend to overinvest rather than to underinvest while engaging in tax avoidance.參考文獻 Aivazian, V. A., Y. Ge, and J. Qiu (2005), “The Impact of Leverage on Firm Investment: Canadian Evidence.” Journal of Corporate Finance, 11(1-2), 277– 291.Anderson, T. W., and C. Hsiao (1982), “Formulation and Estimation of Dynamic Models Using Panel Data.” Journal of Econometrics, 18(1), 47–82.Arellano, M., and S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment.” Review of Economic Studies, 58, 277–297.Asiri, M., A. Al-Hadi, G. Taylor, and L. Duong (2020), “Is Corporate Tax Avoidance Associated with Investment Efficiency?” The North American Journal of Economics and Finance, 52, 101143.Baltagi, B. H., B. Fingleton, and A. Pirotte (2014), “Estimating and Forecasting with a Dynamic Spatial Panel Data Model.” Oxford Bulletin of Economics and Statistics, 76(1), 112–138.Biddle, G. C., G. Hilary, and R. S. Verdi (2009), “How Does Financial Reporting Quality Relate to Investment Efficiency?” Journal of Accounting and Economics, 48(2–3), 112–131.Blaylock, B. S. (2016), “Is Tax Avoidance Associated with Economically Significant Rent Extraction among U.S. Firms?” Contemporary Accounting Research, 33(3), 1013–1043.Chen, F., O.-K. Hope, Q. Li, and X. Wang (2011), “Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets.” The Accounting Review, 86(4), 1255–1288.Chen, S., and H. Ma (2017), “Peer Effects in Decision-Making: Evidence from Corporate Investment.” China Journal of Accounting Research, 10(2), 167–188.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(1), 41–61.Crocker, K. J., and J. Slemrod (2005), “Corporate Tax Evasion with Agency Costs.” Journal of Public Economics, 89(9-10), 1593–1610.Dechow, P. M., and I. D. Dichev (2002), “The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors.” The Accounting Review, 77(s-1), 35–59.Desai, M. A., and D. Dharmapala (2006), “Corporate Tax Avoidance and High- Powered Incentives.” Journal of Financial Economics, 79(1), 145–179.Dyreng, S. D., M. Hanlon, and E. L. Maydew (2008), “Long‐Run Corporate Tax Avoidance.” The Accounting Review, 83(1), 61–82.Dyreng, S. D., M. Hanlon, and E. L. Maydew (2010), “The Effects of Executives on Corporate Tax Avoidance.” The Accounting Review, 85(4), 1163–1189.Elhorst, J. P. (2005), “Unconditional Maximum Likelihood Estimation of Linear and Log-Linear Dynamic Models for Spatial Models.” Geographical Analysis, 37, 85–106.Elhorst, J. P. (2012), “Dynamic Spatial Panels: Models, Methods, and Inferences.” Journal of Geographical Systems, 14, 5–28.Elhorst, J. P. (2014), “Matlab Software for Spatial Panels.” International Regional Science Review, 37(3), 389–405.Fazzari, S., R. G. Hubbard, and B. C. Petersen (1988), “Financing Constraints on Corporate Investment.” Brookings Papers on Economic Activity, 1, 141–195.Henry, E., and R. Sansing (2018), “Corporate Tax Avoidance: Data Truncation and Loss Firms.” Review of Accounting Studies, 23(3), 1042–1070.Jensen, M. C. (1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.” The American Economic Review, 76(2), 323–329.Kasznik, R. (1999), “On the Association between Voluntary Disclosure and Earnings Management.” Journal of Accounting Research, 37(1), 57–81.Khurana, I. K., W. J. Moser, and K. K. Raman (2018), “Tax Avoidance, Managerial Ability, and Investment Efficiency.” Abacus, 54(4), 547–575.Kothari, S. P., A. J. Leone, and C. E. Wasley (2005), “Performance Matched Discretionary Accrual Measures.” Journal of Accounting and Economics, 39(1), 163–197.Lang, L. H. P., R. M. Stulz, and R. A. Walkling (1991), “A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns.” Journal of Financial Economics, 29(2), 315–335.Lang, L. H. P., E. Ofek, and R. M. Stulz (1996), “Leverage, Investment, and Firm Growth.” Journal of Financial Economics, 40(1), 3–29.Levin, A., C.-F. Lin, and C.-S. J. Chu (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties.” Journal of Econometrics, 108, 1–24.Li, F. (2008), “Annual Report Readability, Current Earnings, and Earnings Persistence.” Journal of Accounting and Economics, 45(2-3), 221–247.Lieberman, M. B., and S. Asaba (2006), “Why Do Firms Imitate Each Other?” Academy of Management Review, 31(2), 366–385.Minnick, K., and T. Noga (2010), “Do Corporate Governance Characteristics Influence Tax Management?” Journal of Corporate Finance, 16(5), 703–718.Myers, S. C., and N. S. Majluf (1984), “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics, 13(2), 187–221.Park, K., I. Yang, and T. Yang (2017), “The Peer-Firm Effect on Firm’s Investment Decisions.” The North American Journal of Economics and Finance, 40, 178– 199.Richardson, S. (2006), “Over-Investment of Free Cash Flow.” Review of Accounting Studies, 11(2-3), 159–189.Stubben, S. R. (2010), “Discretionary Revenues as a Measure of Earnings Management.” The Accounting Review, 85(2), 695–717.Taiwan Semiconductor Industry Association (2021, February 22), TSIA Q4 2020 and Year 2020 Statistics on Taiwan IC Industry [Press release]. https://www.tsia.org.tw/api/DownloadPage?pageID=294 描述 碩士
國立政治大學
財政學系
109255012資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109255012 資料類型 thesis dc.contributor.advisor 黃智聰 zh_TW dc.contributor.advisor Huang, Jr-Tsung en_US dc.contributor.author (Authors) 郭柏昇 zh_TW dc.contributor.author (Authors) Kuo, Po-Sheng en_US dc.creator (作者) 郭柏昇 zh_TW dc.creator (作者) Kuo, Po-Sheng en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 18:30:51 (UTC+8) - dc.date.available 1-Aug-2022 18:30:51 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 18:30:51 (UTC+8) - dc.identifier (Other Identifiers) G0109255012 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141262 - 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) 109255012 zh_TW dc.description.abstract (摘要) 本研究以臺灣半導體產業 44 家上市公司於 2013 年至 2020 年期間之追蹤資料為樣本，探討企業避稅對投資不效率的影響與投資不效率之同儕效果及動態效果。本研究將空間計量模型之空間權重矩陣建立於同儕企業間之競爭關係上，並將其轉變為「同儕相依矩陣」。透過動態空間自相關迴歸模型與一般化動差法進行實證估計，本研究得出以下三個主要研究結果。首先，投資不效率的同儕效果為負向，表示當同儕企業展現較高的投資不效率時，企業自身將有較低的投資不效率。再者，投資不效率的動態效果亦為負向，表示企業之投資不效率傾向於上下波動而非持續上升。最後，企業避稅對投資過度有顯著的正向影響，而其對投資不足的影響則不顯著，表示企業於從事避稅時傾向於投資過度而非投資不足。 zh_TW dc.description.abstract (摘要) This study investigates the effect of tax avoidance on investment inefficiency as well as the peer and dynamic effect of investment inefficiency in Taiwan’s semiconductor industry. The sample consists of 44 listed companies and covers the period from 2013 to 2020. This study constructs the spatial weight matrix of spatial econometric model on the basis of the competitive relationships among companies and turns it into the “peer dependence matrix”. Using the dynamic spatial autoregressive (SAR) model with difference generalized method of moments (GMM) estimation, this study reports the following three main findings. First, the peer effect of investment inefficiency is statistically significant and negative, indicating that the investment inefficiency of a company is relatively low when its peer exhibits relatively high investment inefficiency. Second, the dynamic effect of investment inefficiency is statistically significant and negative, suggesting that the investment inefficiency of a company tends to fluctuate and converge on a specific level instead of rising continuously. Third, the effect of tax avoidance on overinvestment is statistically significant and positive while the effect on underinvestment is statistically insignificant, implying that the companies tend to overinvest rather than to underinvest while engaging in tax avoidance. en_US dc.description.tableofcontents 1. Introduction 12. Literature Review 62.1. Effect of Tax Avoidance on Investment Inefficiency 62.2. Other Factors Affecting Investment Inefficiency 102.3. Effect of Peer Competition on Investment Decisions 143. Trend of Investment in Taiwan’s Semiconductor Industry 174. Methodology 234.1. Dynamic Spatial Econometric Model 234.2. Model Specification 264.3. Measurement of Investment Inefficiency 274.4. Measurement of Tax Avoidance 294.5. Definitions of the Variables 324.6. Sample and Data 395. Empirical Analysis 415.1. Unit Root Test 415.2. Multi-Collinearity Test 425.3. Spatial Autocorrelation and Moran’s I 445.4. Empirical Results 465.5. Robustness Test 526. Concluding Remarks and Policy Implications 556.1. Concluding Remarks 556.2. Policy Implications 58REFFERENCE 60 zh_TW dc.format.extent 2057976 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109255012 en_US dc.subject (關鍵詞) 避稅 zh_TW dc.subject (關鍵詞) 投資效率 zh_TW dc.subject (關鍵詞) 同儕效果 zh_TW dc.subject (關鍵詞) 動態空間自迴歸模型 zh_TW dc.subject (關鍵詞) 一般化動差法 zh_TW dc.subject (關鍵詞) Tax Avoidance en_US dc.subject (關鍵詞) Investment Efficiency en_US dc.subject (關鍵詞) Peer Effect en_US dc.subject (關鍵詞) Dynamic Spatial Autoregressive Model en_US dc.subject (關鍵詞) Generalized Method of Moments en_US dc.title (題名) 企業避稅對投資效率的影響—以臺灣半導體產業為例 zh_TW dc.title (題名) The Effect of Tax Avoidance on Investment Efficiency: Evidence from Taiwan’s Semiconductor Industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aivazian, V. A., Y. Ge, and J. Qiu (2005), “The Impact of Leverage on Firm Investment: Canadian Evidence.” Journal of Corporate Finance, 11(1-2), 277– 291.Anderson, T. W., and C. Hsiao (1982), “Formulation and Estimation of Dynamic Models Using Panel Data.” Journal of Econometrics, 18(1), 47–82.Arellano, M., and S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment.” Review of Economic Studies, 58, 277–297.Asiri, M., A. Al-Hadi, G. Taylor, and L. Duong (2020), “Is Corporate Tax Avoidance Associated with Investment Efficiency?” The North American Journal of Economics and Finance, 52, 101143.Baltagi, B. H., B. Fingleton, and A. Pirotte (2014), “Estimating and Forecasting with a Dynamic Spatial Panel Data Model.” Oxford Bulletin of Economics and Statistics, 76(1), 112–138.Biddle, G. C., G. Hilary, and R. S. Verdi (2009), “How Does Financial Reporting Quality Relate to Investment Efficiency?” Journal of Accounting and Economics, 48(2–3), 112–131.Blaylock, B. S. (2016), “Is Tax Avoidance Associated with Economically Significant Rent Extraction among U.S. Firms?” Contemporary Accounting Research, 33(3), 1013–1043.Chen, F., O.-K. Hope, Q. Li, and X. Wang (2011), “Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets.” The Accounting Review, 86(4), 1255–1288.Chen, S., and H. Ma (2017), “Peer Effects in Decision-Making: Evidence from Corporate Investment.” China Journal of Accounting Research, 10(2), 167–188.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(1), 41–61.Crocker, K. J., and J. Slemrod (2005), “Corporate Tax Evasion with Agency Costs.” Journal of Public Economics, 89(9-10), 1593–1610.Dechow, P. M., and I. D. Dichev (2002), “The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors.” The Accounting Review, 77(s-1), 35–59.Desai, M. A., and D. Dharmapala (2006), “Corporate Tax Avoidance and High- Powered Incentives.” Journal of Financial Economics, 79(1), 145–179.Dyreng, S. D., M. Hanlon, and E. L. Maydew (2008), “Long‐Run Corporate Tax Avoidance.” The Accounting Review, 83(1), 61–82.Dyreng, S. D., M. Hanlon, and E. L. Maydew (2010), “The Effects of Executives on Corporate Tax Avoidance.” The Accounting Review, 85(4), 1163–1189.Elhorst, J. P. (2005), “Unconditional Maximum Likelihood Estimation of Linear and Log-Linear Dynamic Models for Spatial Models.” Geographical Analysis, 37, 85–106.Elhorst, J. P. (2012), “Dynamic Spatial Panels: Models, Methods, and Inferences.” Journal of Geographical Systems, 14, 5–28.Elhorst, J. P. (2014), “Matlab Software for Spatial Panels.” International Regional Science Review, 37(3), 389–405.Fazzari, S., R. G. Hubbard, and B. C. Petersen (1988), “Financing Constraints on Corporate Investment.” Brookings Papers on Economic Activity, 1, 141–195.Henry, E., and R. Sansing (2018), “Corporate Tax Avoidance: Data Truncation and Loss Firms.” Review of Accounting Studies, 23(3), 1042–1070.Jensen, M. C. (1986), “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.” The American Economic Review, 76(2), 323–329.Kasznik, R. (1999), “On the Association between Voluntary Disclosure and Earnings Management.” Journal of Accounting Research, 37(1), 57–81.Khurana, I. K., W. J. Moser, and K. K. Raman (2018), “Tax Avoidance, Managerial Ability, and Investment Efficiency.” Abacus, 54(4), 547–575.Kothari, S. P., A. J. Leone, and C. E. Wasley (2005), “Performance Matched Discretionary Accrual Measures.” Journal of Accounting and Economics, 39(1), 163–197.Lang, L. H. P., R. M. Stulz, and R. A. Walkling (1991), “A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns.” Journal of Financial Economics, 29(2), 315–335.Lang, L. H. P., E. Ofek, and R. M. Stulz (1996), “Leverage, Investment, and Firm Growth.” Journal of Financial Economics, 40(1), 3–29.Levin, A., C.-F. Lin, and C.-S. J. Chu (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties.” Journal of Econometrics, 108, 1–24.Li, F. (2008), “Annual Report Readability, Current Earnings, and Earnings Persistence.” Journal of Accounting and Economics, 45(2-3), 221–247.Lieberman, M. B., and S. Asaba (2006), “Why Do Firms Imitate Each Other?” Academy of Management Review, 31(2), 366–385.Minnick, K., and T. Noga (2010), “Do Corporate Governance Characteristics Influence Tax Management?” Journal of Corporate Finance, 16(5), 703–718.Myers, S. C., and N. S. Majluf (1984), “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics, 13(2), 187–221.Park, K., I. Yang, and T. Yang (2017), “The Peer-Firm Effect on Firm’s Investment Decisions.” The North American Journal of Economics and Finance, 40, 178– 199.Richardson, S. (2006), “Over-Investment of Free Cash Flow.” Review of Accounting Studies, 11(2-3), 159–189.Stubben, S. R. (2010), “Discretionary Revenues as a Measure of Earnings Management.” The Accounting Review, 85(2), 695–717.Taiwan Semiconductor Industry Association (2021, February 22), TSIA Q4 2020 and Year 2020 Statistics on Taiwan IC Industry [Press release]. https://www.tsia.org.tw/api/DownloadPage?pageID=294 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201130 en_US
