學術產出-Theses
Article View/Open
Publication Export
-
題名 避稅程度與銀行借款－以台灣半導體產業為例
Tax Avoidance and Bank Loan - Evidence From Taiwan’s Semiconductor Industry作者 陳柏豪
Chen, Bo-Hao貢獻者 黃智聰
Huang, Jr-Tsung
陳柏豪
Chen, Bo-Hao關鍵詞 企業避稅
銀行借款
GMM模型
GMM model
Tax avoidance
Band loan日期 2022 上傳時間 2-Sep-2022 15:30:15 (UTC+8) 摘要 銀行借貸是企業營運及發展的重要支柱，也是維繫企業存續的關鍵，尤其台灣企業目前深受疫情衝擊，許多企業面臨到嚴峻的營運衰退問題，也因此無論是企業或台灣政府，都需要思考如何透過銀行借款以幫助企業存續，進而增加就業人口與穩定台灣經濟。本研究的研究目的在於，探討對於台灣半導體企業而言，企業避稅程度以及其他可能的影響因素對於企業之銀行借款的影響，本研究採取台灣半導體上市企業為研究對象，採用2012年至2020年54家半導體產業上市企業為樣本共486筆數據為樣本，使用GMM模型進行分析。本研究在經過資料與模型的檢定後，以GMM模型得到實證結果，實證結果發現 : 企業的銀行借款受到該企業的避稅程度負向影響、企業成長負向影響、平均收帳天數正向影響、淨值資產比負向影響、總經理與副總經理薪酬正向影響、董事會專業性正向影響。
Bank loans is an important pillar for the operation and development of a company, and it is also the key to maintaining the company`s survival. In particular, Taiwanese companies are currently deeply affected by the COVID－19, and many companies are facing recession problems. Therefore, both companies and the Taiwan government need to think about helping company survive by bank loans, thereby increasing employment and stabilizing Taiwan`s economy.The purpose of this research is to explore the impact of the corporate tax avoidance on the bank loans of Taiwanese semiconductor companies. This research use of 486 data for 54 semiconductor companies as samples, and use GMM model for analysis.After the test of the data and the model, this research uses the GMM model to obtain the results. The results show that: tax avoidance of the company has a significant negative impact on the company`s bank loan . The growth of the company has a significant negative impact on the company`s bank loan . The company`s liquidity have a significant negative impact on the company`s bank loan ; the asset of the company has a significant negative impact on the company`s bank loans; The salary of company`s CEO has a significant positive impact on the company`s bank loans.參考文獻 黃美祝、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，4（1），1–22。Alves, P., E. Couto and P. Francisco (2015), “Board of Directors’ Composition and Capital Structure.” Research in International Business and Finance, 35.Anderson, I. (2004), “Capital Structure and Stock Returns.” Journal of Political Economy, 112, 1.Baker , M., and J. Wurgler (2002),“Market Timing and Capital Structure.” The Journal of Finance , 57(1), 1–32.Baker, H. K., G. E. Powell, and E. T. Veit (2003), “Why Companies Use Open-Market Re-purchases: A Managerial Perspective.” The Quarterly Reviews of Economics and Finance, 43, 483-504.Baltagi, H. Badi, 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.Berger, P.G., E. Ofek and D.L. Yermack (1997), “Managerial Entrenchment and Capital Structure Decisions.” The Journal of Finance, 52, 1411-1438.Chang, X., S. Dasgupta, and G. Hilary (2009), “The Effect of Auditor Quality on Financing Decisions.” The Accounting Review, 84(4), 1085–1117.Chiesa, M. and S. Barua (2019), “The Surge of Impact Borrowing: The Magnitude and Determinants of Green Bond Supply and Its Heterogeneity Across Markets.” Journal of Sustainable Finance and Investment, 9(2), 138–161.Duong, H.K., A.D. Ngo and C.B. McGowan (2015), “Industry Peer Effect and the Maturity Structure of Corporate Debt.” Managerial Finance, 41(7), 714-733.Eriotis, N., D. Vasiliou, and V. Zoe (2007), “How Firm Characteristics Affect Capital Structure: An Empirical Study.” Managerial Finance, 33, 321-331.Graham, R. and L. Tucker (2006),“Tax Shelters and Corporate Debt Policy.” Journal of Financial Economics, 81(3), 563-594.Hasan, M., H. Ahsan, and A. Nurul (2021), “Asset Redeploy Ability and Corporate Tax Avoidance.” Abacus, 57(2), 183–219.Hemmelgarn, T. and D. Teichmann (2014), “Tax Reforms and the Capital Structure of Banks.” International Tax and Public Finance, 21, 645–693.Jaggi, B. and F.A. Gul (1999), “An Analysis of Joint Effects of Investment Opportunity Set, Free Cash Flows and Size on Corporate Debt Policy.” Review of Quantitative Finance and Accounting ,12, 371–381.Jensen, C. and M. William (1986), “Theory of the Firm : Managerial Behavior, Agency Costs, and Capital Structure.” Journal of Financial Economics, 3, 305–360.MacKay, P. and G. M. Phillips (2005), “How Does Industry Affect Firm Financial Structure?” The Review of Financial Studies, 18(4), 1433–1466.Modigliani, F. and M. Miller (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review, 48, 261-297.Modigliani, F. and M. Miller (1963),“Corporate Income Taxes and the Cost of Capital: A Correction .”American Economic Review, 53, 433-443.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.Myers, C. (1977), “Determinants of Corporate Borrowing.” Journal of Financial Economics ,5, 147–175.Panigrahi, A. (2013), “Relationship between Inventory Management and Profitability: An Empirical Analysis of Indian Cement Companies.” Asia Pacific Journal of Marketing & Management Review, 2(7).Ronald C., A. Sattar, and M. David (2004), “Board Characteristics, Accounting Report Integrity, and the Cost of Debt.” Journal of Accounting and Economics,37(3), 315-342.Wu, L. and H. Yue (2009), “Corporate Tax, Capital Structure, and the Accessibility of Bank Loans: Evidence from China.” Journal of Banking & Finance, 33(1), 30-38.金融監督管理委員會，111年5月10號，取自網址https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202205100003&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。臺灣中小企業銀行，111年5月17號，取自網址https://sme-knet.org/system/wp-content/uploads/2019/07/43b7d03dad36e631c16bf39ad0951e53.pdf。台北論壇網，110年12月20號，取自網址https://www.taipeiforum.org.tw/article_d.php?lang=tw&id=9184&tb=3。臺灣入口網，111年7月10號，取自網址https://investtaiwan.nat.gov.tw/showIndInfo?guid=1&lang=cht。 描述 碩士
國立政治大學
財政學系
109255021資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109255021 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) 陳柏豪 zh_TW dc.contributor.author (Authors) Chen, Bo-Hao en_US dc.creator (作者) 陳柏豪 zh_TW dc.creator (作者) Chen, Bo-Hao en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 15:30:15 (UTC+8) - dc.date.available 2-Sep-2022 15:30:15 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 15:30:15 (UTC+8) - dc.identifier (Other Identifiers) G0109255021 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141759 - 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) 109255021 zh_TW dc.description.abstract (摘要) 銀行借貸是企業營運及發展的重要支柱，也是維繫企業存續的關鍵，尤其台灣企業目前深受疫情衝擊，許多企業面臨到嚴峻的營運衰退問題，也因此無論是企業或台灣政府，都需要思考如何透過銀行借款以幫助企業存續，進而增加就業人口與穩定台灣經濟。本研究的研究目的在於，探討對於台灣半導體企業而言，企業避稅程度以及其他可能的影響因素對於企業之銀行借款的影響，本研究採取台灣半導體上市企業為研究對象，採用2012年至2020年54家半導體產業上市企業為樣本共486筆數據為樣本，使用GMM模型進行分析。本研究在經過資料與模型的檢定後，以GMM模型得到實證結果，實證結果發現 : 企業的銀行借款受到該企業的避稅程度負向影響、企業成長負向影響、平均收帳天數正向影響、淨值資產比負向影響、總經理與副總經理薪酬正向影響、董事會專業性正向影響。 zh_TW dc.description.abstract (摘要) Bank loans is an important pillar for the operation and development of a company, and it is also the key to maintaining the company`s survival. In particular, Taiwanese companies are currently deeply affected by the COVID－19, and many companies are facing recession problems. Therefore, both companies and the Taiwan government need to think about helping company survive by bank loans, thereby increasing employment and stabilizing Taiwan`s economy.The purpose of this research is to explore the impact of the corporate tax avoidance on the bank loans of Taiwanese semiconductor companies. This research use of 486 data for 54 semiconductor companies as samples, and use GMM model for analysis.After the test of the data and the model, this research uses the GMM model to obtain the results. The results show that: tax avoidance of the company has a significant negative impact on the company`s bank loan . The growth of the company has a significant negative impact on the company`s bank loan . The company`s liquidity have a significant negative impact on the company`s bank loan ; the asset of the company has a significant negative impact on the company`s bank loans; The salary of company`s CEO has a significant positive impact on the company`s bank loans. en_US dc.description.tableofcontents 第一章 研究背景與架構 1第一節 研究背景與目的 1第二節 研究架構 4第二章 文獻回顧 6第一節 企業債權融資理論相關文獻 6第二節 主要變數相關文獻回顧 9第三節 同業競爭相關文獻 11第四節 其他相關文獻回顧 13第三章 現況分析 19第一節 半導體產業與其各子產業之銀行借款 19第二節 半導體產業對台灣經濟之重要性 21第四章 研究方法 23第一節 模型設定 23第二節 變數說明與資料來源 25第五章 實證結果 32第一節 共線性與模型檢定 32第二節 實證模型結果分析 34第三節 穩健性檢定 39第六章 結論 41第一節 結論 41第二節 政策建議 43第三節 研究限制 44參考文獻 45一、中文部分 45二、英文文獻 45三、參考網站 48 zh_TW dc.format.extent 1134650 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109255021 en_US dc.subject (關鍵詞) 企業避稅 zh_TW dc.subject (關鍵詞) 銀行借款 zh_TW dc.subject (關鍵詞) GMM模型 zh_TW dc.subject (關鍵詞) GMM model en_US dc.subject (關鍵詞) Tax avoidance en_US dc.subject (關鍵詞) Band loan en_US dc.title (題名) 避稅程度與銀行借款－以台灣半導體產業為例 zh_TW dc.title (題名) Tax Avoidance and Bank Loan - Evidence From Taiwan’s Semiconductor Industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 黃美祝、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，4（1），1–22。Alves, P., E. Couto and P. Francisco (2015), “Board of Directors’ Composition and Capital Structure.” Research in International Business and Finance, 35.Anderson, I. (2004), “Capital Structure and Stock Returns.” Journal of Political Economy, 112, 1.Baker , M., and J. Wurgler (2002),“Market Timing and Capital Structure.” The Journal of Finance , 57(1), 1–32.Baker, H. K., G. E. Powell, and E. T. Veit (2003), “Why Companies Use Open-Market Re-purchases: A Managerial Perspective.” The Quarterly Reviews of Economics and Finance, 43, 483-504.Baltagi, H. Badi, 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.Berger, P.G., E. Ofek and D.L. Yermack (1997), “Managerial Entrenchment and Capital Structure Decisions.” The Journal of Finance, 52, 1411-1438.Chang, X., S. Dasgupta, and G. Hilary (2009), “The Effect of Auditor Quality on Financing Decisions.” The Accounting Review, 84(4), 1085–1117.Chiesa, M. and S. Barua (2019), “The Surge of Impact Borrowing: The Magnitude and Determinants of Green Bond Supply and Its Heterogeneity Across Markets.” Journal of Sustainable Finance and Investment, 9(2), 138–161.Duong, H.K., A.D. Ngo and C.B. McGowan (2015), “Industry Peer Effect and the Maturity Structure of Corporate Debt.” Managerial Finance, 41(7), 714-733.Eriotis, N., D. Vasiliou, and V. Zoe (2007), “How Firm Characteristics Affect Capital Structure: An Empirical Study.” Managerial Finance, 33, 321-331.Graham, R. and L. Tucker (2006),“Tax Shelters and Corporate Debt Policy.” Journal of Financial Economics, 81(3), 563-594.Hasan, M., H. Ahsan, and A. Nurul (2021), “Asset Redeploy Ability and Corporate Tax Avoidance.” Abacus, 57(2), 183–219.Hemmelgarn, T. and D. Teichmann (2014), “Tax Reforms and the Capital Structure of Banks.” International Tax and Public Finance, 21, 645–693.Jaggi, B. and F.A. Gul (1999), “An Analysis of Joint Effects of Investment Opportunity Set, Free Cash Flows and Size on Corporate Debt Policy.” Review of Quantitative Finance and Accounting ,12, 371–381.Jensen, C. and M. William (1986), “Theory of the Firm : Managerial Behavior, Agency Costs, and Capital Structure.” Journal of Financial Economics, 3, 305–360.MacKay, P. and G. M. Phillips (2005), “How Does Industry Affect Firm Financial Structure?” The Review of Financial Studies, 18(4), 1433–1466.Modigliani, F. and M. Miller (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review, 48, 261-297.Modigliani, F. and M. Miller (1963),“Corporate Income Taxes and the Cost of Capital: A Correction .”American Economic Review, 53, 433-443.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.Myers, C. (1977), “Determinants of Corporate Borrowing.” Journal of Financial Economics ,5, 147–175.Panigrahi, A. (2013), “Relationship between Inventory Management and Profitability: An Empirical Analysis of Indian Cement Companies.” Asia Pacific Journal of Marketing & Management Review, 2(7).Ronald C., A. Sattar, and M. David (2004), “Board Characteristics, Accounting Report Integrity, and the Cost of Debt.” Journal of Accounting and Economics,37(3), 315-342.Wu, L. and H. Yue (2009), “Corporate Tax, Capital Structure, and the Accessibility of Bank Loans: Evidence from China.” Journal of Banking & Finance, 33(1), 30-38.金融監督管理委員會，111年5月10號，取自網址https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202205100003&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。臺灣中小企業銀行，111年5月17號，取自網址https://sme-knet.org/system/wp-content/uploads/2019/07/43b7d03dad36e631c16bf39ad0951e53.pdf。台北論壇網，110年12月20號，取自網址https://www.taipeiforum.org.tw/article_d.php?lang=tw&id=9184&tb=3。臺灣入口網，111年7月10號，取自網址https://investtaiwan.nat.gov.tw/showIndInfo?guid=1&lang=cht。 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201164 en_US
