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題名 租稅不確定性與企業負債政策
Tax Uncertainty and Corporate Debt Policy
作者 劉誼名
LIU, YI-MING
貢獻者 何怡澄<br>郭振雄
劉誼名
LIU, YI-MING
關鍵詞 負債政策
租稅不確定性
租稅規避
租稅不確定性狀況聲明書
Debt policy
Tax uncertainty
Tax avoidance
Schedule UTP
日期 2023
上傳時間 1-Sep-2023 16:09:06 (UTC+8)
摘要 本研究探討租稅不確定性對企業負債政策的影響。利用美國國稅局(Internal Revenue Service, IRS)漸進實施企業繳交租稅不確定性狀況聲明書(Uncertain Tax Position Statement, Schedule UTP)的規定，檢視企業在適用Schedule UTP後對其負債比率的影響。租稅規避與租稅不確定性皆會影響企業的內部資金，然而，過去有文獻探討租稅規避或租稅激進與企業負債之間的關係，卻沒有文獻探討租稅不確定性與負債的關聯性。本研究採用美國上市公司2005年至2019年的資料，採用多時點差異中之差異(Staggered Difference-in-Differences)架構進行迴歸分析。實證結果顯示，當企業適用Schedule UTP後，會降低其負債比率。表示租稅不確定性確實是影響企業負債政策的重要因素。在敏感性分析中，本研究分為兩個部分。首先，使用兩個負債替代變數進行測試。接著，為了避免樣本期間過長導致迴歸結果產生偏誤，本研究縮短樣本期間進行測試。兩部分迴歸結果皆與主要測試結果相符，驗證本研究的結果具有穩健性。在額外測試中，本研究分別檢視Schedule UTP對企業一般性租稅規避與租稅不確定性的影響，發現Schedule UTP降低企業負債比率，但提高一般性租稅規避程度，可推論實施Schedule UTP減少IRS與企業間資訊不對稱情況的利益，超過IRS加強查稅的成本，進而減少負債融資需求，企業透過一般性租稅規避獲取內部資金。此外，本研究亦檢視Schedule UTP對企業市值的影響，發現企業在適用Schedule UTP後市值增加，對企業有正面影響。
This paper examines the effect of tax uncertainty on corporate debt policy. Using the staggered implementation of Schedule UTP by the Internal Revenue Service(IRS), this paper examines the effect of Schedule UTP on corporate debt ratio. Tax avoidance and tax uncertainty both can affect firms’ internal funds. Previous research has examined the relation between tax avoidance or tax aggressive and corporate debt. However, there is no research examining the relation between tax uncertainty and debt. By using a sample of the listed companies in the U.S. from 2005 to 2019 and a staggered difference-in-differences approach, the results suggest that firms reduce their debt ratio after subject to Schedule UTP. Tax uncertainty, therefore, is a significant factor influencing firms’ debt ratio. The sensitivity analyses of this paper consists of two parts. Firstly, two alternative debt proxies are tested. Secondly, to avoid potential bias in the regression results caused by an excessively long sample period, I shortens the sample period for testing. The results of two parts of sensitivity analyses are consistent with the primary results, proving the robustness of my research. In additional tests, this paper examines the effect of Schedule UTP on overall tax avoidance and tax uncertainty. The results show that Schedule UTP decreases firms` debt ratios while increasing overall tax avoidance level, implying that the benefits of a lower level of information asymmetry between the IRS and firms outweigh the costs of a higher perceived detection risk after subject to Schedule UTP, so firms reduce their need for debt financing and obtain internal funds through overall tax avoidance. Additionally, this paper examines the effect of Schedule UTP on firms’ market capitalization and finds that firms’ market capitalization increases after firms subject to Schedule UTP, indicating that Schedule UTP has a positive impact on firms.
參考文獻 Abernathy, J. L., Davenport, S. A., & Rapley, E. T. (2013). Schedule UTP: Stock price reaction and economic consequences. The Journal of the American Taxation Association, 35(1), 25-48.
Adam, T., & Goyal, V. K. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31(1), 41-63.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. the Journal of Finance, 23(4), 589-609.
Balakrishnan, K., Blouin, J., & Guay, W. (2012). Does tax aggressiveness reduce corporate transparency?(September 7, 2012). Available at SSRN 1792783.
Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal, 67(4), 875-899.
Blouin, J., Core, J. E., & Guay, W. (2010). Have the tax benefits of debt been overestimated? Journal of financial economics, 98(2), 195-213.
Brühne, A. I., & Schanz, D. (2022). Defining and Managing Corporate Tax Risk: Perceptions of Tax Risk Experts. Contemporary Accounting Research, 39(4), 2861-2902.
Brealey, R., and S.Myers. 1991. Principles of Corporate Finance. Fourth edition. NewYork, NY: McGraw-Hill,Inc.
Byoun, S. (2008). How and When Do Firms Adjust Their Capital Structures toward Targets ? Journal of Finance, 63(6), 3069-3096.
Campbell, J. L., Cecchini, M., Cianci, A. M., Ehinger, A. C., & Werner, E. M. (2019). Tax-related mandatory risk factor disclosures, future profitability, and stock returns. Review of Accounting Studies, 24, 264-308.
Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H.-m., & Steele, L. B. (2014). The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies, 19, 396-455.
Chang, X., Dasgupta, S., & Hilary, G. (2009). The Effect of Auditor Quality on Financing Decisions. Accounting Review, 84(4), 1085-1117.
Ciconte, W., Donohoe, M. P., Lisowsky, P., & Mayberry, M. (2016). Predictable uncertainty: The relation between unrecognized tax benefits and future income tax cash outflows. Available at SSRN 2390150.
Cook, K. A., Moser, W. J., & Omer, T. C. (2017). Tax avoidance and ex ante cost of capital. Journal of Business Finance & Accounting, 44(7-8), 1109-1136.
DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial economics, 8(1), 3-29.
Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.
Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxation. Journal of financial economics, 84(3), 591-623.
Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151-176.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When Does Tax Avoidance Result in Tax Uncertainty? Accounting Review, 94(2), 179-203.
Edwards, A., Schwab, C., & Shevlin, T. (2016). Financial constraints and cash tax savings. The Accounting Review, 91(3), 859-881.
Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of financial economics, 43(2), 153-193.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of financial studies, 1-33.
Goh, B. W., Lee, J., Lim, C. Y., & Shevlin, T. (2016). The effect of corporate tax avoidance on the cost of equity. The Accounting Review, 91(6), 1647-1670.
Graham, J. R. (1996). Debt and the marginal tax rate. Journal of financial economics, 41(1), 41-73.
Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of financial economics, 81(3), 563-594.
Green, D. H., & Kerr, J. N. (2022). How Do Firms Use Cash Tax Savings? A Cross-Country Analysis. The Journal of the American Taxation Association, 44(1), 93-121.
Green, D. H., & Plesko, G. A. (2016). THE RELATION BETWEEN BOOK AND TAXABLE INCOME SINCE THE INTRODUCTION OF THE SCHEDULE M-3. National Tax Journal, 69(4), 763-783.
Guenther, D. A., Matsunaga, S. R., & Williams, B. M. (2017). Is tax avoidance related to firm risk? The Accounting Review, 92(1), 115-136.
Guenther, D. A., Wilson, R. J., & Wu, K. (2019). Tax uncertainty and incremental tax avoidance. The Accounting Review, 94(2), 229-247.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2-3), 127-178.
Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The taxman cometh: Does tax uncertainty affect corporate cash holdings? Review of Accounting Studies, 22, 1198-1228.
Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public economics, 93(1-2), 126-141.
Hasan, I., Hoi, C. K. S., Wu, Q., & Zhang, H. (2014). Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans. Journal of financial economics, 113(1), 109-130.
Henry, E., Massel, N., & Towery, E. (2016). INCREASED TAX DISCLOSURES AND CORPORATE TAX AVOIDANCE. National Tax Journal, 69(4), 809-829.
Hess, R.(2019). Capital Structure: Debt, Equity, and Government Subsidies. The University of Texas at Austin.
Higgins, D., Omer, T. C., & Phillips, J. D. (2015). The influence of a firm`s business strategy on its tax aggressiveness. Contemporary Accounting Research, 32(2), 674-702.
Honaker, K., & Sharma, D. S. (2017). Does schedule UTP have uniform long-run effects on corporate tax planning? The Journal of the American Taxation Association, 39(2), 63-79.
Hutchens, M., & Rego, S. O. (2015). Does greater tax risk lead to increased firm risk? Available at SSRN 2186564.
ISO:31000. (2009). Risk management–Principles and guidelines. International Organization for Standardization, Geneva, Switzerland.
Jacob, M., & Schütt, H. H. (2020). Firm valuation and the uncertainty of future tax avoidance. European Accounting Review, 29(3), 409-435.
Jacob, M., Wentland, K., & Wentland, S. A. (2022). Real effects of tax uncertainty: Evidence from firm capital investments. Management Science, 68(6), 4065-4089.
Kim, T. N., & Lee, P. S. (2023). Product market threats and tax avoidance. International Review of Financial Analysis, 86, Article 102528.
Lang, L., Ofek, E., & Stulz, R. (1996). Leverage, investment, and firm growth. Journal of financial economics, 40(1), 3-29.
Lanis, R., Richardson, G., Govendir, B., & Pazmandy, G. (2021). The effect of board of directors’ expertise and tax avoidance on corporate debt. Accounting & Finance, 61(3), 4475-4511.
Lee, Y., Shevlin, T., & Venkat, A. (2022). The effect of tax avoidance on capital structure choices. Journal of the American Taxation Association.
Lewellen, C. M., Mauler, L., & Watson, L. (2021). Tax haven incorporation and the cost of capital. Contemporary Accounting Research, 38(4), 2982-3016.
Lin, S. N., Tong, N. Q., & Tucker, A. L. (2014). Corporate tax aggression and debt. Journal of Banking & Finance, 40, 227-241.
Lisowsky, P. (2010). Seeking shelter: Empirically modeling tax shelters using financial statement information. The Accounting Review, 85(5), 1693-1720.
Lisowsky, P., Robinson, L., & Schmidt, A. (2013). Do publicly disclosed tax reserves tell us about privately disclosed tax shelter activity? Journal of Accounting Research, 51(3), 583-629.
Lipin, I. A. (2010). Uncertain tax positions and the new tax policy of disclosure through the Schedule UTP. Va. Tax Rev., 30, 663.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Nesbitt, W. L., Outslay, E., & Persson, A. V. (2023). A reexamination of investors` reaction to tax shelter news: Evidence from the Luxembourg tax leaks. Journal of accounting and Economics, 75(2-3), 101537.
Neuman, S. S., Omer, T. C., & Schmidt, A. P. (2020). Assessing tax risk: Practitioner perspectives. Contemporary Accounting Research, 37(3), 1788-1827.
O’Donovan, J., Wagner, H. F., & Zeume, S. (2019). The value of offshore secrets: Evidence from the Panama Papers. The Review of Financial Studies, 32(11), 4117-4155.
Rego, S. O., & Wilson, R. (2012). Equity Risk Incentives and Corporate Tax Aggressiveness. Journal of Accounting Research, 50(3), 775-810.
Richardson, G., Lanis, R., & Leung, S. C.-M. (2014). Corporate tax aggressiveness, outside directors, and debt policy: An empirical analysis. Journal of Corporate Finance, 25, 107-121.
Shevlin, T., Urcan, O., & Vasvari, F. P. (2020). Corporate tax avoidance and debt costs. The Journal of the American Taxation Association, 42(2), 117-143.
Towery, E. M. (2017). Unintended Consequences of Linking Tax Return Disclosures to Financial Reporting for Income Taxes: Evidence from Schedule UTP. Accounting Review, 92(5), 201-226.
Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969-999.
描述 碩士
國立政治大學
財政學系
110255016
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110255016
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.author (Authors) 劉誼名zh_TW
dc.contributor.author (Authors) LIU, YI-MINGen_US
dc.creator (作者) 劉誼名zh_TW
dc.creator (作者) LIU, YI-MINGen_US
dc.date (日期) 2023en_US
dc.date.accessioned 1-Sep-2023 16:09:06 (UTC+8)-
dc.date.available 1-Sep-2023 16:09:06 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2023 16:09:06 (UTC+8)-
dc.identifier (Other Identifiers) G0110255016en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147219-
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) 110255016zh_TW
dc.description.abstract (摘要) 本研究探討租稅不確定性對企業負債政策的影響。利用美國國稅局(Internal Revenue Service, IRS)漸進實施企業繳交租稅不確定性狀況聲明書(Uncertain Tax Position Statement, Schedule UTP)的規定，檢視企業在適用Schedule UTP後對其負債比率的影響。租稅規避與租稅不確定性皆會影響企業的內部資金，然而，過去有文獻探討租稅規避或租稅激進與企業負債之間的關係，卻沒有文獻探討租稅不確定性與負債的關聯性。本研究採用美國上市公司2005年至2019年的資料，採用多時點差異中之差異(Staggered Difference-in-Differences)架構進行迴歸分析。實證結果顯示，當企業適用Schedule UTP後，會降低其負債比率。表示租稅不確定性確實是影響企業負債政策的重要因素。在敏感性分析中，本研究分為兩個部分。首先，使用兩個負債替代變數進行測試。接著，為了避免樣本期間過長導致迴歸結果產生偏誤，本研究縮短樣本期間進行測試。兩部分迴歸結果皆與主要測試結果相符，驗證本研究的結果具有穩健性。在額外測試中，本研究分別檢視Schedule UTP對企業一般性租稅規避與租稅不確定性的影響，發現Schedule UTP降低企業負債比率，但提高一般性租稅規避程度，可推論實施Schedule UTP減少IRS與企業間資訊不對稱情況的利益，超過IRS加強查稅的成本，進而減少負債融資需求，企業透過一般性租稅規避獲取內部資金。此外，本研究亦檢視Schedule UTP對企業市值的影響，發現企業在適用Schedule UTP後市值增加，對企業有正面影響。zh_TW
dc.description.abstract (摘要) This paper examines the effect of tax uncertainty on corporate debt policy. Using the staggered implementation of Schedule UTP by the Internal Revenue Service(IRS), this paper examines the effect of Schedule UTP on corporate debt ratio. Tax avoidance and tax uncertainty both can affect firms’ internal funds. Previous research has examined the relation between tax avoidance or tax aggressive and corporate debt. However, there is no research examining the relation between tax uncertainty and debt. By using a sample of the listed companies in the U.S. from 2005 to 2019 and a staggered difference-in-differences approach, the results suggest that firms reduce their debt ratio after subject to Schedule UTP. Tax uncertainty, therefore, is a significant factor influencing firms’ debt ratio. The sensitivity analyses of this paper consists of two parts. Firstly, two alternative debt proxies are tested. Secondly, to avoid potential bias in the regression results caused by an excessively long sample period, I shortens the sample period for testing. The results of two parts of sensitivity analyses are consistent with the primary results, proving the robustness of my research. In additional tests, this paper examines the effect of Schedule UTP on overall tax avoidance and tax uncertainty. The results show that Schedule UTP decreases firms` debt ratios while increasing overall tax avoidance level, implying that the benefits of a lower level of information asymmetry between the IRS and firms outweigh the costs of a higher perceived detection risk after subject to Schedule UTP, so firms reduce their need for debt financing and obtain internal funds through overall tax avoidance. Additionally, this paper examines the effect of Schedule UTP on firms’ market capitalization and finds that firms’ market capitalization increases after firms subject to Schedule UTP, indicating that Schedule UTP has a positive impact on firms.en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究議題與動機 1
第二節 研究流程 5
第貳章 文獻探討與假說 6
第一節 租稅規避 7
第二節 負債政策 8
第三節 租稅不確定性與租稅風險 10
第四節 假說建立 16
第參章 研究方法 20
第一節 資料來源與樣本篩選 20
第二節 變數定義 22
第三節 實證模型 29
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 37
第三節 敏感性測試 39
第伍章 研究結論與限制 55
第一節 研究結論 55
第二節 研究限制 56
參考文獻 58
附錄 64		zh_TW
dc.format.extent 1884606 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110255016en_US
dc.subject (關鍵詞) 負債政策zh_TW
dc.subject (關鍵詞) 租稅不確定性zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 租稅不確定性狀況聲明書zh_TW
dc.subject (關鍵詞) Debt policyen_US
dc.subject (關鍵詞) Tax uncertaintyen_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Schedule UTPen_US
dc.title (題名) 租稅不確定性與企業負債政策zh_TW
dc.title (題名) Tax Uncertainty and Corporate Debt Policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abernathy, J. L., Davenport, S. A., & Rapley, E. T. (2013). Schedule UTP: Stock price reaction and economic consequences. The Journal of the American Taxation Association, 35(1), 25-48.
Adam, T., & Goyal, V. K. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31(1), 41-63.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. the Journal of Finance, 23(4), 589-609.
Balakrishnan, K., Blouin, J., & Guay, W. (2012). Does tax aggressiveness reduce corporate transparency?(September 7, 2012). Available at SSRN 1792783.
Blouin, J. (2014). Defining and measuring tax planning aggressiveness. National Tax Journal, 67(4), 875-899.
Blouin, J., Core, J. E., & Guay, W. (2010). Have the tax benefits of debt been overestimated? Journal of financial economics, 98(2), 195-213.
Brühne, A. I., & Schanz, D. (2022). Defining and Managing Corporate Tax Risk: Perceptions of Tax Risk Experts. Contemporary Accounting Research, 39(4), 2861-2902.
Brealey, R., and S.Myers. 1991. Principles of Corporate Finance. Fourth edition. NewYork, NY: McGraw-Hill,Inc.
Byoun, S. (2008). How and When Do Firms Adjust Their Capital Structures toward Targets ? Journal of Finance, 63(6), 3069-3096.
Campbell, J. L., Cecchini, M., Cianci, A. M., Ehinger, A. C., & Werner, E. M. (2019). Tax-related mandatory risk factor disclosures, future profitability, and stock returns. Review of Accounting Studies, 24, 264-308.
Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H.-m., & Steele, L. B. (2014). The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies, 19, 396-455.
Chang, X., Dasgupta, S., & Hilary, G. (2009). The Effect of Auditor Quality on Financing Decisions. Accounting Review, 84(4), 1085-1117.
Ciconte, W., Donohoe, M. P., Lisowsky, P., & Mayberry, M. (2016). Predictable uncertainty: The relation between unrecognized tax benefits and future income tax cash outflows. Available at SSRN 2390150.
Cook, K. A., Moser, W. J., & Omer, T. C. (2017). Tax avoidance and ex ante cost of capital. Journal of Business Finance & Accounting, 44(7-8), 1109-1136.
DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial economics, 8(1), 3-29.
Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.
Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxation. Journal of financial economics, 84(3), 591-623.
Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151-176.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When Does Tax Avoidance Result in Tax Uncertainty? Accounting Review, 94(2), 179-203.
Edwards, A., Schwab, C., & Shevlin, T. (2016). Financial constraints and cash tax savings. The Accounting Review, 91(3), 859-881.
Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of financial economics, 43(2), 153-193.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of financial studies, 1-33.
Goh, B. W., Lee, J., Lim, C. Y., & Shevlin, T. (2016). The effect of corporate tax avoidance on the cost of equity. The Accounting Review, 91(6), 1647-1670.
Graham, J. R. (1996). Debt and the marginal tax rate. Journal of financial economics, 41(1), 41-73.
Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of financial economics, 81(3), 563-594.
Green, D. H., & Kerr, J. N. (2022). How Do Firms Use Cash Tax Savings? A Cross-Country Analysis. The Journal of the American Taxation Association, 44(1), 93-121.
Green, D. H., & Plesko, G. A. (2016). THE RELATION BETWEEN BOOK AND TAXABLE INCOME SINCE THE INTRODUCTION OF THE SCHEDULE M-3. National Tax Journal, 69(4), 763-783.
Guenther, D. A., Matsunaga, S. R., & Williams, B. M. (2017). Is tax avoidance related to firm risk? The Accounting Review, 92(1), 115-136.
Guenther, D. A., Wilson, R. J., & Wu, K. (2019). Tax uncertainty and incremental tax avoidance. The Accounting Review, 94(2), 229-247.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2-3), 127-178.
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