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題名 政府持股對企業租稅規避及稅務風險之影響
The Impact of Government Ownership on Corporate Tax Avoidance and Tax Risk
作者 呂斈芃
Lu, Hsueh-Peng
貢獻者 盧聯生
呂斈芃
Lu, Hsueh-Peng
關鍵詞 政府持股
政治關聯
租稅規避
稅務風險
Government Ownership
Political Connection
Tax Avoidance
Tax Risk
日期 2025
上傳時間 1-Sep-2025 14:41:04 (UTC+8)
摘要 本研究係針對政府持股對企業租稅規避與稅務風險之關聯性進行實證分析，主要關注政府持股比例是否會影響企業稅負之高低及波動性。本研究以現金有效稅率及有效稅率同時衡量企業進行租稅規避之程度，並以兩者之五年標準差同時衡量稅務風險。研究樣本涵蓋2015 年至2024 年間臺灣之公開發行公司，並排除金融業、TDR、F 股及有缺失值之資料。 整體實證結果傾向支持尋租理論所揭示之現象，即當政府身為企業股東時，企業可能基於稅務風險降低、較容易取得有關未來政策及法令變動之內部資訊，或是利用市場對其有較低資訊透明度要求等因素，而得以採取更有效降低稅負之租稅策略。
This study conducts an empirical analysis on the relationship between government ownership and corporate tax avoidance and tax risk. It primarily investigates whether the extent of government ownership affects the level and volatility of corporate tax burdens. Corporate tax avoidance is measured using both the cash effective tax rate and the effective tax rate, while tax risk is proxied by the five-year standard deviations of these two measures. The research sample covers publicly listed companies in Taiwan from 2015 to 2024, excluding firms in the financial industry, TDRs, F-shares, and those with missing data. The overall empirical results tend to support the rent-seeking hypothesis. Specifically, when the government acts as a shareholder, the firm may be able to adopt more effective tax-reducing strategies due to lower tax risk, easier access to internal information regarding future policy or regulatory changes, or the market's lower demand for information transparency from such firms.
參考文獻 黃美祝，2010，財稅差異金額大小對國稅局選案查核之影響，會計評論，50期：23-55 Abramov, A., A. Radygin, R. Entov, and M. Chernova. 2017. State ownership and efficiency characteristics. Russian Journal of Economics 3(2017): 129–157. Adhikari, A., C. Derashid, and H. Zhang. 2005. Earnings management to influence tax policy: Evidence from large Malaysian firms. Journal of International Financial Management & Accounting 16 (2): 142–163. Amiram, D., A. M. Bauer, and M. M. Frank. 2019. Tax avoidance at public corporations driven by shareholder taxes: Evidence from changes in dividend tax policy. The Accounting Review 94(5): 27–55. Armstrong, C. S., J. L. Blouin, and D. F. Larcker. 2012. The incentives for tax planning. Journal of Accounting and Economics 53: 391–411. Artemenko, D. A., L. A. Aguzarova, F. S. Aguzarova, and E. V. Porollo. 2017. Causes of tax risks and ways to reduce them. European Research Studies Journal 20(3B): 453–459. Boardman, A. E., and A. R. Vining. 1989. Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises. The Journal of Law & Economics 32(April): 1–33. Bradshaw, M., G. Liao, and M. S. Ma. 2019. Agency costs and tax planning when the government is a major shareholder. Journal of Accounting and Economics 67: 255–277. Chen, S.-J., M.-H. Chen, and H.-L. Wei. 2017. Financial performance of Chinese airlines: Does state ownership matter? Journal of Hospitality and Tourism Management 33(July): 1–10. Chen, W. 2021. Tax risks control and sustainable development: Evidence from China. Meditari Accountancy Research 29(6): 1381–1400. Choi, J., and H. Park. 2022. Tax avoidance, tax risk, and corporate governance: Evidence from Korea. Sustainability 14(469): 1–21. Dang, V. C., and Q. K. Nguyen. 2022. Audit committee characteristics and tax avoidance: Evidence from an emerging economy. Cogent Economics & Finance 10: 2023263. Dewenter, K. L., and P. H. Malatesta. 2001. State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity. The American Economic Review 91(March): 320–334. Dewi, I. G. P. E. R., and A. A. S. I. Pramanaswari. 2024. The impact of political connection on tax avoidance; A literature review. Jurnal Minfo Polgan 13(May): 390-396. Djankov, S., and P. Murrell. 2002. Enterprise restructuring in transition: A quantitative survey. Journal of Economic Literature 40(September): 739–792 Drake, K. D., S. J. Lusch, and J. Stekelberg. 2019. Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance 34(1): 151–176. Dyreng, S. D., M. Hanlon, and E. L. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83(1): 61–82. Eberhartinger, E., and D. M. P. Samuel. 2025. Monitoring incentives and tax planning – Evidence from State-Owned enterprises. Journal of Accounting and Public Policy 51: 107307. Graham, J. R., M. Hanlon, T. Shevlin, and N. Shroff. 2014. Incentives for tax planning and avoidance: Evidence from the field. The Accounting Review 89(3): 991–1023. Guenther, D. A., S. R. Matsunaga, and B. M. Williams. 2017. Is tax avoidance related to firm risk? The Accounting Review 92(1): 115–136. Gupta, S., and K. Newberry 1997. Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of Accounting and Public Policy 16(1): 1–34. Hanlon, M., and S. Heitzman. 2010. A review of tax research. Journal of Accounting and Economics 50(2010): 127–178. Hillman, A. J., and M. A. Hitt. 1999. Corporate political strategy formulation: A model of approach, participation, and strategy decisions. Academy of Management Review 24(4): 825–842. Hillman, A. J. 2005. Politicians on the board of directors: Do connections affect the bottom line? Journal of Management31(3): 464–481. Hillman, A. J., and W. P. Wan 2005. The determinants of MNE subsidiaries’ political strategies: Evidence of institutional duality. Journal of International Business Studies 36: 322–340. Holland, K. 1998. Accounting policy choice: The relationship between corporate tax burdens and company size. Journal of Business Finance & Accounting 25(3–4): April/May, 0306–686X. Hutchens, M., and M. Rego. 2015. Does greater tax risk lead to increased firm risk? Working paper, Indiana University. Lanis, R., and G. Richardson. 2012. Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy 31: 86–108. Lin, K. Z., L. F. Mills, F. Zhang, and Y. Li. 2018. Do political connections weaken tax enforcement effectiveness? Contemporary Accounting Research 35(Winter): 1941–1972. Lin, X., M. Liu, S. So, and D. Yuen. 2019. Corporate social responsibility, firm performance and tax risk. Managerial Auditing Journal 34(9): 1101–1119. Mahenthiran, S., and J. Kasipillai. 2012. Influence of ownership structure and corporate governance on effective tax rates and tax planning: Malaysian evidence. Australian Tax Forum 27: 941–965. Neuman, S. S., T. C. Omer, and A. P. Schmidt. 2020. Assessing tax risk: Practitioner perspectives. Contemporary Accounting Research 37(Fall): 1788–1827. Porcano, T. M. 1986. Corporate tax rates: Progressive, proportional, or regressive. Journal of the American Taxation Association 7(1): 17–31. Putra, Z. K. P., and N. Suhardianto. 2020. The influence of political connection on tax avoidance. Jurnal Akuntansi dan Keuangan 22(November): 82–90. Saragih, A. H., and S. Ali. 2023. Corporate tax risk: A literature review and future research directions. Management Review Quarterly 73(2023): 527–577. Schwab, C. M., B. Stomberg, and J. Xia. 2022. What determines effective tax rates? The relative influence of tax and other factors. Contemporary Accounting Research 39(1): 459–497. Stickney, C. P., and V. E. McGee 1982. Effective corporate tax rates: The effect of size, capital intensity, leverage, and other factors. Journal of Accounting & Public Policy 1(2): 125–152. Tian, L., and S. Estrin. 2008. Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value? Journal of Comparative Economics 36(2008): 74–89. Tihanyi, L., R. V. Aguilera, P. Heugens, M. van Essen, S. Sauerwald, P. Duran, and R. Turturea. 2019. State ownership and political connections. Journal of Management 45(July): 2293–2321. Wu, L., Y. Wang, B.-X. Lin, C. Li, and S. Chen. 2007. Local tax rebates, corporate tax burdens, and firm migration: Evidence from China. Journal of Accounting and Public Policy 26 (5): 555–583. Zeng, T. 2010. Income tax liability for large corporations in China: 1998–2007. Asian Review of Accounting 18(3): 180–196. Zeng, T. 2011. Institutional environment, inside ownership and effective tax rate. Nankai Business Review International2(4): 348–357. Zimmerman, J. L. 1983. Taxes and firm size. Journal of Accounting and Economics 5: 119–149.
描述 碩士
國立政治大學
會計學系
112353115
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353115
資料類型 thesis
dc.contributor.advisor 盧聯生zh_TW
dc.contributor.author (Authors) 呂斈芃zh_TW
dc.contributor.author (Authors) Lu, Hsueh-Pengen_US
dc.creator (作者) 呂斈芃zh_TW
dc.creator (作者) Lu, Hsueh-Pengen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 14:41:04 (UTC+8)-
dc.date.available 1-Sep-2025 14:41:04 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 14:41:04 (UTC+8)-
dc.identifier (Other Identifiers) G0112353115en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159000-
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) 112353115zh_TW
dc.description.abstract (摘要) 本研究係針對政府持股對企業租稅規避與稅務風險之關聯性進行實證分析，主要關注政府持股比例是否會影響企業稅負之高低及波動性。本研究以現金有效稅率及有效稅率同時衡量企業進行租稅規避之程度，並以兩者之五年標準差同時衡量稅務風險。研究樣本涵蓋2015 年至2024 年間臺灣之公開發行公司，並排除金融業、TDR、F 股及有缺失值之資料。 整體實證結果傾向支持尋租理論所揭示之現象，即當政府身為企業股東時，企業可能基於稅務風險降低、較容易取得有關未來政策及法令變動之內部資訊，或是利用市場對其有較低資訊透明度要求等因素，而得以採取更有效降低稅負之租稅策略。zh_TW
dc.description.abstract (摘要) This study conducts an empirical analysis on the relationship between government ownership and corporate tax avoidance and tax risk. It primarily investigates whether the extent of government ownership affects the level and volatility of corporate tax burdens. Corporate tax avoidance is measured using both the cash effective tax rate and the effective tax rate, while tax risk is proxied by the five-year standard deviations of these two measures. The research sample covers publicly listed companies in Taiwan from 2015 to 2024, excluding firms in the financial industry, TDRs, F-shares, and those with missing data. The overall empirical results tend to support the rent-seeking hypothesis. Specifically, when the government acts as a shareholder, the firm may be able to adopt more effective tax-reducing strategies due to lower tax risk, easier access to internal information regarding future policy or regulatory changes, or the market's lower demand for information transparency from such firms.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與問題 4 第三節 研究架構 4 第二章 文獻回顧與假說建立 6 第一節 政府持股 6 第二節 租稅規避 8 第三節 稅務風險 10 第四節 假說建立 12 第三章 研究方法 14 第一節 樣本選取 14 第二節 變數定義 15 第三節 實證模型 19 第四章 實證結果與分析 20 第一節 敘述性統計 20 第二節 相關係數分析 22 第三節 迴歸結果分析 24 第四節 子樣本分析 28 第五章 結論與建議 35 第一節 研究結論 35 第二節 研究貢獻 36 第三節 研究限制 37 第四節 未來研究方向 38 參考文獻 39zh_TW
dc.format.extent 1201973 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353115en_US
dc.subject (關鍵詞) 政府持股zh_TW
dc.subject (關鍵詞) 政治關聯zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 稅務風險zh_TW
dc.subject (關鍵詞) Government Ownershipen_US
dc.subject (關鍵詞) Political Connectionen_US
dc.subject (關鍵詞) Tax Avoidanceen_US
dc.subject (關鍵詞) Tax Risken_US
dc.title (題名) 政府持股對企業租稅規避及稅務風險之影響zh_TW
dc.title (題名) The Impact of Government Ownership on Corporate Tax Avoidance and Tax Risken_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 黃美祝，2010，財稅差異金額大小對國稅局選案查核之影響，會計評論，50期：23-55 Abramov, A., A. Radygin, R. Entov, and M. Chernova. 2017. State ownership and efficiency characteristics. Russian Journal of Economics 3(2017): 129–157. Adhikari, A., C. Derashid, and H. Zhang. 2005. Earnings management to influence tax policy: Evidence from large Malaysian firms. Journal of International Financial Management & Accounting 16 (2): 142–163. Amiram, D., A. M. Bauer, and M. M. Frank. 2019. Tax avoidance at public corporations driven by shareholder taxes: Evidence from changes in dividend tax policy. The Accounting Review 94(5): 27–55. Armstrong, C. S., J. L. Blouin, and D. F. Larcker. 2012. The incentives for tax planning. Journal of Accounting and Economics 53: 391–411. Artemenko, D. A., L. A. Aguzarova, F. S. Aguzarova, and E. V. Porollo. 2017. Causes of tax risks and ways to reduce them. European Research Studies Journal 20(3B): 453–459. Boardman, A. E., and A. R. Vining. 1989. Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises. The Journal of Law & Economics 32(April): 1–33. Bradshaw, M., G. Liao, and M. S. Ma. 2019. Agency costs and tax planning when the government is a major shareholder. Journal of Accounting and Economics 67: 255–277. Chen, S.-J., M.-H. Chen, and H.-L. Wei. 2017. Financial performance of Chinese airlines: Does state ownership matter? Journal of Hospitality and Tourism Management 33(July): 1–10. Chen, W. 2021. Tax risks control and sustainable development: Evidence from China. Meditari Accountancy Research 29(6): 1381–1400. Choi, J., and H. Park. 2022. Tax avoidance, tax risk, and corporate governance: Evidence from Korea. Sustainability 14(469): 1–21. Dang, V. C., and Q. K. Nguyen. 2022. Audit committee characteristics and tax avoidance: Evidence from an emerging economy. Cogent Economics & Finance 10: 2023263. Dewenter, K. L., and P. H. Malatesta. 2001. State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity. The American Economic Review 91(March): 320–334. Dewi, I. G. P. E. R., and A. A. S. I. Pramanaswari. 2024. The impact of political connection on tax avoidance; A literature review. Jurnal Minfo Polgan 13(May): 390-396. Djankov, S., and P. Murrell. 2002. Enterprise restructuring in transition: A quantitative survey. Journal of Economic Literature 40(September): 739–792 Drake, K. D., S. J. Lusch, and J. Stekelberg. 2019. Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance 34(1): 151–176. Dyreng, S. D., M. Hanlon, and E. L. Maydew. 2008. Long-run corporate tax avoidance. The Accounting Review 83(1): 61–82. Eberhartinger, E., and D. M. P. Samuel. 2025. Monitoring incentives and tax planning – Evidence from State-Owned enterprises. Journal of Accounting and Public Policy 51: 107307. Graham, J. R., M. Hanlon, T. Shevlin, and N. Shroff. 2014. Incentives for tax planning and avoidance: Evidence from the field. The Accounting Review 89(3): 991–1023. Guenther, D. A., S. R. Matsunaga, and B. M. Williams. 2017. Is tax avoidance related to firm risk? The Accounting Review 92(1): 115–136. Gupta, S., and K. Newberry 1997. Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of Accounting and Public Policy 16(1): 1–34. Hanlon, M., and S. Heitzman. 2010. A review of tax research. Journal of Accounting and Economics 50(2010): 127–178. Hillman, A. J., and M. A. Hitt. 1999. Corporate political strategy formulation: A model of approach, participation, and strategy decisions. Academy of Management Review 24(4): 825–842. Hillman, A. J. 2005. Politicians on the board of directors: Do connections affect the bottom line? Journal of Management31(3): 464–481. Hillman, A. J., and W. P. Wan 2005. The determinants of MNE subsidiaries’ political strategies: Evidence of institutional duality. Journal of International Business Studies 36: 322–340. Holland, K. 1998. Accounting policy choice: The relationship between corporate tax burdens and company size. Journal of Business Finance & Accounting 25(3–4): April/May, 0306–686X. Hutchens, M., and M. Rego. 2015. Does greater tax risk lead to increased firm risk? Working paper, Indiana University. Lanis, R., and G. Richardson. 2012. Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy 31: 86–108. Lin, K. Z., L. F. Mills, F. Zhang, and Y. Li. 2018. Do political connections weaken tax enforcement effectiveness? Contemporary Accounting Research 35(Winter): 1941–1972. Lin, X., M. Liu, S. So, and D. Yuen. 2019. Corporate social responsibility, firm performance and tax risk. Managerial Auditing Journal 34(9): 1101–1119. Mahenthiran, S., and J. Kasipillai. 2012. Influence of ownership structure and corporate governance on effective tax rates and tax planning: Malaysian evidence. Australian Tax Forum 27: 941–965. Neuman, S. S., T. C. Omer, and A. P. Schmidt. 2020. Assessing tax risk: Practitioner perspectives. Contemporary Accounting Research 37(Fall): 1788–1827. Porcano, T. M. 1986. Corporate tax rates: Progressive, proportional, or regressive. Journal of the American Taxation Association 7(1): 17–31. Putra, Z. K. P., and N. Suhardianto. 2020. The influence of political connection on tax avoidance. Jurnal Akuntansi dan Keuangan 22(November): 82–90. Saragih, A. H., and S. Ali. 2023. Corporate tax risk: A literature review and future research directions. Management Review Quarterly 73(2023): 527–577. Schwab, C. M., B. Stomberg, and J. Xia. 2022. What determines effective tax rates? The relative influence of tax and other factors. Contemporary Accounting Research 39(1): 459–497. Stickney, C. P., and V. E. McGee 1982. Effective corporate tax rates: The effect of size, capital intensity, leverage, and other factors. Journal of Accounting & Public Policy 1(2): 125–152. Tian, L., and S. Estrin. 2008. Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value? Journal of Comparative Economics 36(2008): 74–89. Tihanyi, L., R. V. Aguilera, P. Heugens, M. van Essen, S. Sauerwald, P. Duran, and R. Turturea. 2019. State ownership and political connections. Journal of Management 45(July): 2293–2321. Wu, L., Y. Wang, B.-X. Lin, C. Li, and S. Chen. 2007. Local tax rebates, corporate tax burdens, and firm migration: Evidence from China. Journal of Accounting and Public Policy 26 (5): 555–583. Zeng, T. 2010. Income tax liability for large corporations in China: 1998–2007. Asian Review of Accounting 18(3): 180–196. Zeng, T. 2011. Institutional environment, inside ownership and effective tax rate. Nankai Business Review International2(4): 348–357. Zimmerman, J. L. 1983. Taxes and firm size. Journal of Accounting and Economics 5: 119–149.zh_TW