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題名 2016年英國租稅策略公開揭露對企業現金持有之影響
Public Disclosure of Tax Strategy and Corporate Cash Holdings : Evidence from the U.K. Tax Strategy Disclosure Requirement
作者 黃子軒
Huang, Tz-Hsuan
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
黃子軒
Huang, Tz-Hsuan
關鍵詞 租稅透明度
公開揭露
現金持有
租稅不確定性
Tax Transparency
Public Disclosures
Cash Holdings
Tax Uncertainty
日期 2024
上傳時間 4-Feb-2025 15:52:53 (UTC+8)
摘要 本研究探討英國2016年租稅策略公開揭露制度對企業現金持有的影響。此揭露制度要求符合資格的大型企業，每年公開揭露其租稅策略報告，英國稅務機關期望藉此減少企業激進租稅規避行為。本文發現，此租稅揭露制度生效後，企業向稅務機關與公眾提供更多資訊，增加企業經營風險，及被稅務機關查稅的風險，使租稅不確定性增加，企業會基於預防性動機，增加現金持有，以應對未來不確定的情況。以2010至2022年在倫敦證券交易所交易之英國公司為樣本，採用差異中之差異法 (Difference-in-Differences, DiD)。實證結果顯示，在英國2016年租稅策略公開揭露制度生效後，受規範企業之現金持有增加。亦使用其他現金持有替代變數、不同定義的控制變數，以及排除須繳交國別報告的企業，三項測試證實主要結果之穩健性。額外測試發現，此租稅揭露制度生效後，企業租稅不確定增加，並驗證企業租稅不確定性確實與現金持有呈現正相關。
This paper examines the effect of the U.K.'s 2016 tax strategy disclosure requirement on corporate cash holdings. The U.K. disclosure requirement requires qualifying large companies to disclosing their tax strategy reports in public annually. The regulator expects these qualitative disclosures to curb corporate tax avoidance. The paper finds that after the enactment of this tax disclosure requirement, qualifying company provide more information to the U.K. tax authority and the public, which in turn increases the risk of business operations and the probability of being challenged by the tax authority. When firms face greater tax uncertainty, they will hold cash to satisfy these potential future demands based on the precautionary motive. Using the sample of U.K. publicly traded firms from 2010 to 2022 and adopting the Difference-in-Differences (DiD) design, the empirical results show an increase in cash holdings of regulated firms after the U.K.'s 2016 tax strategy disclosure requirement came into effect. The robustness of the main results is confirmed through three tests: using alternative measures of cash holdings, employing different definitions of control variables, and excluding companies subject to the Country-by-Country Reporting requirement. Additional tests suggest that corporate tax uncertainty increased after the enactment of this tax disclosure requirement and that tax uncertainty is positively correlated with corporate cash holdings.
參考文獻 Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The journal of finance, 59(4), 1777-1804. Barford, V., & Holt, G. (2013). Google, Amazon, Starbucks: The rise of ‘tax shaming’. BBC news magazine, 21. Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The journal of finance, 64(5), 1985-2021. Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. The quarterly journal of economics, 66(4), 545-556. Belnap, A. (2023). The effect of intermediary coverage on disclosure: Evidence from a randomized field experiment. Journal of Accounting and Economics, 75(1), 101522. Bilicka, K. A., Casi-Eberhard, E., Seregni, C., & Stage, B. (2024). Tax strategy disclosure: a greenwashing mandate? ZEW - Centre for European Economic Research Discussion Paper No. 21-047, Available at SSRN: https://ssrn.com/abstract=3871654 Blaufus, K., Jarzembski, J. K., Reineke, J., & Trenn, I. (2023). Public Disclosure of Tax Strategies and Firm’s Actual Tax Policy. Journal of Accounting, Auditing & Finance, 0148558X231200913. Christians, A. (2013). Tax activists and the global movement for development through transparency. In Tax, law and development (pp. 288-315). Edward Elgar Publishing. 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, Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634. Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 38(1), 111-133. Dunker, M. (2021). Essays on Tax Regulations and Firm Responses Universität zu Köln]. Dyreng, S. D., Hoopes, J. L., & Wilde, J. H. (2016). Public pressure and corporate tax behavior. Journal of Accounting Research, 54(1), 147-186. Foley, C. F., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of financial economics, 86(3), 579-607. Hadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The review of financial studies, 23(5), 1909-1940. 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. Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of financial economics, 87(3), 535-555. HMRC. 2015a. “Exploring large business tax strategy behaviour,” https://assets.publishing.service.gov.uk/media/5a817347e5274a2e8ab540f5/HMRC_Research_Report_363_-_Exploring_Large_Business_Tax_Behaviours.pdf HMRC. 2015b. “Improving large business tax compliance: Consultation document,” https://assets.publishing.service.gov.uk/media/5a808ffe40f0b62305b8be0e/Improving_Large_Business_Tax_Compliance.pdf HMRC. 2015c. “Improving large business tax compliance: Summary of responses,” https://assets.publishing.service.gov.uk/media/5a80df1fed915d74e33fce24/Improving_Large_Business_Tax_Compliance_-_summary_of_responses__M-7501-02_.pdf 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. Hoopes, J. L., Robinson, L., & Slemrod, J. (2023). Corporate tax disclosure. National Bureau of Economic Research. Jacob, M., Wentland, K., & Wentland, S. A. (2022). Real effects of tax uncertainty: Evidence from firm capital investments. Management Science, 68(6), 4065-4089. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329. Keynes, J. M. (1936). The General Theory of Employment, Interest and Money, I wyd. In: New Delhi: Atlantic Publishers & Distributors. McGuire, S. T., Neuman, S. S., & Omer, T. C. (2013). Sustainable tax strategies and earnings persistence. Available at SSRN 1950378. Miller, M. H., & Orr, D. (1966). A model of the demand for money by firms. The quarterly journal of economics, 80(3), 413-435. 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. Mulligan, C. B. (1997). Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms. Journal of Political Economy, 105(5), 1061-1079. 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. Oats, L., & Tuck, P. (2019). Corporate tax avoidance: is tax transparency the solution? Accounting and Business Research, 49(5), 565-583. OECD. (2017) Base Erosion and Profit Shifting. Available at https://www.oecd.org/tax/beps/beps-actions/. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46. Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The journal of finance, 61(6), 2725-2751. Riddick, L. A., & Whited, T. M. (2009). The corporate propensity to save. The journal of finance, 64(4), 1729-1766. Slemrod, J., Rehman, O. U., & Waseem, M. (2022). How do taxpayers respond to public disclosure and social recognition programs? Evidence from Pakistan. Review of Economics and Statistics, 104(1), 116-132. Sufi, A. (2009). Bank lines of credit in corporate finance: An empirical analysis. The review of financial studies, 22(3), 1057-1088. Tobin, J. (1956). The interest-elasticity of transactions demand for cash. The review of Economics and Statistics, 38(3), 241-247. Weaver, B., Marlier, F., Global, K., Whipp, M., & Dalby, S. (2022). ESG tax transparency: The global journey. International Tax Review. Whited, T. M., & Wu, G. (2006). Financial constraints risk. The review of financial studies, 19(2), 531-559. Wilde, J. H., & Wilson, R. J. (2018). Perspectives on corporate tax planning: Observations from the past decade. The Journal of the American Taxation Association, 40(2), 63-81. Xia, J. (2024). Qualitative Disclosure as a Tax Enforcement Mechanism: Evidence from the U.K. Tax Strategy Disclosure Requirement. The 36th Annual American Taxation Association Midyear Meeting, Long Beach, CA.
描述 碩士
國立政治大學
財政學系
111255019
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111255019
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) 黃子軒zh_TW
dc.contributor.author (Authors) Huang, Tz-Hsuanen_US
dc.creator (作者) 黃子軒zh_TW
dc.creator (作者) Huang, Tz-Hsuanen_US
dc.date (日期) 2024en_US
dc.date.accessioned 4-Feb-2025 15:52:53 (UTC+8)-
dc.date.available 4-Feb-2025 15:52:53 (UTC+8)-
dc.date.issued (上傳時間) 4-Feb-2025 15:52:53 (UTC+8)-
dc.identifier (Other Identifiers) G0111255019en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/155471-
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) 111255019zh_TW
dc.description.abstract (摘要) 本研究探討英國2016年租稅策略公開揭露制度對企業現金持有的影響。此揭露制度要求符合資格的大型企業，每年公開揭露其租稅策略報告，英國稅務機關期望藉此減少企業激進租稅規避行為。本文發現，此租稅揭露制度生效後，企業向稅務機關與公眾提供更多資訊，增加企業經營風險，及被稅務機關查稅的風險，使租稅不確定性增加，企業會基於預防性動機，增加現金持有，以應對未來不確定的情況。以2010至2022年在倫敦證券交易所交易之英國公司為樣本，採用差異中之差異法 (Difference-in-Differences, DiD)。實證結果顯示，在英國2016年租稅策略公開揭露制度生效後，受規範企業之現金持有增加。亦使用其他現金持有替代變數、不同定義的控制變數，以及排除須繳交國別報告的企業，三項測試證實主要結果之穩健性。額外測試發現，此租稅揭露制度生效後，企業租稅不確定增加，並驗證企業租稅不確定性確實與現金持有呈現正相關。zh_TW
dc.description.abstract (摘要) This paper examines the effect of the U.K.'s 2016 tax strategy disclosure requirement on corporate cash holdings. The U.K. disclosure requirement requires qualifying large companies to disclosing their tax strategy reports in public annually. The regulator expects these qualitative disclosures to curb corporate tax avoidance. The paper finds that after the enactment of this tax disclosure requirement, qualifying company provide more information to the U.K. tax authority and the public, which in turn increases the risk of business operations and the probability of being challenged by the tax authority. When firms face greater tax uncertainty, they will hold cash to satisfy these potential future demands based on the precautionary motive. Using the sample of U.K. publicly traded firms from 2010 to 2022 and adopting the Difference-in-Differences (DiD) design, the empirical results show an increase in cash holdings of regulated firms after the U.K.'s 2016 tax strategy disclosure requirement came into effect. The robustness of the main results is confirmed through three tests: using alternative measures of cash holdings, employing different definitions of control variables, and excluding companies subject to the Country-by-Country Reporting requirement. Additional tests suggest that corporate tax uncertainty increased after the enactment of this tax disclosure requirement and that tax uncertainty is positively correlated with corporate cash holdings.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究議題與目的 1 第二節 研究流程 5 第貳章 文獻探討與假說 6 第一節 租稅揭露制度 7 第二節 現金持有 12 第三節 假說建立 14 第參章 研究方法 16 第一節 資料來源與樣本篩選 16 第二節 變數定義 17 第三節 實證模型 26 第肆章 實證結果與分析 27 第一節 樣本敘述統計 27 第二節 主要測試 35 第三節 敏感性測試 37 第四節 額外測試 46 第伍章 結論與限制 51 第一節 研究結論 51 第二節 研究限制與未來發展 52 參考文獻 54 附錄 A：英國租稅策略報告揭露之舉例 59zh_TW
dc.format.extent 1373030 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111255019en_US
dc.subject (關鍵詞) 租稅透明度zh_TW
dc.subject (關鍵詞) 公開揭露zh_TW
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 租稅不確定性zh_TW
dc.subject (關鍵詞) Tax Transparencyen_US
dc.subject (關鍵詞) Public Disclosuresen_US
dc.subject (關鍵詞) Cash Holdingsen_US
dc.subject (關鍵詞) Tax Uncertaintyen_US
dc.title (題名) 2016年英國租稅策略公開揭露對企業現金持有之影響zh_TW
dc.title (題名) Public Disclosure of Tax Strategy and Corporate Cash Holdings : Evidence from the U.K. Tax Strategy Disclosure Requirementen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The journal of finance, 59(4), 1777-1804. Barford, V., & Holt, G. (2013). Google, Amazon, Starbucks: The rise of ‘tax shaming’. BBC news magazine, 21. Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The journal of finance, 64(5), 1985-2021. Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. The quarterly journal of economics, 66(4), 545-556. Belnap, A. (2023). The effect of intermediary coverage on disclosure: Evidence from a randomized field experiment. Journal of Accounting and Economics, 75(1), 101522. Bilicka, K. A., Casi-Eberhard, E., Seregni, C., & Stage, B. (2024). Tax strategy disclosure: a greenwashing mandate? ZEW - Centre for European Economic Research Discussion Paper No. 21-047, Available at SSRN: https://ssrn.com/abstract=3871654 Blaufus, K., Jarzembski, J. K., Reineke, J., & Trenn, I. (2023). Public Disclosure of Tax Strategies and Firm’s Actual Tax Policy. Journal of Accounting, Auditing & Finance, 0148558X231200913. Christians, A. (2013). Tax activists and the global movement for development through transparency. In Tax, law and development (pp. 288-315). Edward Elgar Publishing. 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, Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634. Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 38(1), 111-133. Dunker, M. (2021). Essays on Tax Regulations and Firm Responses Universität zu Köln]. Dyreng, S. D., Hoopes, J. L., & Wilde, J. H. (2016). Public pressure and corporate tax behavior. Journal of Accounting Research, 54(1), 147-186. Foley, C. F., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of financial economics, 86(3), 579-607. Hadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The review of financial studies, 23(5), 1909-1940. 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. Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of financial economics, 87(3), 535-555. HMRC. 2015a. “Exploring large business tax strategy behaviour,” https://assets.publishing.service.gov.uk/media/5a817347e5274a2e8ab540f5/HMRC_Research_Report_363_-_Exploring_Large_Business_Tax_Behaviours.pdf HMRC. 2015b. “Improving large business tax compliance: Consultation document,” https://assets.publishing.service.gov.uk/media/5a808ffe40f0b62305b8be0e/Improving_Large_Business_Tax_Compliance.pdf HMRC. 2015c. “Improving large business tax compliance: Summary of responses,” https://assets.publishing.service.gov.uk/media/5a80df1fed915d74e33fce24/Improving_Large_Business_Tax_Compliance_-_summary_of_responses__M-7501-02_.pdf 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. Hoopes, J. L., Robinson, L., & Slemrod, J. (2023). Corporate tax disclosure. National Bureau of Economic Research. Jacob, M., Wentland, K., & Wentland, S. A. (2022). Real effects of tax uncertainty: Evidence from firm capital investments. Management Science, 68(6), 4065-4089. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329. Keynes, J. M. (1936). The General Theory of Employment, Interest and Money, I wyd. In: New Delhi: Atlantic Publishers & Distributors. McGuire, S. T., Neuman, S. S., & Omer, T. C. (2013). Sustainable tax strategies and earnings persistence. Available at SSRN 1950378. Miller, M. H., & Orr, D. (1966). A model of the demand for money by firms. The quarterly journal of economics, 80(3), 413-435. 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. Mulligan, C. B. (1997). Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms. Journal of Political Economy, 105(5), 1061-1079. 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. Oats, L., & Tuck, P. (2019). Corporate tax avoidance: is tax transparency the solution? Accounting and Business Research, 49(5), 565-583. OECD. (2017) Base Erosion and Profit Shifting. Available at https://www.oecd.org/tax/beps/beps-actions/. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46. Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The journal of finance, 61(6), 2725-2751. Riddick, L. A., & Whited, T. M. (2009). The corporate propensity to save. The journal of finance, 64(4), 1729-1766. Slemrod, J., Rehman, O. U., & Waseem, M. (2022). How do taxpayers respond to public disclosure and social recognition programs? Evidence from Pakistan. Review of Economics and Statistics, 104(1), 116-132. Sufi, A. (2009). Bank lines of credit in corporate finance: An empirical analysis. The review of financial studies, 22(3), 1057-1088. Tobin, J. (1956). The interest-elasticity of transactions demand for cash. The review of Economics and Statistics, 38(3), 241-247. Weaver, B., Marlier, F., Global, K., Whipp, M., & Dalby, S. (2022). ESG tax transparency: The global journey. International Tax Review. Whited, T. M., & Wu, G. (2006). Financial constraints risk. The review of financial studies, 19(2), 531-559. Wilde, J. H., & Wilson, R. J. (2018). Perspectives on corporate tax planning: Observations from the past decade. The Journal of the American Taxation Association, 40(2), 63-81. Xia, J. (2024). Qualitative Disclosure as a Tax Enforcement Mechanism: Evidence from the U.K. Tax Strategy Disclosure Requirement. The 36th Annual American Taxation Association Midyear Meeting, Long Beach, CA.zh_TW