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題名 經理能力、組織資本、租稅規避與公司價值
Managerial Ability, Organizational Capital, Tax Avoidance and Firm Value
作者 顏孝軒
Yen, Hsiao-Hsuan
貢獻者 何怡澄<br>郭振雄
Ho, Yi-cheng<br>Kuo, Jenn-Shyong
顏孝軒
Yen, Hsiao-Hsuan
關鍵詞 經理能力
組織資本
租稅規避
公司價值
managerial ability
organizational capital
tax avoidance
firm value
日期 2022
上傳時間 2-Sep-2022 14:44:39 (UTC+8)
摘要 本研究探討組織資本及租稅規避與公司價值關聯性，並分析經理能力的調節效果。亦即分析經理能力對組織資本與企業價值的調節效果、經理能力對租稅規避與企業價值的調節效果，以及經理能力對於組織資本及租稅規避與企業價值的調節結果。本研究資料來源為Compustat北美國家1980-2021年企業資料。實證結果顯示，首先，組織資本與公司價值間具正向關聯性，且高經理能力增強組織資本與公司價值的正向關聯性；其次，租稅規避與公司價值具正向關聯性，但普遍未達顯著水準。然而，經理能力顯著增強租稅規避(年度帳面有效稅率、年度現金有效稅率)與公司價值的正向關聯性；第三，經理能力、組織資本及租稅規避與公司價值三者具正向關聯性，但不具顯著水準。本研究的實證結果顯示，相對於低能力經理，高能力經理人善於運用組織資本提升企業的價值；高能力經理藉由租稅規避增加公司價值。
This paper examines how investors value that high managerial ability executes engage in tax avoidance zctivities by utilizing organizational capital and how these constructs interact to influence firm value, by using the listed America companies in Compustat from year 1980 to 2021. The results suggest that investors positively value companies owning high managerial ability executes and their tax avoidance activities. In addition, investors also measure companies positively when enterprises have complete organizational capital. However, the interact effect of three determinants is not clear. In sensitivity analyses there are four parts. First one is different fraction about organizational capital in different industries. Second, we use different proxies to measure key variances. Third, we tear sample into high and low groups basing on key variances. The results of sensitivity analyses go with the results, proving the robustness of our research. With the development of enterprises, the importance of intangible assets has rapidly increased. This paper will help investors and related institutions to recognize intangible capital and related qualitative characteristics of companies that cannot be disclosed in financial reports when making decisions. This paper also helps users of financial reports estimate the value of firms more accurately.
參考文獻 陳典陞，2014，租稅規避與公司價值，政治大學會計學研究所未出版碩士論 文。
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Atkeson, A., & Kehoe, P. J. (2005). Modeling and Measuring Organization Capital. Journal of Political Economy, 113(5), 1026–1053. https://doi.org/10.1086/431289
Badertscher, B. A., Katz, S. P., & Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2), 228–250. https://doi.org/10.1016/j.jacceco.2013.08.005
Bamber, L. S., Jiang, J. (Xuefeng), & Wang, I. Y. (2010). What’s My Style? The Influence of Top Managers on Voluntary Corporate Financial Disclosure. The Accounting Review, 85(4), 1131–1162.
Bertrand, M., & Schoar, A. (n.d.). MANAGING WITH STYLE: THE EFFECT OF MANAGERS ON FIRM POLICIES. QUARTERLY JOURNAL OF ECONOMICS, 40.
Black, S. E., & Lynch, L. M. (2005). Measuring Organizational Capital in the New Economy. In Measuring Capital in the New Economy (pp. 205–236). University of Chicago Press. https://www.nber.org/books-and-chapters/measuring-capital-new-economy/measuring-organizational-capital-new-economy
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Cai, H., & Liu, Q. (2009). Competition and Corporate Tax Avoidance: Evidence from Chinese Industrial Firms*. The Economic Journal, 119(537), 764–795. https://doi.org/10.1111/j.1468-0297.2009.02217.x
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. https://doi.org/10.1016/j.jfineco.2009.02.003
Cheng, C. S. A., Huang, H. H., Li, Y., & Stanfield, J. (2012). The Effect of Hedge Fund Activism on Corporate Tax Avoidance. The Accounting Review, 87(5), 1493–1526.
Dejong, D., & Ling, Z. (2013). Managers: Their Effects on Accruals and Firm Policies. Journal of Business Finance & Accounting, 40(1–2), 82–114. https://doi.org/10.1111/jbfa.12012
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描述 碩士
國立政治大學
會計學系
109353115
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353115
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.advisor Ho, Yi-cheng<br>Kuo, Jenn-Shyongen_US
dc.contributor.author (Authors) 顏孝軒zh_TW
dc.contributor.author (Authors) Yen, Hsiao-Hsuanen_US
dc.creator (作者) 顏孝軒zh_TW
dc.creator (作者) Yen, Hsiao-Hsuanen_US
dc.date (日期) 2022en_US
dc.date.accessioned 2-Sep-2022 14:44:39 (UTC+8)-
dc.date.available 2-Sep-2022 14:44:39 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2022 14:44:39 (UTC+8)-
dc.identifier (Other Identifiers) G0109353115en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141542-
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) 109353115zh_TW
dc.description.abstract (摘要) 本研究探討組織資本及租稅規避與公司價值關聯性，並分析經理能力的調節效果。亦即分析經理能力對組織資本與企業價值的調節效果、經理能力對租稅規避與企業價值的調節效果，以及經理能力對於組織資本及租稅規避與企業價值的調節結果。本研究資料來源為Compustat北美國家1980-2021年企業資料。實證結果顯示，首先，組織資本與公司價值間具正向關聯性，且高經理能力增強組織資本與公司價值的正向關聯性；其次，租稅規避與公司價值具正向關聯性，但普遍未達顯著水準。然而，經理能力顯著增強租稅規避(年度帳面有效稅率、年度現金有效稅率)與公司價值的正向關聯性；第三，經理能力、組織資本及租稅規避與公司價值三者具正向關聯性，但不具顯著水準。本研究的實證結果顯示，相對於低能力經理，高能力經理人善於運用組織資本提升企業的價值；高能力經理藉由租稅規避增加公司價值。zh_TW
dc.description.abstract (摘要) This paper examines how investors value that high managerial ability executes engage in tax avoidance zctivities by utilizing organizational capital and how these constructs interact to influence firm value, by using the listed America companies in Compustat from year 1980 to 2021. The results suggest that investors positively value companies owning high managerial ability executes and their tax avoidance activities. In addition, investors also measure companies positively when enterprises have complete organizational capital. However, the interact effect of three determinants is not clear. In sensitivity analyses there are four parts. First one is different fraction about organizational capital in different industries. Second, we use different proxies to measure key variances. Third, we tear sample into high and low groups basing on key variances. The results of sensitivity analyses go with the results, proving the robustness of our research. With the development of enterprises, the importance of intangible assets has rapidly increased. This paper will help investors and related institutions to recognize intangible capital and related qualitative characteristics of companies that cannot be disclosed in financial reports when making decisions. This paper also helps users of financial reports estimate the value of firms more accurately.en_US
dc.description.tableofcontents 摘要 I
Abstract II
目錄 III
表目錄 V
第壹章 緒論 1
第一節研究背景與動機 1
第二節 研究流程 6
第貳章 文獻探討 7
第一節 經理能力 8
第二節 組織資本 8
第三節 租稅規避 11
第四節 組織資本與租稅規避 13
第五節 假說建立 13
第參章 研究方法 20
第一節 資料來源及樣本篩選 20
第二節 變數定義 21
第三節 實證模型 28
第肆章 實證結果 30
第一節 樣本敘述統計 30
第二節 實證結果 32
第三節 敏感性分析 33
第伍章 研究結論 40
參考文獻 42
附錄 48		zh_TW
dc.format.extent 3971702 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353115en_US
dc.subject (關鍵詞) 經理能力zh_TW
dc.subject (關鍵詞) 組織資本zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 公司價值zh_TW
dc.subject (關鍵詞) managerial abilityen_US
dc.subject (關鍵詞) organizational capitalen_US
dc.subject (關鍵詞) tax avoidanceen_US
dc.subject (關鍵詞) firm valueen_US
dc.title (題名) 經理能力、組織資本、租稅規避與公司價值zh_TW
dc.title (題名) Managerial Ability, Organizational Capital, Tax Avoidance and Firm Valueen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 陳典陞，2014，租稅規避與公司價值，政治大學會計學研究所未出版碩士論 文。
Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., & Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), 1–17. https://doi.org/10.1016/j.jacceco.2015.02.003
Atkeson, A., & Kehoe, P. J. (2005). Modeling and Measuring Organization Capital. Journal of Political Economy, 113(5), 1026–1053. https://doi.org/10.1086/431289
Badertscher, B. A., Katz, S. P., & Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2), 228–250. https://doi.org/10.1016/j.jacceco.2013.08.005
Bamber, L. S., Jiang, J. (Xuefeng), & Wang, I. Y. (2010). What’s My Style? The Influence of Top Managers on Voluntary Corporate Financial Disclosure. The Accounting Review, 85(4), 1131–1162.
Bertrand, M., & Schoar, A. (n.d.). MANAGING WITH STYLE: THE EFFECT OF MANAGERS ON FIRM POLICIES. QUARTERLY JOURNAL OF ECONOMICS, 40.
Black, S. E., & Lynch, L. M. (2005). Measuring Organizational Capital in the New Economy. In Measuring Capital in the New Economy (pp. 205–236). University of Chicago Press. https://www.nber.org/books-and-chapters/measuring-capital-new-economy/measuring-organizational-capital-new-economy
Bruehne, A., & Jacob, M. (2019). Corporate Tax Avoidance and the Real Effects of Taxation: A Review (SSRN Scholarly Paper No. 3495496). Social Science Research Network. https://doi.org/10.2139/ssrn.3495496
Cai, H., & Liu, Q. (2009). Competition and Corporate Tax Avoidance: Evidence from Chinese Industrial Firms*. The Economic Journal, 119(537), 764–795. https://doi.org/10.1111/j.1468-0297.2009.02217.x
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. https://doi.org/10.1016/j.jfineco.2009.02.003
Cheng, C. S. A., Huang, H. H., Li, Y., & Stanfield, J. (2012). The Effect of Hedge Fund Activism on Corporate Tax Avoidance. The Accounting Review, 87(5), 1493–1526.
Dejong, D., & Ling, Z. (2013). Managers: Their Effects on Accruals and Firm Policies. Journal of Business Finance & Accounting, 40(1–2), 82–114. https://doi.org/10.1111/jbfa.12012
Demerjian, P., Lev, B., & McVay, S. (2012). Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58(7), 1229–1248. https://doi.org/10.1287/mnsc.1110.1487
Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2012). Managerial Ability and Earnings Quality. The Accounting Review, 88(2), 463–498. https://doi.org/10.2308/accr-50318
Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. https://doi.org/10.1016/j.jfineco.2005.02.002
Desai, M. A., & Dharmapala, D. (2008). Tax and Corporate Governance: An Economic Approach. In W. Schön (Ed.), Tax and Corporate Governance (Vol. 3, pp. 13–30). Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-540-77276-7_3
Desai, M. A., & Dharmapala, D. (2009). Corporate Tax Avoidance and Firm Value. The Review of Economics and Statistics, 91(3), 537–546. https://doi.org/10.1162/rest.91.3.537
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dc.identifier.doi (DOI) 10.6814/NCCU202201359en_US