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題名 租稅規避和租稅風險對於企業籌資決策之影響
The Effect of Tax Avoidance and Tax Risk on Corporate Financing Decisions
作者 高瑜霙
Kao, Yu-Ying
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
高瑜霙
Kao, Yu-Ying
關鍵詞 租稅風險
租稅規避
籌資決策
債務成本
股權成本
Tax risk
Tax avoidance
Financing decisions
Cost of debt
Cost of equity
日期 2024
上傳時間 2-Jan-2025 11:56:48 (UTC+8)
摘要 本研究探討租稅風險對企業外部籌資決策的影響。既有文獻大多分別探討租稅規避和債務或股權成本之關聯性，缺乏租稅風險影響企業資本結構的研究。本研究使用 Logistic 迴歸，分析 1991 年至 2022 年美國上市企業。實證結果顯示，首先，高租稅規避企業之租稅風險小於低租稅規避企業；其次，相較於債務籌資，租稅風險增加企業發行股票的機率，且於控制租稅規避後，租稅風險仍與企業發行股票機率呈正相關，可知除了租稅規避外，租稅風險亦為影響企業資本結構之一大要素。於敏感性分析，採用不同租稅風險指標(有效稅率變異係數、未認列租稅利益增額及租稅庇護分數)、租稅規避指標 (連續變數取代虛擬變數)、迴歸估計方法 (線性機率模型、Probit 迴歸模型)、籌資決策替代變數及排除金融危機時期之樣本，均獲得穩健的結果；於額外測試，以租稅狀況聲明書 (Schedule UTP) 為租稅風險外生衝擊，分析其對籌資決策的影響，緩解模型之內生性疑慮。此外，發現租稅規避增加（減少）債務（股權）成本，租稅風險增加債務和股權成本，但債務成本增幅度大於股權成本增幅，符合本文實證結果。
This study investigates the impact of tax risk on the external financing decision of enterprises. There is a lack of research on the impact of tax risk on the capital structure choice, as most of the prior literature examines the correlation between tax avoidance and the cost of debt or equity, respectively. In this study, we use logistic regression to analyze US listed firms from 1991 to 2022. The empirical results show that, first, tax risk of firms with higher levels of tax avoidance is lower than firms with lower levels of tax avoidance, and second, tax risk increase the probability of issuing equity rather than debt. Furthermore, tax risk is positively related to the probability of equity issuance after controlling for tax avoidance, which indicates that, besides tax avoidance, tax risk is one of the major factors affecting the capital structure of firms. For the sensitivity analysis, the results are all robust with different tax risk indicators (the coefficient of variation of the effective tax rate, the addition to unrecognized tax benefits, and the tax shelter score), tax avoidance indicator (continuous variable instead of dummy variable), regression estimation methods (linear probability model, probit regression model), alternative variable of financing decision and samples excluded the period of financial crisis. In the additional tests, the Schedule UTP is used as an exogenous shock of tax risk to analyze its impact on financing decisions and to mitigate the endogeneity concerns of the model. In addition, it is found that tax avoidance increases (decreases) the cost of debt (equity); both tax risk increases the cost of debt and equity, but the degree of growth in the cost of debt is greater than the cost of equity, which is in line with the empirical results of this paper.
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. 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. Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2019). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45-69. Bankman, J. (1998). The new market in corporate tax shelters. Available at SSRN 103348. 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. Blouin, J., Huizinga, H., Laeven, M. L., & Nicodème, G. (2014). Thin capitalization rules and multinational firm capital structure. International Monetary Fund. Brühne, A. I., & Schanz, D. (2022). Defining and managing corporate tax risk: perceptions of tax risk experts. Contemporary Accounting Research, 39(4), 2861-2902. Brunnermeier, M. K. (2009). Deciphering the liquidity and credit crunch 2007–2008. Journal of Economic perspectives, 23(1), 77-100. Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of financial economics, 97(3), 470-487. Chang, X., Dasgupta, S., & Hilary, G. (2006). Analyst coverage and financing decisions. The Journal of Finance, 61(6), 3009-3048. Chang, X., Dasgupta, S., & Hilary, G. (2009). The effect of auditor quality on financing decisions. The 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. Claus, J., & Thomas, J. (2001). Equity premia as low as three percent? Evidence from analysts' earnings forecasts for domestic and international stock markets. The Journal of Finance, 56(5), 1629-1666. 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. De Simone, L., & Lester, R. (2018). The effect of foreign cash holdings on internal capital markets and firm financing. DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial economics, 8(1), 3-29. Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s-1), 35-59. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of financial economics, 79(1), 145-179. Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of financial economics, 84(3), 591-623. Dhaliwal, D. S., Huang, S. X., Moser, W. J., & Pereira, R. (2011). Corporate tax avoidance and the level and valuation of firm cash holdings. 2011 American Accounting Association Annual Meeting-Tax Concurrent Sessions, 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? The Accounting Review, 94(2), 179-203. Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95. Gebhardt, W. R., Lee, C. M., & Swaminathan, B. (2001). Toward an implied cost of capital. Journal of Accounting Research, 39(1), 135-176. 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. Goh, B. W., Lim, C. Y., Lobo, G. J., & Tong, Y. H. (2017). Conditional conservatism and debt versus equity financing. Contemporary Accounting Research, 34(1), 216-251. Golbe, D. L. (1981). The effects of imminent bankruptcy on stockholder risk preferences and behavior. The Bell Journal of Economics, 321-328. Graham, J. R. (1996). Debt and the marginal tax rate. Journal of financial economics, 41(1), 41-73. Graham, J. R. (1996). Proxies for the corporate marginal tax rate. Journal of financial economics, 42(2), 187-221. Graham, J. R. (2003). Taxes and corporate finance: A review. The Review of financial studies, 16(4), 1075-1129. Graham, J. R., Lang, M. H., & Shackelford, D. A. (2004). Employee stock options, corporate taxes, and debt policy. The Journal of Finance, 59(4), 1585-1618. Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of financial economics, 81(3), 563-594. Guenther, D. A., Matsunaga, S. R., & Williams, B. M. (2013). Tax avoidance, tax aggressiveness, tax risk and firm risk. Unpublished paper, 305-360. 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., Hoopes, J. L., & Shroff, N. (2014). The effect of tax authority monitoring and enforcement on financial reporting quality. The Journal of the American Taxation Association, 36(2), 137-170. 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. 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. Hoopes, J. L., Mescall, D., & Pittman, J. A. (2012). Do IRS audits deter corporate tax avoidance? The Accounting Review, 87(5), 1603-1639. Hutchens, M., & Rego, S. O. (2015). Does greater tax risk lead to increased firm risk? Available at SSRN 2186564. Isin, A. A. (2018). Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing. Journal of Corporate Finance, 49, 344-378. Jacob, M., Wentland, K., & Wentland, S. A. (2022). Real effects of tax uncertainty: Evidence from firm capital investments. Management Science, 68(6), 4065-4089. Kovermann, J. H. (2018). Tax avoidance, tax risk and the cost of debt in a bank-dominated economy. Managerial Auditing Journal, 33(8/9), 683-699. Lee, C. M., So, E. C., & Wang, C. C. (2021). Evaluating firm-level expected-return proxies: implications for estimating treatment effects. The Review of financial studies, 34(4), 1907-1951. Lee, Y., Shevlin, T., & Venkat, A. (2023). The effect of tax avoidance on capital structure choices. Journal of the American Taxation Association, 45(1), 91-115. Lipin, I. A. (2010). Uncertain tax positions and the new tax policy of disclosure through the Schedule UTP. Va. Tax Rev., 30, 663. 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. MacKie‐Mason, J. K. (1990). Do taxes affect corporate financing decisions? The Journal of Finance, 45(5), 1471-1493. Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443. Myers, S. C. (1984). Capital structure puzzle. In: National Bureau of Economic Research Cambridge, Mass., USA. Myers, S. C. (1993). Still searching for optimal capital structure. Journal of applied corporate finance, 6(1), 4-14. Neuman, S. S., Omer, T. C., & Schmidt, A. (2013). Risk and return: does tax risk reduce firms' effective tax rates? SSRN. Neuman, S. S., Omer, T. C., & Schmidt, A. (2014). Examining the association between tax risk and tax outcomes. Available at SSRN 2215129. Neuman, S. S., Omer, T. C., & Schmidt, A. P. (2020). Assessing tax risk: Practitioner perspectives. Contemporary Accounting Research, 37(3), 1788-1827. Ohlson, J. A., & Juettner-Nauroth, B. E. (2005). Expected EPS and EPS growth as determinantsof value. Review of accounting studies, 10, 349-365. Pausch, T. (2003). The lender-borrower relationship with risk averse lenders. Powers, M. R. (2009). Rethinking risk and return: Part 1–novel norms for non‐normality? The Journal of Risk Finance, 10(2), 101-106. Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research, 50(3), 775-810. Scholes, M. S., Wolfson, M. A., Erickson, M., Maydew, E., & Shevlin, T. (2014). Taxes and business strategy. Prentice Hall Upper Saddle River, NJ. Shackelford, D. A., & Shevlin, T. (2001). Empirical tax research in accounting. Journal of accounting and economics, 31(1-3), 321-387. 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. Stiglitz, J. E. (1985). The general theory of tax avoidance. National Tax Journal, 38(3), 325-337. Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19. Trezevant, R. (1992). Debt financing and tax status: Tests of the substitution effect and the tax exhaustion hypothesis using firms' responses to the Economic Recovery Tax Act of 1981. The Journal of Finance, 47(4), 1557-1568. Van Binsbergen, J. H., Graham, J. R., & Yang, J. (2010). The cost of debt. The Journal of Finance, 65(6), 2089-2136. 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
111255016
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111255016
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) 高瑜霙zh_TW
dc.contributor.author (Authors) Kao, Yu-Yingen_US
dc.creator (作者) 高瑜霙zh_TW
dc.creator (作者) Kao, Yu-Yingen_US
dc.date (日期) 2024en_US
dc.date.accessioned 2-Jan-2025 11:56:48 (UTC+8)-
dc.date.available 2-Jan-2025 11:56:48 (UTC+8)-
dc.date.issued (上傳時間) 2-Jan-2025 11:56:48 (UTC+8)-
dc.identifier (Other Identifiers) G0111255016en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/155006-
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) 111255016zh_TW
dc.description.abstract (摘要) 本研究探討租稅風險對企業外部籌資決策的影響。既有文獻大多分別探討租稅規避和債務或股權成本之關聯性，缺乏租稅風險影響企業資本結構的研究。本研究使用 Logistic 迴歸，分析 1991 年至 2022 年美國上市企業。實證結果顯示，首先，高租稅規避企業之租稅風險小於低租稅規避企業；其次，相較於債務籌資，租稅風險增加企業發行股票的機率，且於控制租稅規避後，租稅風險仍與企業發行股票機率呈正相關，可知除了租稅規避外，租稅風險亦為影響企業資本結構之一大要素。於敏感性分析，採用不同租稅風險指標(有效稅率變異係數、未認列租稅利益增額及租稅庇護分數)、租稅規避指標 (連續變數取代虛擬變數)、迴歸估計方法 (線性機率模型、Probit 迴歸模型)、籌資決策替代變數及排除金融危機時期之樣本，均獲得穩健的結果；於額外測試，以租稅狀況聲明書 (Schedule UTP) 為租稅風險外生衝擊，分析其對籌資決策的影響，緩解模型之內生性疑慮。此外，發現租稅規避增加（減少）債務（股權）成本，租稅風險增加債務和股權成本，但債務成本增幅度大於股權成本增幅，符合本文實證結果。zh_TW
dc.description.abstract (摘要) This study investigates the impact of tax risk on the external financing decision of enterprises. There is a lack of research on the impact of tax risk on the capital structure choice, as most of the prior literature examines the correlation between tax avoidance and the cost of debt or equity, respectively. In this study, we use logistic regression to analyze US listed firms from 1991 to 2022. The empirical results show that, first, tax risk of firms with higher levels of tax avoidance is lower than firms with lower levels of tax avoidance, and second, tax risk increase the probability of issuing equity rather than debt. Furthermore, tax risk is positively related to the probability of equity issuance after controlling for tax avoidance, which indicates that, besides tax avoidance, tax risk is one of the major factors affecting the capital structure of firms. For the sensitivity analysis, the results are all robust with different tax risk indicators (the coefficient of variation of the effective tax rate, the addition to unrecognized tax benefits, and the tax shelter score), tax avoidance indicator (continuous variable instead of dummy variable), regression estimation methods (linear probability model, probit regression model), alternative variable of financing decision and samples excluded the period of financial crisis. In the additional tests, the Schedule UTP is used as an exogenous shock of tax risk to analyze its impact on financing decisions and to mitigate the endogeneity concerns of the model. In addition, it is found that tax avoidance increases (decreases) the cost of debt (equity); both tax risk increases the cost of debt and equity, but the degree of growth in the cost of debt is greater than the cost of equity, which is in line with the empirical results of this paper.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究流程 4 第貳章 文獻探討與假說 5 第一節 租稅風險 6 第二節 租稅規避與租稅風險 8 第三節 租稅規劃與籌資決策 9 第四節 假說建立 11 第參章 研究方法 13 第一節 資料來源與樣本篩選 13 第二節 變數定義 14 第三節 實證模型 21 第肆章 實證結果分析 22 第一節 敘述統計 22 第二節 實證結果 29 第三節 敏感性分析 31 第四節 額外測試 46 第伍章 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 57zh_TW
dc.format.extent 3654962 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111255016en_US
dc.subject (關鍵詞) 租稅風險zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 籌資決策zh_TW
dc.subject (關鍵詞) 債務成本zh_TW
dc.subject (關鍵詞) 股權成本zh_TW
dc.subject (關鍵詞) Tax risken_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Financing decisionsen_US
dc.subject (關鍵詞) Cost of debten_US
dc.subject (關鍵詞) Cost of equityen_US
dc.title (題名) 租稅規避和租稅風險對於企業籌資決策之影響zh_TW
dc.title (題名) The Effect of Tax Avoidance and Tax Risk on Corporate Financing Decisionsen_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. 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. Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2019). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45-69. Bankman, J. (1998). The new market in corporate tax shelters. Available at SSRN 103348. 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. Blouin, J., Huizinga, H., Laeven, M. L., & Nicodème, G. (2014). Thin capitalization rules and multinational firm capital structure. International Monetary Fund. Brühne, A. I., & Schanz, D. (2022). Defining and managing corporate tax risk: perceptions of tax risk experts. Contemporary Accounting Research, 39(4), 2861-2902. Brunnermeier, M. K. (2009). Deciphering the liquidity and credit crunch 2007–2008. Journal of Economic perspectives, 23(1), 77-100. Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of financial economics, 97(3), 470-487. Chang, X., Dasgupta, S., & Hilary, G. (2006). Analyst coverage and financing decisions. The Journal of Finance, 61(6), 3009-3048. Chang, X., Dasgupta, S., & Hilary, G. (2009). The effect of auditor quality on financing decisions. The 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. Claus, J., & Thomas, J. (2001). Equity premia as low as three percent? Evidence from analysts' earnings forecasts for domestic and international stock markets. The Journal of Finance, 56(5), 1629-1666. 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. De Simone, L., & Lester, R. (2018). The effect of foreign cash holdings on internal capital markets and firm financing. DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial economics, 8(1), 3-29. Dechow, P. M., & Dichev, I. D. (2002). The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77(s-1), 35-59. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of financial economics, 79(1), 145-179. Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of financial economics, 84(3), 591-623. Dhaliwal, D. S., Huang, S. X., Moser, W. J., & Pereira, R. (2011). Corporate tax avoidance and the level and valuation of firm cash holdings. 2011 American Accounting Association Annual Meeting-Tax Concurrent Sessions, 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? The Accounting Review, 94(2), 179-203. Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. 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